Lenskart raises $231 million, enters the elite unicorn club
Lenskart, a Faridabad-based start-up providing a platform to buy eyewear online, has reportedly raised $231 million in a Series G round of funding led by Japanese conglomerate SoftBank. The investment has taken the 9-year-old company's valuation beyond $1.5 billion, marking its entry into the elite unicorn club of Indian start-ups. Here are more details about Lenskart, and its fund-raise.
First, a bit about Lenskart and its work
Lenskart was started in 2010 by Amit Chaudhary, Peyush Bansal and Sumeet Kapahi to revolutionize the eyewear industry in India by offering high-quality eyeglasses/sunglasses - through online and offline channels. The start-up also claims to provide its customers with a simple and hassle-free solution to replace their contact lenses, through which one can get the exact same contact lens prescribed by their doctor.
Now, Lenskart wants to expand its business
Though Lenskart has not commented on the latest fund-raise, previous reports have indicated that the company is currently eyeing to scale up its business by bringing in more talent, enhancing its platform, and expanding to international markets. It has over 500 stores across India and is planning to open 150 more stores by March 2020 and 2,000 stores in the next five years.
They are also trying to cut down losses
A few days back, Lenskart had posted a revenue of $68.4 million (approximately Rs. 486.2 crore) for the FY19. The start-up is trying to cut down its losses and has been successful in doing so. It reported a loss of $3.92 million (approximately Rs. 27.89 crore) for this fiscal as against $16.5 million (approximately Rs. 118 crore) in the previous financial year.
Meanwhile, Lenskart's total valuation now stands at over $1.5 billion
Prior to this investment, Lenskart had received over $55 million in a Series F round led by Mumbai-based Kedaara Capital in September this year. With the inclusion of this investment, the total capital raised by the company since its inception stands at approximately $415 million and the total valuation of the start-up is around $1.5 billion.