Peyush Bansal Lenskart Bags $12.5 Mn
Lenskart, the IPO eyewear giant, is raising close to $12.5 million INR 100 Cr from the Ravi Modi Family Trust. For the new round of funds, the startup has allocated 4,79,037 CCPS Series I for a consideration of $12.5 Mn INR 99.9 Cr.
The round appears to be part of a larger round that was previously reported and is now coming in installments. The Peyush Bansal-led startup had earlier raised $100 million in a new investment round from Alpha Wave Ventures, later raising $25 million from Epiq Capital and $28 million from Avendus Capital.
With this tranche, the eyewear startup has raised around $165 million from various investors in a year that is experiencing significantly low funding due to the economic downturn.
Ravi Modi Family Trust
It should be noted that Ravi Modi Family Trust is one of the promoters of Kolkata-based Vedant Fashions, which owns brands such as Manyavar, Mohey and Manthan.
The new funding tranches come a year after it raised $315 million at a $2.5 billion valuation. The Faridabad-based startup has recently acquired a majority stake in Japanese eyewear brand OWNDAYS for a whopping $400 million.
Furthermore, Lenskart has also acquired stakes from L Catterton, Mitsui and Principal Investments. The merged entity is said to have a presence in 13 Asian markets, including Taiwan, India, Japan, Malaysia and Indonesia, among others.
Founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapathi, Lenskart claims to serve 1,00,000 customers per month. The company boasts of serving more than 7 million customers a year through its omnichannel shopping experience, which extends through online mobile apps and more than 750 stores in 175 cities across the country. The company expanded its business on foreign soil in 2019 when it entered Singapore.
Last year, the startups also launched the Vision Fund, where it would invest $2Mn in selected startup that are synergistic with the eyewear, eyecare and omnichannel retail sectors.
Lenskart entered the coveted unicorn club in 2020 after pocketing $231Mn from Masayoshi Son SoftBank Vision Fund II and Lightbulb Ltd in its Series G. Lenskart also has investors like Chiratae Ventures, TPG, Premji Invest, Unilazer Ventures and others.