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Lenskart

Exclusive: Lenskart raises $100 Mn in a new round

Lenskart

Multi-channel eyewear brand Lenskart has raised Rs 760 crore or $100 million in a new round from Alpha Wave Incubation (Previously Falcon Edge). The company had previously raised $95 million in a round led by KKR in May last year. 

Lenskart has passed a special resolution to approve 36,41,646 Series I at an issue price of Rs 2087.52 per share by Alpha Wave Ventures to raise Rs 760 crore, regulatory filings show with the Registrar of Companies (RoC) show.

As per Fintrackr’s estimates, Lenskart has raised the fresh funds at $4.3 billion (post-money) valuation. The Delhi-based company was reportedly in talks to raise around $250 million at $5 billion valuation.  The company may raise more funds in this round.

The Softbank and Temasek-backed company has raised over $900 million since its inception in 2010. 

Apart from online sales, Lenskart claims to have over 1,000 franchise stores and it’s now looking to open 400 outlets across the country by FY23. The company recently announced the expansion of its online presence by offering its products on Nykaa, Myntra, Tata Cliq and other platforms.

During the fiscal marred by the pandemic (FY21), Lenskart’s growth had remained flat. Its operating revenues grew by merely 1% to Rs 905.3 crore in FY21 from Rs 900 crore in FY20. Even with flat revenue in FY21, the company had increased its annual profits by nearly 4.6X to Rs 28.92 crore from Rs 6.32 crore booked during FY20.

On the lines of several late-stage companies, Lenskart is considering floating an initial public offering (IPO) in the next 24 months. According to the Peyush Bansal-led company, it will weigh options for both domestic and overseas listing.

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