This results in an 80% expansion in the value of the company, whose final value was $2.5 billion in July 2021 after a $315 million round led by Temasek of Singapore, which has also invested in the latest funding.
Sources said other existing investors like Epic Capital, Avendus Future Leaders Fund II have also participated in the round, with funds being released in tranches.
ET had reported on April 13 that
Lenskart was in the final stages of closing a new round And its price can be between 4.5-5 billion dollars.
“The round has closed at $200 million and the money is coming in instalments from investors. They (Lenskart) are not seeing much capital in this round,” said the person above.
With this, the eyewear platform, which was launched in 2010, has raised nearly $1 billion in total, including secondary share sales. In secondary financing, existing investors sell their shares to new investors and the money does not go to the company’s coffers.
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While the SoftBank-backed company did not comment on closing its latest financing, its founder Piyush Bansal told ET that Lenskart is planning to open 400 more stores in India, which includes its existing network of over 1,000 stores.
“We want to grow by 60-70% in the current financial year. While most of Lenskart’s 1,100 stores are in India, we will continue to expand with 400 new stores to enhance our revenue,” he said.
ETtechLenskart reported operating revenue of over Rs 905 crore as well as profit of around Rs 29 crore in FY21, according to regulatory filings.
The latest audited financials for the financial year 2022 are not yet available with the Registrar of Companies (ROC).
In a statement last week, Lenskart said it grew 65% year-on-year in 2021 and is on track to grow more than 50% in 2022 without providing specific numbers.
Lenskart was shut down on 30 June
$400 million acquisition of Japanese ownership To create one of the largest eyewear businesses in Asia. Bansal told ET at the time that both the firms had a revenue run rate of $650 million in the current fiscal, with $400 million from Lenskart and the rest from OnDayz.
According to Bansal, the OnDay deal is an important step in the company’s plan to make Amazon
Like a business group. Lenskart is also in the final stages of setting up its manufacturing plant and is expected to play a major role in the supply chain of service orders from this unit. Bansal had said in 2020 that he was planning to invest around $50 million in the facility.
ETtech
global expansion
Going forward, Lenskart also plans to list other eyewear brands on its platform through its recently formed subsidiary Neso, which will invest and acquire eyewear brands globally. roll-up ecommerce arm of
Lenskart sees $100 million funding Recently in the capital and appointed a new CEO Björn Bergstrom.
According to a person familiar with the plans, Lenskart wants to acquire a majority stake in eyewear brands with revenues of anywhere between $10-$50 million and then expand that with the founding team of those brands.
“Bjorn, the new CEO is meeting several brands and the team is evaluating options. Most investments are expected to be majority stake purchases, but not 100% buyouts,” said this person familiar with Nesso’s plans. It is still early days but the idea is to invest in solid brands and offer them Lenskart distribution across all channels.”