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Lenskart gets a SoftBank funding to make a grand entry into the unicorn club
Sanchita Dash
Eyewear retailer Lenskart has raised a series G round of funding from SoftBank Vision Fund, according to data intelligence firm paper.vc.
SoftBank is pumping in $231 million into the company, taking its valuation to $1.5 billion.
Lenskart had also received over $55 million from Kedaara Capital three months ago.
In FY19, Lenskart posted a revenue of ₹486 crores, while also cutting down its losses to ₹27.8 crores.
Eyewear retailer Lenskart is the latest to enter the unicorn club, as it raised a series G round of funding from SoftBank Vision Fund, according to data intelligence firm paper.vc.
Lenskart had also received over $55 million from Kedaara Capital three months ago. Reports also said that Kedaara's investment could be a secondary deal as Premji Invest and Chiratae Ventures will sell a part of their shares.
Lenskart is often the centre of many memes for the multiple offer messages it sends to customers, with offers and discounts.
Founded in 2008 by Peyush Bansal, Sumeet Kapahi, Amit Chaudhary, Lenskart had rapidly expanded with multiple stores. It has over 535 stores across the country.
However, these huge investments didn't pay off, leaving it with mounting losses. In 2015-16, Lenskart's losses were at ₹113 crore. The very next year, they doubled to ₹263 crore.
However, the company has turned things around and how. Its revenues jumped by 70% to in 2018, while cutting its losses by 55%. It's own brand – John Jacobs – which seems to have done well for the company will touch ₹500 crore in revenue by 2021.
According to reports, in FY19, Lenskart posted a revenue of ₹486 crores, while cutting down its losses to ₹27.8 crores.
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