Lenskart seeks Unicorn valuation for new roll-up unit

Lenskart, the omni-channel eyewear retailer that has built out one of the largest direct-to-consumer plays in India, is aggressively ramping up its global expansion.

Backed by investors including SoftBank and Temasek, Lenskart founder Peyush Bansal is floating an independent unit to acquire and consolidate international eyewear brands and chains, said two sources directly briefed on the development.

For this venture, in which Lenskart will likely hold a majority stake, Bansal is looking to raise capital at an eye-popping valuation of $1 billion, they said.

The plan for the ambitious consolidation platform comes at a time when a slew of such players has emerged in India modelled on the US-based Thrasio, which aggregates online-first brands. We reported last week about two such young companies that are also seeking a Unicorn valuation.

“(Bansal) wants to play the Thrasio game internationally,” said one of the sources.

The audacious funding round, the structure of which is still being worked out, could be one of the largest initial pools of capital raised by a startup.

Lenskart has been expanding in Southeast Asia and the Middle East the last few years, and this year launched in the US as well.