Lenskart Solutions Pvt Ltd is raising ₹1,645 crore ($231 million) in a Series G funding round led by Softbank Vision Fund (SVF). With this investment, the online eyewear retailer will be valued at $1.5 billion.
According to information accessed by business intelligence platform, Paper.vc, the board of Lenskart Solutions Pvt Ltd passed a resolution on December 12, 2019, approving the allotment of 22.9 million Series G compulsorily convertible cumulative preference shares to SVF II Lightbulb (Cayman) Ltd, a Cayman Islands-based entity that appears to be an investment vehicle of Softbank Vision Fund.
“As part of the deal, SVF appears to be investing ₹1,645 crore by paying ₹714 per share (a 356x premium against face value) that we estimate gives the company a post-money valuation of $1.5 billion,” Jayraj Patel, Analyst, Paper.vc, said, in a note.
Three months ago, Lenskart had received a total investment of ₹392 crore from two entities belonging to Kedaara Capital.
The Faridabad-based company reported a 57% increase in revenue for the financial year ending 31 March, 2019, to ₹485.6 crore, from ₹308.8 crore in the previous financial year. Lenskart also managed to reduce its losses for FY19 significantly to ₹31.6 crore, compared to ₹118.1 crore it reported in the previous fiscal.
The Paper.vc note added that the SVF deal will allow the company to scale operations to more locations in small towns in India, and also abroad.