Lenskart Co-Founders Pour in Additional $20 Million
Peyush Bansal other lenskart founders invest 20 million in new funding round 
Eyewear retail behemoth, Lenskart, has secured a substantial investment of nearly $20 million from its founding quartet – Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. This marks the second instance of the founding team injecting capital into the company within a seven-month span.
Details of the Investment Round
A regulatory filing with the Registrar of Companies (ROC) unveiled that Lenskart’s board authorized the issuance of 695,875 convertible preference shares (CPS) at a valuation of Rs 2,300 apiece, aggregating to Rs 160 crore or approximately $19.12 million.
Peyush Bansal spearheaded the investment, contributing Rs 70.70 crore, while Neha Bansal followed closely with an injection of Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi participated with investments of Rs 9.60 crore and Rs 9.35 crore, respectively.
A Testament to Founders’ Confidence
This renewed financial commitment from the founding team underscores their unwavering belief in Lenskart’s growth trajectory. It also follows a recent $200 million secondary investment secured by the company from global investment giants Temasek and Fidelity Management & Research Company (FMR), valuing Lenskart at over $5 billion.
Financial Performance and Growth Prospects
Lenskart has exhibited remarkable financial prowess, with revenue from operations surging to Rs 3,788 crore in the fiscal year ending March 2023, a substantial increase from Rs 1,502 crore in the preceding year. Impressively, the company managed to curtail losses by 37.3% to Rs 64 crore in FY23 compared to Rs 102 crore in FY22. This robust financial performance, coupled with its expanding footprint, has attracted significant investor interest.
Lenskart currently boasts a network of over 2,500 stores, with approximately 60% of its operations centered in India. The company has successfully expanded its presence to international markets, including Singapore, Dubai, the United States, and Southeast Asia.
Despite the prevailing funding winter, Lenskart has garnered over $1 billion in investments within the past 18 months. This sustained investor enthusiasm can be attributed to the company’s exceptional financial performance, efficient operations, and promising growth prospects in both domestic and international markets.
The company is yet to disclose its financial results for the fiscal year ending March 2024.