Lenskart valued at $4.5 billion after a new financing
Abstract: the company has an 80% expansion in value, which was last valued at $2.5 billion following the close of a $315 million round in July 2021. This was led by Singapore’s Temasek which also invested in the latest funding round.
The brand lenskarts which serves as an omnichannel eye ware company has been valued at $4.5 billion and rising by over a third. The company is closed by a $200 million funding round led by Alpha wave Global, according to a source.
the company has an 80% expansion in value, which was last valued at $2.5 billion following the close of a $315 million round in July 2021. This was led by Singapore’s Temasek which also invested in the latest funding round
According to sources, existing investors like Epiq Capital and Avendus Future Leaders Fund II have also taken part in this round.
Earlier this month, ET reported that Lenskart was close to closing a new round and could be valued at $4.5-5 billion.
“The round has closed at $200 million and money has been coming in tranches from investors. They (Lenskart) are not looking at more capital in this round,” said the person cited above.
Peyush Bansal, Lenskart’s founder, told ET that Lenskart plans to add 400 additional stores to its existing network of over 1,000 in India, despite not commenting on its latest financing round.
As a result, including secondary share sales, the eyewear platform has raised around $1 billion. Existing investors sell their shares to new investors in secondary financing, and the funds do not go to the company’s coffers.
“We are looking to grow by 60-70% in the current financial year. While most of the 1,100 stores of Lenskart are in India, we will continue to expand with 400 new stores as we look to scale our revenue,” he said.
Lenskart reported operating revenue of over Rs 905 crore in the financial year 2021 along with profits of nearly Rs 29 crore, as per regulatory filings. The latest audited financials for fiscal 2022 are yet to be available to the Registrar of Companies (RoC).