Multi-channel eyewear brand: Lenskart raises $100 Mn in a new round via Alpha Wave Incubation
- ByStartupStory | April 11, 2022
Lenskart, the multi-channel eyewear brand has raised Rs 760 crore or $100 million in a new round from Alpha Wave Incubation (Previously named as Falcon Edge). Previously, in a round led by KKR in May last year, the company had raised $95 million.
At an issue price of Rs 2087.52 per share by Alpha Wave Ventures to raise Rs 760 crore, Lenskart has passed a special resolution to approve 36,41,646 Series I, regulatory filings with the Registrar of Companies (RoC) shows.
As per an estimate, Lenskart has raised fresh funds at a $4.3 billion (post-money) valuation. The Delhi-based company was reportedly in talks in order to raise around $250 million at a valuation of $5 billion. In this round, the company may raise more funds.
Since its inception in 2010, the Softbank and Temasek-backed company has raised over $900 million.
Lenskart claims to have over 1,000 franchise stores, apart from online sales and currently it is now looking to open 400 outlets by FY23 across the country. The expansion of its online presence by offering its products on Nykaa, Myntra, Tata Cliq and other platforms has also been recently announced by the company.
Lenskart’s growth had remained flat, during the fiscal marred by the pandemic (FY21). Its operating revenues grew by merely 1% from Rs 900 crore in FY20 to Rs 905.3 crore in FY21. The company, even with flat revenue in FY21, had increased its annual profits by nearly 4.6X from Rs 6.32 crore booked during FY20 to Rs 28.92 crore.
Lenskart is considering floating an initial public offering (IPO) in the next 24 months, on the lines of several late-stage companies. According to the Peyush Bansal-led company, for both domestic and overseas listing it will weigh options.
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