Amid the so-called ‘funding winter’, Peyush Bansal-led eyewear start-up Lenskart continues to raise funds. The New Delhi-based unicorn raised $39.6 million (Rs 323 crore) from a set of investors including Chiratae Ventures, DSP India Fund and Axis Bank’s Axis Growth Avenues AIF-I.
In this investment round, Chiratae Ventures and Axis Growth Avenues AIF-I infused $12.2 million each. On the other hand, DSP India invested $15 million alone.
Lenskart raised the capital through the issue of cumulative, compulsory, mandatorily, and fully convertible Series 1 preference shares worth $1.4 million to these investors.
Prior to this investment round, Lenskart raised $100 million from Alpha Wave Ventures, $25 million from Epiq Capital, $28 million from Avendus Capital and $12.5 million from Manyavar Owners, Ravi Modi Family Trust. The company raised a total of $205.5 million in 2022.
Advertisement
In 2019, the company entered the unicorn club after raising $231 million in a Series G funding round led by Japanese conglomerate SoftBank.
Recently, the eyewear firm expanded its business in global markets including Japan and other Southeast Asian countries. It acquired the Japanese eyewear company OWNDAYS. This move can benefit Lenskart by catering to users from Japan and other Southeast Asian countries.
In FY 2022, the company earned Rs 1,507 crore in revenue from operations, a 66 per cent jump as compared to Rs 905.3 crore in FY 2021.
Just one email a week