Lenskart is an eyewear retailer company that has recently raised $20 million in fundraising from its co founders Neha and Peyush Bansal. This investment came after Temasek invested to increase its stake in the startup. The advisor of the transaction for the company, Avendus Capital mentioned that after this round, Lenskart had more than $1 billion in capital. Here we are talking about Lenskart secured $20 million in its new funding round led by Neha and Peyush Bansal.
The board approved a special resolution to allot 695,875 CCPs at an issue price of Rs 2,300 per share to raise $19.2 million, according to the company filing. The round was led by Peyush Bansal with Rs 70.70 crore followed by Neha Bansal with Rs 70.39 crore while Amit Choudhary invested Rs 9.60 crore and Sumeet Kapahi put Rs 9.35 crore. The co-founders previously invested in the firm during December 2023. The startup plans to use this fund to enhance its technology and focus on market expansion.
The Gurgaon startup offers quality and affordable eyewear to solve the eye-related problems of its customers. Lenskart was evaluated to be valued at around $5 billion in its secondary funding round. The startup is already well known in international markets including Southeast Asia and the Middle East.
The startup also announced its plan to launch a new production factory near Bengaluru airport. The startup also provides an online platform to match a perfect frame matching the customer’s liking. The company provides more than 2500 global stores and around 2000 stores across India. The company gains 60 percent of its income from the Indian market and the remaining 40 percent stands for operations in international countries including Dubai, the Middle East, and more. The company is gaining the interest of investors due to its strong financial performance and growth opportunities.
The company reported an increase in its revenue to Rs 3,788 crore in FY23. Lenskart also reported a decrease of 37.3 percent in its losses to Rs 64 crore through its controlled scaling and expenditure management approach. The company claims to offer eyewear correction lenses with 100 percent accuracy and top-quality frames. The company plans to use a portion of this investment to expand its business, scale its production, and develop market presence.
Conclusion
Lenskart secured $20 million in its new funding round from its existing investors. The funds will be used to enhance technology and expand market reach across India and globally. The company offers eyewear solutions for eye-related problems. The online platform helps its customers to check the frame suitable for them and place the order accordingly. The startup plans to spread its network and offer quality products to its customers. The company was valued at $5 billion in its last funding round.
The trust of the public helped the firm to gain investor’s interest and solidified its position in the market. The startup operates 2000 stores across India. The company provides its services through online platforms such as websites, and mobile applications, and offline through its retail stores.
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