SoftBank’s Sumer Juneja Steps Down From Lenskart Board

SUMMARY

SoftBank’s Sumer Juneja has stepped down from IPO-bound omnichannel eyewear retailer Lenskart’s board

Meanwhile, Sayali Karanjkar and Ashish Kashyap have joined as independent directors, as per Lenskart’s MCA filings assessed by Inc42

Further, the company’s shareholders also approved to raise INR 2,150 Cr ($248.7 Mn) through a fresh issue of shares as part of the IPO

SoftBank’s Sumer Juneja has stepped down from IPO-bound omnichannel eyewear retailer Lenskart’s board.

Meanwhile, Sayali Karanjkar and Ashish Kashyap have joined as independent directors, as per Lenskart’s MCA filings assessed by Inc42.

Moneycontrol reported the development first.

As per her LinkedIn profile, Karanjkar has cofounded PaySense and Outsy. Also, she has been the chief business officer of ElasticRun for nine months. Currently, she is the independent director with MobiKwik and CMS Info Systems.

On the other hand, Kashyap has founded multiple brands such as redBus, Goibibo and INDmoney. Holding an overall experience of more than 25 years, he has also worked with companies such as Google and Times Internet.

Notably, SoftBank’s exit from Lenskart’s board while it is preparing to go public comes at the trend of its other exits from companies close to its IPO listing or shortly after, similar to the cases of Paytm, Meesho, PB Fintech and Swiggy.

Further, the company’s shareholders also approved to raise INR 2,150 Cr through a fresh issue of shares as part of the IPO.

Additionally, LensKart also allotted 72,80,431 equity shares to its eligible employees under the Lenskart Employee Stock Option Plan, 2025 (ESOP 2025).

The company converted to a public entity only weeks ago, setting on its path towards market debut.

Founded in 2010 by Bansal, Amit Chaudhury and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer serving customers in India, the UAE, Singapore and Japan. The company claims to have over 2,500 stores and a customer base of 2 Cr.

The Gurugram-based startup has raised over $1.75 Bn till date from investors, including ChrysCapital, Abu Dhabi Investment Authority and Temasek, among others.

On the financial front, the startup trimmed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous fiscal year. Meanwhile, operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23.

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