Peyush Bansal’s Lenskart Bags $100 Mn From Alpha Wave Ventures

IPO-bound eyewear giant Lenskart is raising close to $100 Mn in a fresh round of investment from Alpha Wave Ventures. The development has come nine month after it raised $315 Mn at a valuation of $2.5 Bn. 

Peyush Bansal-led Lenskart to receive $100 Mn (INR 760 Cr) has allotted around 3.6 Mn Series I CCPS to Alpha Wave Ventures. As per Inc42’s estimate, the funding was raised at valuation of $4.3 Bn

The round seems to be part of a bigger round that media has reported earlier this year and is now coming in tranches. 

Founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart claims to reach 1,00,000 customers per month. The company boasts of serving more than 7 Mn customers annually through its omni-channel shopping experience, which spans online, mobile application, and over 750 omni-channel stores in 175 cities across the country. The country expanded its business on foreign soil in 2019 when it entered Singapore in 2019.

In July last year, Lenskart raised $315 Mn from Temasek, Falcon Edge, Bay Capital, KKR, Chiratae Ventures among others. 

The startup last year had also launched ‘Vision Fund’ where it would invest $2 Mn in selected startups that are synergistic to the eyewear, eyecare, and omnichannel retail sectors. In addition to the infusion of capital, select startups will benefit from Lenskart’s market access via 700+ retail stores and online channels across India, Singapore, Middle East, and the US.

The startup entered the unicorn club in 2020, after raising INR 1,645 Cr ($231 Mn) from SoftBank Vision Fund II and Lightbulb Ltd as part of its Series G funding round. The company has raised $459.6 Mn to date from investors like Chiratae Ventures, TPG, PremjiInvest, Unilazer Ventures and others.

The development was first reported by Entrackr.