India’s Lenskart wins US$275 million in Softbank funding
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.