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SoftBank invests $275 million in Lenskart; buys out some early investors

Online eyewear retailer Lenskart said it has raised more than $275 million from Softbank Vision Fund, including a secondary sale of shares by early investors. The investment will be used to enhance its tech capabilities and strengthen its supply chain infrastructure.

Avendus Capital was the financial advisor for this transaction. It was not clear which of its early investors participated in the secondary deals. Early investors include Chiratae Ventures (earlier called IDG Ventures), TPG, TPG Growth, Unilazer Ventures, IFC Venture Capital Group, among others.

“A large part of this investment will go towards building next generation technology and supply chain. We are thrilled to have Softbank Vision Fund with us in our journey. Their understanding of consumer and technology will help us build the next edition of Lenskart,” said Peyush Bansal, founder & CEO of Lenskart.

Neeraj Shrimali, Director, Digital and Technology Investment Banking at Avendus Capital said, “Lenskart has transformed the eyewear industry in India… Vertical commerce and digital native brands hold great promise in unique markets that lag on brand penetration, distribution reach and availability of high-quality products at affordable prices.”

Founded in 2010, claims to be India’s largest online retailer of premium quality eyewear, offering over 10,000 different styles.

Source: Business Standard