India’s Lenskart wins US$275 million in Softbank funding
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Indian omni-channel eyewear retailer Lenskart has raised an investment of US$275 million from SoftBank Vision Fund.
Several of the firm’s existing investors sold their stake in the business during the latest Series-G financing round. The new funding has lifted the firm’s total investments to date to $456 million, leaving Lenskart with a valuation of more than $1.5 billion.
The firm currently sells via more than 500 outlets throughout more than 100 Indian cities. The firm started as an online-only business, with 60 per cent of current sales still taking place online.
“We are thrilled to have SoftBank Vision Fund with us in our journey,” said Lenskart founder and CEO Peyush Bansal in an interview with TechCrunch. “Their understanding of consumer and technology will help us build the next edition of Lenskart.”
The firm’s latest inflow of capital will be used to improve its IT infrastructure and supply chain.
Questions & Answers
Q.How much has Lenskart raised in total investment to date?
How much has Lenskart raised in total investment to date?
Including the latest Series-G financing round, Lenskart's total investments to date have reached US$456 million. This funding has pushed the firm's valuation to over US$1.5 billion.
Q.What percentage of Lenskart's sales currently occur online?
What percentage of Lenskart's sales currently occur online?
Despite expanding to over 500 physical outlets, 60 per cent of Lenskart's current sales still take place online. The firm initially began as an online-only business.
Q.How will Lenskart utilise the new funding received from SoftBank Vision Fund?
How will Lenskart utilise the new funding received from SoftBank Vision Fund?
The capital injection from SoftBank Vision Fund will be used to enhance Lenskart's IT infrastructure and supply chain. This investment is part of their continued growth strategy.
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