Peyush Bansal’s Lenskart gets funding of $28 million from Avendus
- ByStartupStory | June 10, 2022
The Avendus Future Leaders Fund II is providing funding to Lenskart, which is preparing to go public. The startup has allocated 1,053,882 Series I CCPS for consideration of $28.2 Mn (INR 219.9 Cr) funding for the new round of funding.
The round appears to be part of a larger round that was previously reported and is now being released in tranches. Lenskart had previously raised $100 million in a new round of funding from Alpha Wave Ventures, as well as an additional $25 million from Epig Capital. The news comes almost a year after the company raised $315 million at a valuation of $2.5 billion.
Lenskart, founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapathi, claims to serve 100,000 customers per month. The company claims to serve over 7 million customers per year through its omnichannel shopping experience, which includes online, mobile applications, and over 750 stores in 175 cities across the country. In 2019, the company expanded its international operations by opening a branch in Singapore.
Lenskart raised $315 million in July of last year from Temasek, Falcon Edge, Bay Capital, KKR, and Chiratae Ventures, among others. Last year, the startup also launched the Vision Fund, which would invest $2 million in selected startups in the eyewear, eye care, and omnichannel retail sectors.
In addition to the capital injection, selected startups will benefit from Lenskart’s market access through 700+ retail stores and online channels in India, Singapore, the Middle East, and the United States.
The startup joined the unicorn club in 2020 after raising IN 1,645 Cr ($231 Mn) in Series G funding from SoftBank Vision Fund Il and Lightbulb Ltd. Lenskart has received $459.6 million in funding to date from investors including Chiratae Ventures, TPG, Premji Invest, Unilazer Ventures, and others.
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