Eyewear brand Lenskart raises $39.6 million in funding from Chiratae Ventures and others

• ByStartupStory     |    November 19, 2022

The DSP India Fund, Axis Growth Avenues AIF-I, and Chiratae Ventures have together invested $39.6 million in the eyewear company Lenskart. The company has raised money five times in 2022 alone.

At a shareholders’ meeting earlier this month, the corporation issued approximately 1.4 million cumulative and fully convertible preference shares to the investors. The first to report the development was Inc42.

DSP India has contributed $15 million, Chiratae Ventures and Axis Growth Avenues AIF-1 each $12.2 million, and DSP India has contributed $15 million. The fundraising effort takes place at a time when late-stage deals have stalled because of the frothy macroeconomic environment.

According to regulatory filings, Lenskart reported a net loss of 102.3 crores in FY22 compared to a net profit of 29 crores the previous year, which was hampered by a steep increase in overall expenses. 

Nine months after raising $315 million at a valuation of $2.5 billion, Lenskart secured $100 million from Alpha Wave Ventures in April of this year. It received $24.7 million from current investor Epiq Capital in the same month. In the months that followed, it subsequently raised $25 million and $12.5 million in two separate rounds. 

The omnichannel eyewear company has raised over 900 million dollars in total. The company plans to go public within the next three years as well. In June of this year, Lenskart also purchased the Japanese eyewear company OWNDAYS for about $400 million. This acquisition is expected to aid Lenskart’s expansion into South East Asian markets.

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