The co-founders of the eyewear retailer Lenskart, Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi, have raised close to $20 million. In the past seven months, Lenskart’s co-founders have invested twice.
According to a regulatory filing obtained from the Registrar of Companies (ROC), the Lenskart board has approved a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each in order to raise Rs 160 crore, or $19.12 million.
With Rs 70.70 crore, Piyush Bansal took first place, followed by Neha Bansal with Rs 70.39 crore. Sumeet Kapahi contributed Rs 9.35 crore, while Amit Choudhary contributed Rs 9.60 crore.
This is the second time in less than a year that the co-founders have invested in the business, as was previously mentioned. Together with Choudhary and Kapahi, Piyush and Neha invested Rs 29.89 crore and Rs 29.77 crore in December 2023, respectively.
This news follows Lenskart’s announcement of a $200 million secondary deal. At a valuation of over $5 billion, Temasek and Fidelity Management & Research Company (FMR) were the only investors in the secondary.
Approximately 2,000 of Lenskart’s purported more than 2,500 stores are located in India. Nearly 60% of its revenue comes from India, but the remaining portion comes from international operations in nations like Singapore, Dubai, the US, and Southeast Asia.
In the past eighteen months, the Delhi-based company has made over $1 billion in revenue, even with funding winter. The company’s solid financial results, unit economics, and expansion prospects abroad are the main factors sustaining investors’ interest in it.
In the fiscal year that concluded in March 2023, Lenskart’s operating revenue increased to Rs 3,788 crore, up from Rs 1,502 crore in the previous year. The company’s losses were lowered by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22 thanks to its reasonable scale and cost control. It has not yet been filed by the company, its FY24 annual financial report.
