Lenskart Raises INR 160 Cr From Peyush Bansal, Other Cofounders
- ByStartupStory | July 18, 2024
Omnichannel eyewear unicorn Lenskart has successfully raised INR 160 Cr (approximately $19.1 Mn) from its cofounders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
According to regulatory filings accessed by Inc42, Lenskart’s board passed a resolution last month to issue 6.95 lakh compulsorily convertible cumulative preference shares at an issue price of INR 2,300 each to raise the funds.
Lenskart CEO Peyush Bansal emerged as the largest investor in this round, contributing around INR 70.7 Cr. Neha Bansal followed closely with an investment of INR 70.39 Cr, while Chaudhary and Kapahi invested INR 9.6 Cr and INR 9.35 Cr respectively.
This development comes shortly after Singapore state investment firm Temasek and US-based Fidelity invested $200 Mn (approximately INR 1673.2 Cr) in Lenskart in June through a secondary share sale, valuing the company at $5 Bn.
Over the past 18 months, Lenskart has raised close to $1 Bn in funding. Founded in 2010, Lenskart is among the largest omnichannel eyewear retailers, with a presence in Singapore, the UAE, and other geographies. The company boasts a customer base of 20 Mn in India and operates over 2,500 stores, with around 2,000 located in India.
In the financial year 2022-23 (FY23), the Delhi NCR-based startup recorded sales of INR 3,788 Cr, marking a 152% increase from INR 1,502.7 Cr in FY22. The eyewear segment accounted for 95% of its revenues. Additionally, Lenskart’s net loss narrowed by 38% to INR 63.7 Cr in FY23 from INR 102.3 Cr in FY22.
Last year, Lenskart secured $100 Mn in funding from private equity player ChrysCapital and $500 Mn from the Abu Dhabi Investment Authority (ADIA) earlier in the year.
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