Peyush Bansal’s Lenskart Bags $12.5 Mn From Manyavar Owners
As per Business Headers estimate the latest round was re-roasted to $4.3 Bn valuation
Ravi Modi Family Trust is one of the main promoters of the city of Kolkata-based Vedant Fashions which owns brands like Manyavar, Mohey, and Manthan
Lenskart is also preparing for an IPO
The eyewear company that is slated for an IPO Lenskart is seeking nearly $12.5 Million (INR 100 crore) from the Ravi Modi Family Trust. In the latest round of money Lenskart has allocated 4,79,037 Series 1 CCPS in exchange for an investment of $12.5 million (INR 99.9 Cr).
This round is part of a larger round, which was reported in the past and is now being announced in tranches. The Peyush Bansal-led venture had earlier received $100 million in a new round funding through Alpha Wave Ventures, and then was able to raise $25 million in funding from Epiq Capital and $28 million in funding from Avendus Capital. In this round of funding, the eyewear company has raised about $165 million from a variety of investors over a year that is experiencing a significant insufficient funding as a result of the recession in the economy.
It is worth noting the fact that Ravi Modi Family Trust is one of the major promoters for the Kolkata-based Vedant Fashions which owns brands like Manyavar, Mohey, and Manthan.
The new tranches of capital come just a year after the company had received $315 million at an investment that was $2.5 Bn. The Faridabad-based startup recently purchased a majority stake in Japanese eyewear company OWNDAYS for $400 million.
Furthermore, Lenskart also acquired participation of L Catterton, Mitsui, and Principal Investments. The newly formed entity is believed to be operating within 13 Asian markets that include Taiwan, India, Japan, Malaysia, and Indonesia and many more.
In 2010, the company was founded with the help of Bansal, Amit Chaudhury, and Sumeet Kapathi, Lenskart claims to serve 1,000,000 customers per month. The company claims to serve more than 7 million customers each year with its omnichannel shopping experience that includes the web, mobile app as well as over 750 retail stores across more than 175 towns across the United States. The company diversified its operations abroad in the year 2019 when it was able to enter Singapore.
In July, Lenskart raised $315 Mn from Temasek, Falcon Edge, Bay Capital, KKR, Chiratae Ventures among others.
The company had also announced Vision Fund which would invest $2 million in startups that can be synergistic with the eyewear, eyecare and omnichannel retail industries.
Lenskart was admitted to the coveted unicorn club in 2020 following taking home $231 million in funding from Masayoshi Son’s SoftBank Vision Fund II and Lightbulb Ltd in its Series G. Lenskart also counts investors like Chiratae Ventures, TPG, Premji Invest, Unilazer Ventures and many more.
Peyush Bansal’s Lenskart Bags $12.5 Mn From Manyavar Owners.Congratulations to the entire team at Lenskart. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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