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Lenskart

Exclusive: Lenskart raises $25 Mn in ongoing Series I round

Lenskart

Multi-channel eyewear brand Lenskart has raised another $25 million in its ongoing Series I round led by existing investor Epiq Capital. This is the second tranche of the Series I round this month.

Lenskart board has passed a special resolution to allot 910,412 Series I preference shares at an issue price of Rs 2085.52 per share to raise Rs 190.05 crore from Epiq Capital, regulatory filings show. The company shall raise the amount across three tranches in the coming month.

As per Fintrackrs estimates, the Peyush Bansal-led company has raised the new tranche at a post-money valuation of $4.32 billion, a little up from $4.3 billion when compared to the previous tranche.

This appears to be a part of a larger round and the company may receive more funds in the coming weeks. As per an ET report, Lenskart is all set to close this round at a valuation of $5 billion.

Following the fresh allotment of shares, the stake of promoters of Lenskart has been diluted to 17.58%.

Early this month, the Delhi-based company had raised $100 million from Alpha Wave Incubation (previously Falcon Edge). Entrackr was the first to report the development on April 11.

With this tranche, the company has raised over $925 million since its inception in 2010. Lenskart follows omnichannel strategy and has set up over 1,000 franchise stores besides strong online presence.

Unlike FY20 in which Lenskart’s revenue grew by 90%, its scale didn’t grow at all in FY21. Its revenue stood at Rs 905.3 crore in FY21 as compared to Rs 900 crore in FY20. Importantly, the company had increased its annual profit by nearly 4.6X to Rs 28.92 crore from Rs 6.32 crore booked during FY20.

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