Peyush Bansal’s Lenskart Raises $24.7 Mn in its ongoing Series I round led by existing investor Epiq Capital
- ByStartupStory | April 27, 2022
Lenskart, the IPO-bound eyewear company, is raising close to $24.7 million in a new round of funding from Epiq Capital, an existing investor. The news comes only days after the company received a $100 million investment from Alpha Wave Incubation.
The investment came nine months after the company raised $315 million at a valuation of $2.5 billion. For this $25 million round, the Peyush Bansal-led business issued 9,10,412 Series I CCPS to Epiq Capital (INR 190 Cr). In the coming weeks, the investment will most likely be made in three installments.
Lenskart acquired $100 million (INR 760 crore) last week after allocating 3.6 million Series I CCPS to Alpha Wave Ventures. The money was raised at a valuation of $4.3 billion. The current money round appears to be part of a bigger $200 million to $250 million pre-IPO round that the business plans to raise.
Lenskart, which was founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapahi, claims to have a monthly customer base of 1,00,000 people. The company claims to serve over 7 million customers per year with its omnichannel shopping experience, which includes an online store, a mobile app, and over 750 omnichannel locations in 175 towns around the country. When Lenskart entered Singapore in 2019, it took its business to a new level.
Lenskart secured $315 million in July of last year from Temasek, Falcon Edge, Bay Capital, KKR, and Chiratae Ventures, among others. Lenskart announced the introduction of its ‘Vision Fund’ in 2021, which will invest $2 million in selected businesses that are synergistic with the eyewear, eye care, and omnichannel retail industries.
In 2020, the firm became a unicorn after raising INR 1,645 Cr ($231 Mn) in a Series G fundraising round from SoftBank Vision Fund II and Lightbulb Ltd. Chiratae Ventures, TPG, PremjiInvest, Unilazer Ventures, and other investors have contributed $459.6 million to the firm so far.
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