Delhi-based eyewear startup Lenskart is raising $231 Mn (INR 1,645 Cr) from SoftBank Vision Fund II Lightbulb Ltd as part of its Series G funding round.
According to the Ministry of Corporate Affairs (MCA) filings of December 19 accessed by Inc42, SoftBank Vision Fund II Lightbulb (Cayman) Limited will buy 22,976,465 Series G Cumulative Convertible Preference Shares(CCPS) in Lenskart at a nominal value of INR 2 and premium of INR 713.95, totalling up to INR 16,450,000,116. This was reported by business intelligence company Paper.vc.
Back in September, Inc42 reported that Lenskart had also passed a resolution to raise $55.18 Mn (INR 392 Cr) from private equity firm Kedaara Capital in Series F for 6.14 Mn shares. The transaction was completed on September 16, 2019.
According to the MCA filings accessed by Inc42, Kedaara Capital Fund II LLP bought 43,88,302 shares for INR 279,99,99,974 ($39 Mn) and Kedaara Norfolk Holdings Limited bought 17,55,321 shared for INR 112,00,00,117 ($15 Mn)
Founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart is an eyewear brand that deals in eyeglasses, powered sunglasses, and contact lenses. The company manufactures, assembles, distributes, and supplies its products across 460 stores across India. The company plans to expand its services to include an additional 150 stores by March 2020 and 2K stores over the next five years.
Along with stores, Lenskart also has a strong digital presence. The platform allows users to buy from its catalogue listed online. In addition, Lenskart also allows users to return, exchange and virtually try the products. Lenskart partnered with California-based Ditto to launch the 3D Try-On feature to enable the virtual trials.
The company has invested in various other companies to integrate innovative solutions to its platform. In 2017,Lenskart acquired a minority stake in Israel-based tech startup 6over6 that allows consumers to determine the power of the lenses fitted in their eyeglasses through a mobile app.
In 2018, Lenskart also invested $500K in a US-based startup ThinOptics, which makes innovative reading glasses that can be attached to a user’s phone or keychain to reduce the chances of misplacement.