E-commerce eyewear brand Lenskart has been valued at $ 4.5 billion after new financing
- ByStartupStory | July 4, 2022
According to a source, the omnichannel eyewear company Lenskart has concluded a $200 million investment round headed by Alpha Wave Global (formerly Falcon Edge), increasing its valuation to $ 4.5 billion, up more than a third. This is an 80% increase in the company’s worth from its previous valuation of $2.5 billion at the completion of a $315 million round in July 2021, which was led by Singapore’s Temasek, which also contributed to the most recent funding.
According to sources, this round also included current investors Epiq Capital and Avendus Future Leaders Fund II, with money being released in instalments. The round has closed at $200 million, and investor funds have begun flowing in instalments. They (Lenskart) are not looking for extra funding in this round, the source said.
With this, including secondary share sales, the eyewear platform, founded in 2010, has raised a total of almost $1 billion. Existing investors sell their shares to new investors in secondary financing, and the proceeds stay out of the company’s coffers. While the SoftBank-backed firm made no comments regarding the closing of its most recent funding, its CEO Peyush Bansal told that Lenskart plans to add 400 more stores to its network of more than 1,000 locations in India.
According to regulatory filings, Lenskart recorded operating revenue of more than Rs 905 crore and earnings of approximately Rs 29 crore in the fiscal year 2021. The Registrar of Companies has not yet received the most recent audited financials for fiscal 2022. (RoC). Without giving particular figures, Lenskart claimed in a statement last week that it expanded by 65% year-over-year in 2021 and is on course to grow by over 50% in 2022.
A $400 million deal between Lenskart and Japan’s Owndays was finalised on June 30 to form one of Asia’s biggest eyewear companies. At the time, Bansal disclosed that Owndays and Lenskart had a combined revenue run rate of $650 million for the then-current fiscal year, with $400 million coming from Lenskart.
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