Lenskart raises $12.57M from Ravi Modi's family office
Eyewear brandSolutions has raised $12.57 million from Ravi Modi Family Trust as part of its ongoing funding round. It had been previously reported that Lenskart was looking to raise nearly $250 million in a Series I round at a valuation of $5 billion.
The current fundraise is a part of a larger round which has also seen participation from Temasek, Avendus Future Leaders Fund, Epiq Capital, and others, according to filings with the Registrar of Companies (RoC).
According to the filings, Lenskart issued 4.79 lakh Series I Compulsory Convertible Cumulative Preference Shares to the family office of Manyavar founder Ravi Modi for a consideration of Rs 99.99 crore (approximately $12.57 million).
The development was first reported by Inc42.
The current funding round comes after Lenskart raised $220 million in a Series G round led by Temasek Holdings and Falcon Edge Capital at a valuation of $2.5 billion in July 2021. Since then, the company has consolidated its position by acquiring the majority stake in Japanese direct-to-consumer (D2C) eyewear brand OWNDAYS for nearly $400 million in June 2022. This also marks Lenskart’s expansion into 13 geographies in Asia.
Founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi, Lenskart has created a house of brands in the eyewear market. Its roll-up subsidiary for eyewear brands, Neso Brands, raised $100 million in May 2022 in a seed round from KKR, SoftBank, Alpha Wave Global, and Temasek.
Lenskart has a network of around 1,100 stores across India, Singapore, and Dubai.
Lenskart registered sales of Rs 855.7 crore across its online and physical channels for FY 2021, according to filings. The company registered profits of Rs 28.92 crore for FY 2021, with a 7.7% growth in EBITDA margins.