Eyewear retailer Lenskart has secured nearly $20 million in funding from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. This marks the second time in seven months that the co-founders have invested in the company.
Lenskart’s board approved a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each, raising Rs 160 crore ($19.12 million), according to regulatory filings from the Registrar of Companies (ROC). Peyush Bansal led the round with an investment of Rs 70.70 crore, followed by Neha Bansal with Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi contributed Rs 9.60 crore and Rs 9.35 crore, respectively.
This recent investment follows a previous round in December 2023, where Peyush and Neha Bansal invested Rs 29.89 crore and Rs 29.77 crore, respectively, alongside Choudhary and Kapahi.
The funding comes on the heels of a $200 million secondary deal announced by Lenskart, with investments from Temasek and Fidelity Management & Research Company (FMR) at a valuation exceeding $5 billion.
Lenskart operates over 2,500 stores, with approximately 2,000 in India. The company generates around 60% of its revenue from the Indian market, with the remainder coming from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia.
Despite a challenging funding environment, the Delhi-based company has raised over $1 billion in the last 18 months, driven by strong financial performance, robust unit economics, and growth opportunities abroad.
For the fiscal year ending in March 2023, Lenskart’s operational revenue surged to Rs 3,788 crore from Rs 1,502 crore in FY22. This growth, coupled with controlled expenditures, helped reduce the company’s losses by 37.3%, from Rs 102 crore in FY22 to Rs 64 crore in FY23. The company has yet to file its annual financial report for FY24.
