Eyewear retailer Lenskart has secured nearly $20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. This marks the second investment by the co-founders in Lenskart within the past seven months.
According to a regulatory filing from the Registrar of Companies (ROC), Lenskart’s board has approved the issuance of 695,875 compulsory convertible preference shares (CCPS) at Rs 2,300 each, totaling Rs 160 crore or $19.12 million.
Peyush Bansal led the investment with Rs 70.70 crore, followed closely 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 investment follows a similar round in December 2023, when Peyush and Neha Bansal invested Rs 29.89 crore and Rs 29.77 crore, respectively, along with Choudhary and Kapahi.
The news comes shortly after Lenskart announced a $200 million secondary deal led by Temasek and Fidelity Management & Research Company (FMR) at a valuation exceeding $5 billion.
Lenskart operates over 2,500 stores, with about 2,000 in India. The Indian market generates nearly 60% of its revenue, while the remainder comes from international operations in Singapore, Dubai, the US, and Southeast Asia.
Despite the current funding challenges, the Delhi-based company has raised over $1 billion in the past 18 months. The strong investor interest is attributed to its solid financial performance, unit economics, and growth potential in international markets.
For the fiscal year ending March 2023, Lenskart’s revenue from operations rose to Rs 3,788 crore from Rs 1,502 crore in FY22. This increase in scale and controlled spending helped reduce losses by 37.3%, with losses decreasing to Rs 64 crore in FY23 from Rs 102 crore in FY22. The company has yet to file its financial report for FY24.
