Peyush Bansal’s Lenskart may now be valued at over $4 billion
- Peyush Bansal-led eyewear brand
Lenskarthas raised ₹760 crore.
- The round was raised from Alpha Wave Incubation, previously known as Falcon Edge.
- The development comes nearly a year after the company raised $95 million.
AdvertisementPeyush Bansal-led eyewear brand Lenskart has raised ₹760 crore ($100 million) in a latest funding round, the company’s regulatory filings have revealed.
The round was raised from Alpha Wave Incubation, previously known as Falcon Edge. As per the latest regulatory filings accessed by Business Insider, Lenskart has passed a special resolution to approve 36,41,646 Series I for Alpha Wave Venture to raise ₹760 crore. The issue price of each equity share is set at ₹2,087.52.
The development was first reported by Entrackr. The publication, based on their calculations, also revealed that Lenksart was valued at $4.3 billion post this round.
The development comes nearly a year after the company raised $95 million in a round led by KKR last May, reportedly at a valuation of $2.5 billion. Existing investors TPG Growth and TR Capital had sold a part of their shareholdings 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.
Founded in 2010, Lenskart is an omnichannel retailer and manufacturer of eyewear in India. The company also offers home eye check-up, 3D try-on and home trial for its customers to offer an end-to-end experience. The company claims to serve over 7 million customers annually through its omnichannel network.
It has close to 1000 store fronts in over 175 locations. The company has raised over $900 million, according to Business Intelligence platform Crunchbase. Its investors include Temasek Holdings, SoftBank Vision Fund, Bay Capital, Chiratae Ventures and others.
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