[Funding alert] Lenskart raises $275 M in Series G from SoftBank Vision Fund
Faridabad-based eyewear solutions startup Lenskart is raising over $275 million funding in Series G round from SoftBank Vision Fund, including some stake sale from early investors.
In a statement, the company said the investment will be utilised for augmenting Lenskart's tech capabilities and strengthening its supply chain infrastructure.
With this funding, the company valuation is said to be at around $1.5 billion, according to media reports.
Lenskart has already been in discussions with SoftBank Vision Fund this year to raise funding of $350 million at a potential valuation of $1 billion and upwards.
Peyush Bansal, Founder and CEO of Lenskart, said,
“A large part of this investment will go towards building next-generation technology and supply chain to deliver the next billion glasses with the highest quality at best price and most amazing customer experience. We are thrilled to have SoftBank Vision Fund with us in our journey. Their understanding of consumer and technology will help us build the next edition of Lenskart.”
This September, Mumbai-based private equity firm Kedaara Capital also infused Rs 392 crore ($55 million) in Lenskart as part of its Series F funding, at an estimated valuation of Rs 8,200 crore ($1.15 billion).
With the funding, Lenskart expanded its business operations in Singapore and has set up a 100 percent wholly-owned subsidiary, Lenskart Solutions Pte Ltd, in the Republic of Singapore to carry out its business operations.
At present, it is successfully running two stores in Singapore and is planning to open more stores in the coming financial year.
Earlier this month, the firm posted a revenue of Rs 486.2 crore for FY19, up by 56.3 percent from its reported revenue of Rs 310.9 crore in the previous fiscal. It also reported a loss of Rs 27.89 crore in FY19, compared to Rs 117.9 crore in FY18.
Founded by Peyush Bansal and Amit Chaudhary in 2008, Lenskart, which sells its products through online and offline channels claims to have over 500 offline stores and is aiming to open 150 more stores by March 2020.
Avendus Capital was the exclusive financial advisor for this transaction.
Note: This article has been updated after receiving the official confirmation from the company side.
(Edited by Saheli Sen Gupta)