Lenskart co-founders pump Rs 160 Cr into eyewear retailer
Lenskart co-founders injected nearly $20 million just a month after the company raised $200 million in secondary investment.
Lenskart co-founders Peyush Bansal and Neha Bansal, along with co-founders Amit Choudhary and Sumeet Kapahi, have injected $19.12 million into the company, just a month after the eyewear retailer raised $200 million in a secondary round.
According to a Registrar of Companies filing, the Board passed a special resolution to raise Rs 160 crore or $19.12 million by issuing 6.95 lakh shares at an issue price of Rs 2,300 each.
Peyush Bansal, CEO and a judge on Shark Tank India, invested Rs 70.7 crore for 3.07 lakh subscription shares at an issue price of Rs 2,300 per share. Co-founder Neha Bansal invested Rs 70.39 crore in exchange for 3.06 company shares.
Co-founders Amit Choudhary and Sumeet Kapahi injected Rs 9.60 crore for 41,755 shares and Rs 9.35 crore for 40,658 shares, respectively.
A month ago, the omnichannel eyewear retailer raised $200 million in secondary investment from Temasek and Fidelity Management and Research Company. With its secondary fundraise, the company said it closed $1 billion in capital over the last 18 months, and its valuation crossed $5 billion, TechCrunch had reported.
Before this, Lenskart had raised $100 million in funding from private equity firm ChrysCapital in 2022.
The Gurugram-based company reported a consolidated operating revenue of Rs 3,788 crore in FY23 from Rs 1,502 crore a year ago. It narrowed its loss to Rs 64 crore from Rs 102 crore during the same period. It logged EBITDA of Rs 404 crore in FY23 compared to Rs 1 crore in the previous financial year.
Lenskart has over 2,500 stores, with 2,000 of them in India. The company and its investors are bullish on Lenskart’s global aspiration as it tries to scale in Singapore, Dubai, the US, and Southeast Asia.
Entracker was the first to report on the development.
Edited by Suman Singh