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IPO-bound Lenskart Bags $12.5 million From Ravi Modi Family Trust

The Peyush Bansal-led omnichannel eyewear retailer had earlier raised $100 million in an investment round from Alpha Wave Ventures

IPO-bound Lenskart Bags $12.5 million From Ravi Modi Family Trust
POSTED ON August 08, 2022 2:10 PM

Eyewear company Lenskart is raising around $12.5 million from the Ravi Modi Family Trust . The latter is a promoter of Kolkata-based Vedant Fashions, which owns the Manyavar, Mohey and Manthan apparel brands.

The Peyush Bansal-led unicorn had raised $100 million in an investment round from Alpha Wave Ventures (previously Falcon Edge). It later raised $25 million from Epiq Capital, followed by $28 million from Avendus Capital. With this capital infusion, the startup has raised around $165 million this year. Last July, it raised $315 million at a $2.5 billion valuation from investors including Temasek, Falcon Edge, Bay Capital, KKR and Chiratae Ventures.

Softbank-backed Lenskart reportedly allocated 4,79,037 Series I of Compulsory Convertible Preference Shares (CCPS) for the current investment round for $12.5 million. This investment instrument helps bridge the mismatch in valuation expectations between private equity investors and promoters.

The omnichannel eyewear retailer recently acquired a majority stake in Japanese eyewear brand OWNDAYS for $400 million. This move would augment its direct-to-consumer (D2C) business by acquiring successful companies in the US and Europe and growing them. The company is also mapping its expansion strategy around the Middle East, Southeast Asia, and the US. 

Founded in 2010 by Bansal, Amit Chaudhury and Sumeet Kapathi, Lenskart grew 60 per cent in FY22. Bansal expects it to achieve over 50 per cent growth in the current fiscal and is also preparing for a public listing within three years. Lenskart claims to serve 1,00,000 customers per month through its omnichannel model. Its current footprint includes over 750 stores in 175 cities across India with outlets in Singapore as well.

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