Peyush Bansal-led eyewear brand Lenskart has raised ₹760 crore
Lenskart, helmed by Peyush Bansal, has collected 760 crore ($100 million) in a new fundraising round, according to regulatory documents.
The funding came from Alpha Wave Incubation, formerly known as Falcon Edge. According to the most recent regulatory documents seen by Business Insider, Lenskart has approved a special resolution to authorise 36,41,646 Series I for Alpha Wave Venture to fund 760 crore. Each equity share has an issue price of $2,087.52.
Entrackr was the first to report on the development. According to the publication’s estimations, Lenksart was valued at $4.3 billion following this round.
The news comes nearly a year after the business secured $95 million in a round-headed by KKR in May of last year, purportedly at a valuation of $2.5 billion. TPG Growth and TR Capital, both existing investors, sold a portion of their stakes in this round.
Lenskart planned on using this capital to expand its presence both domestically and internationally. “In the next five years, we aspire to have 50% of India wearing our specs. Today’s announcement is a milestone and a step towards that goal,” Bansal had said while announcing the round.
Lenskart is an omnichannel store and eyeglasses manufacturer in India that was founded in 2010. To provide a complete experience, the firm also provides home eye exams, 3D try-on, and home trials to its consumers. Through its omnichannel network, the firm claims to service over 7 million clients every year.
It has about 175 sites and almost 1000 storefronts. According to the business intelligence portal Crunchbase, the company has raised more than $900 million. Temasek Holdings, SoftBank Vision Fund, Bay Capital, Chiratae Ventures, and others are among its investors.
