Eyewear start-up Lenskart is raising Rs 1,645 crore in a funding round led by Masayoshi Son-led SoftBank. Lenskart Solutions Private Limited passed a board resolution on December 12, approving the allotment of 22,976,465 (22.9 million) Series-G compulsorily convertible cumulative preference shares to SVF II (Cayman Islands) Lightbulb, a Cayman Islands-based entity that appears to be an investment vehicle of Softbank Vision Fund (SVF), according to the company’s regulatory filings sourced from business signals platform Paper.vc.
“As part of the deal, SVF appears to be investing Rs 1,645 crore by paying Rs 714 per share (a 356x premium against face value) that we estimate gives the company a post-money valuation of $1.5 billion,” said Jayraj Patel, an analyst at Paper.vc.
Three months ago, Lenskart had received a total investment of Rs 392 crore from two entities belonging to Kedaara Capital. Earlier this month, the company in India also reported an impressive financial performance as it managed to cut losses by 73 per cent, while driving revenue up 57 per cent to Rs 485 crore in FY19.
The Softbank Vision Fund deal will allow the Delhi-based company to scale operations to more locations in small towns and overseas territories, according to Paper.vc.
Source: Business Standard