Peyush Bansal, founder and CEO of Indian start-up Lenskart, told CNBC Friday that the company plans to go public in three years.
This company sells eyewear online as well as in retail outlets. It announced this week that it has received $220 million from Temasek, a Singapore state investor, and Falcon Edge Capital. Lenskart received $95 million in funding from KKR, a global investment firm. It also counts SoftBank as one of its investors.
We still want to grow our business in India and Southeast Asia at a greater scale. He said that then, they’ll be ready for IPO.
Lenskart expanded to Singapore in 2019 Bansal stated Friday that he believes Lenskart can be the best player in the city-state within the next 12-18 months.
he company, which is reportedly valued at $2.5 billion, plans to use the newly raised funds to expand its presence in India and grow its operations in Southeast Asia and the Middle East in the next three to four years.
The capital could also be used to invest in artificial intelligence and other technologies.
Bansal said that the biggest obstacle for Lenskart is establishing a supply network. Bansal explained that the company is currently building a manufacturing facility in India, from which it will ship approximately 150,000 prescription glasses per day.