Ratan Tata-backed eyewear startup Lenskart may be the next entrant to India’s unicorn club with the help of a $350 million investment from SoftBank Vision Fund. The funding is reportedly expected to hike the company’s valuation by 162%, reaching a valuation of $1.3 billion from $495.5 milion at the last round.
According to reports, SoftBank and Lenskart have been talking for a few months and may close the deal soon. It is further reported that SoftBank wanted to invest a higher amount to support company’s ambitious expansion plans, but Lenskart didn’t want a bigger cheque.
Founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart enables manufacturing, assembly, distribution, and supply of products such as eyeglasses, powered sunglasses, and contact lenses.
The company has so far raised $129.6 million from investors such as International Finance Corp (IFC), TR Capital and Zurich-based asset management company Adveq. However, Lenskart and SoftBank declined to comment on speculation.