The Indian eyewear retailer firm, Lenskart is in discourse with SoftBank Vision Fund to get $350 million funding, which will cross the startups valuation beyond $1.3 billion, said two anonymous sources.
With the funding, the valuation of the startup company will leap up from earlier $460-$470 million and in turn, make Lenskart a unicorn.
If the business deal happens between Lenskart and Softbank, then it would be the second bet of the tech investor, SoftBank in another e-commerce business in India. In the previous year, the tech investor had endowed $150 million in baby products retailer, First Cry, as reported by the Indian daily news, The Economic Times.
Their (SoftBank and Lenskart) talks have been on for a few months and a deal is likely soon. SoftBank wanted to pump a bigger amount for Lenskart to aggressively expand outside of India but the company did not agree to it, one of the anonymous sources cited above, told the Indian daily news, The Economic Times.
Lately, Lenskart went into Singapore and planned to launch 50 to 60 stores in the coming three years in the isle city. Following this, it will gradually expand to other markets like Taiwan, Philippines and the Middle East also.