Eyewear retailer Lenskart has successfully raised close to $20 million, funded by its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. According to regulatory filings accessed from the Registrar of Companies (ROC), Lenskart’s board approved a special resolution to issue 695,875 CCPS (cumulative convertible preference shares) at Rs 2,300 each, amounting to Rs 160 crore or $19.12 million.
Peyush Bansal led this funding round with an investment of Rs 70.70 crore, followed 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 fundraising effort follows a significant $200 million secondary deal announced recently, with Temasek and Fidelity Management & Research Company (FMR) investing at a valuation exceeding $5 billion.
Lenskart operates more than 2,500 stores, with around 2,000 located in India. Approximately 60% of its revenue comes from India, while the rest is generated from international markets including Singapore, Dubai, the US, and Southeast Asia.
Despite a challenging funding environment, the Delhi-based company has secured over $1 billion in the past 18 months. Investor interest remains strong, driven by Lenskart’s solid financial performance, sound unit economics, and growth prospects in foreign markets.
For the fiscal year ending March 2023, Lenskart’s operational revenue soared to Rs 3,788 crore, up from Rs 1,502 crore in FY22. The company also managed to cut its losses by 37.3%, reducing them to Rs 64 crore in FY23 from Rs 102 crore in FY22. The annual financial report for FY24 is yet to be filed.
