Eyewear retail giant Lenskart has secured nearly $20 million in funding from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. This marks the second significant investment by the co-founders in the company within the past seven months.
According to regulatory filings accessed from the Registrar of Companies (ROC), Lenskart’s board passed a special resolution to issue 695,875 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 2,300 each, raising Rs 160 crore ($19.12 million).
Peyush Bansal led the investment round with Rs 70.70 crore, followed closely by Neha Bansal with Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi contributed Rs 9.60 crore and Rs 9.35 crore, respectively.
This funding round comes shortly after Lenskart’s announcement of a $200 million secondary deal, where Temasek and Fidelity Management & Research Company (FMR) made significant investments, valuing the company at over $5 billion.
Lenskart boasts a vast retail footprint with more than 2,500 stores, predominantly in India, which accounts for approximately 60% of its revenue. The remainder of its income is derived from operations in international markets including Singapore, Dubai, the US, and Southeast Asia.
Despite challenges in the funding environment, Lenskart has raised over $1 billion in the past 18 months, highlighting strong investor confidence driven by robust financial performance, favorable unit economics, and growth prospects in global markets.
In the fiscal year ending March 2023, Lenskart reported a substantial revenue increase to Rs 3,788 crore from Rs 1,502 crore in FY22. The company also managed to reduce its losses by 37.3%, from Rs 102 crore in FY22 to Rs 64 crore in FY23, attributed to effective scale and controlled expenditures.
Lenskart is yet to file its annual financial report for FY24, as it continues to solidify its market position and explore further growth avenues both domestically and internationally.
