According to the company’s regulatory filings, Peyush Bansal’s eyeglasses startup Lenskart has raised 760 crore ($100 million) in a new fundraising round.
The money came from Alpha Wave Incubation, which was once known as Falcon Edge. Lenskart has issued a special resolution to authorize 36,41,646 Series I for Alpha Wave Venture to raise 760 crore, according to regulatory records seen by Business Insider. Each equity share has an issue price of $2,087.52.
Entrackr was the first to report on the development. Based on their estimations, Lenksart was valued at $4.3 billion following this round, according to the journal.
Lenskart intended to use the funds to expand its domestic and international operations. “In the next five years, we aspire to have 50% of India wearing our specs. “Today’s announcement is a milestone and a step toward that goal,” Bansal said after the round was announced.
Lenskart is an omnichannel eyeglasses store and maker in India that was founded in 2010. To provide an end-to-end experience, the company also offers home eye exams, 3D try-on, and home trials to its consumers. Through its omnichannel network, the company claims to service over 7 million clients every year.
It has over 175 locations with over 1000 storefronts. According to Crunchbase, a business intelligence website, the company has raised over $900 million. Temasek Holdings, SoftBank Vision Fund, Bay Capital, Chiratae Ventures, and others are among its investors.
Lenskart is an Indian optical prescription eyeglasses store network with headquarters in New Delhi. Lenskart had 500+ outlets in over 40 Indian cities as of September 2020. Its New Delhi manufacturing unit produces 3 lakh glasses every month.
Lenskart was started in 2010 by Peyush Bansal, a former Microsoft employee, along with Amit Chaudhary and Sumeet Kapahi. Lenskart expects to earn more than 1,000 crore in revenue by 2020. TPG Growth, International Finance Corporation, and Adveq Management are among Lenskart’s investors.
Lenskart is also backed by Ratan Tata and Kris Gopalakrishnan. Wipro’s Chairman Azim Premji invested Rs. 4 crore in the company in March 2018, valuing it at Rs. 3,000 crore.
In 2018, the business turned a profit (EBITDA). In 2017, Lenskart debuted the John Jacobs eyewear line. For investment, the company is in talks with Japanese conglomerate SoftBank as well as private equity firm Kedaara Capital. Katrina Kaif is Lenskart’s first brand ambassador in October 2017. Bhuvan Bam was chosen as the company’s first male brand ambassador in March 2019.