Peyush Bansal’s Lenskart raises $12.5 million from the Manyavar Owners
- ByStartupStory | August 8, 2022
Lenskart, which is planning an IPO, is raising close to $12.5 million (INR 100 crore) from the Ravi Modi Family Trust. The startup has allocated 4,79,037 Series I CCPS for a consideration of $12.5 Mn for the new round of funds (INR 99.9 Cr). Ravi Modi Family Trust is a major supporter of Kolkata-based Vedant Fashions, which owns brands such as Manyavar, Mohey, and Manthan.
This round is a part of the larger round that was previously disclosed and is now being revealed in tranches. The Peyush Bansal-led business had previously obtained $100 million in a new round of investment from Alpha Wave Ventures and was then able to raise $25 million from Epiq Capital and $28 million from Avendus Capital. In this round of fundraising, the eyeglasses firm collected around $165 million from many investors throughout a year in which the economy has seen considerable inadequate funding as a result of the recession.
The latest financial infusions come barely a year after the corporation obtained $315 million at a $2.5 billion investment. The Faridabad-based business recently paid $400 million for a controlling stake in Japanese eyewear manufacturer OWNDAYS. Lenskart also received participation from L Catterton, Mitsui, & Principal Investments. The newly established business is thought to be operating in 13 Asian markets, including Taiwan, India, Japan, Malaysia, & Indonesia, among others.
Lenskart promises to service 1,000,000 consumers each month and was created in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapathi. The firm says that its omnichannel shopping experience, which includes the online, mobile app, and over 750 retail locations in more than 175 cities across the United States, serves more than 7 million people each year. In 2019, the firm expanded its international activities by entering Singapore. Lenskart secured $315 million in July from Temasek, Falcon Edge, Bay Capital, KKR, and Chiratae Ventures, among others.
The business also unveiled the Vision Fund, which would invest $2 million in companies with synergies with the eyewear, eyecare, as well as omnichannel retail industries. Lenskart got welcomed to the coveted unicorn club in 2020 after receiving $231 million in Series G investment from Masayoshi Son’s SoftBank Vision Fund II & Lightbulb Ltd. Chiratae Ventures, TPG, Premji Invest, Unilazer Ventures, and others have also invested in Lenskart.
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