Softbank-backed unicorn Lenskart, a Multi-channel eyewear brand, has raised $25 million in its ongoing Series I funding round from existing investor Epiq Capital.
Last week, the company received $100 million after allocating approximately 3.6 million Series I CCPS to Alpha Wave Ventures.
The startup had issued 9,10,412 Series I CCPS to Epic Capital to raise $25 million (INR 190 crore). The investment is likely to happen in three phases in the coming weeks.
This funding round also took place nine months after it raised $315 million at a valuation of $2.5 billion.
This ongoing fund appears to be part of a larger $200 million to $250 million round that the startup intends to raise as a pre-IPO round.
The Delhi-based Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, It claims to reach up to 1,00,000 customers per month.
The startup claims to serve over 7 million customers annually through its omnichannel shopping experience, which is spread across 175 cities across the country through online, mobile applications and over 750 omnichannel stores.
Last year, Lenskart launched a ‘Vision Fund’ where it would invest $2 million in select startups that are synergistic for the eyewear, eyecare and omnichannel retail sectors.
In July 2021, the company had raised $315 million from Temasek, Falcon Edge, Bay Capital, KKR, Chiratae Ventures among others.
After raising INR 1,645 Cr ($231 Mn) from SoftBank Vision Fund II and Lightbulb Ltd as part of its Series G funding round, the startup achieved unicorn status in 2020.
Lenskart’s mission is to give India a vision. Lenskart.com is India’s fastest growing eyewear company and the largest eyewear company online. Lenskart’s products range from prescription eyewear to branded contact lenses, and sunglasses, all equipped with the customers’ eye power.
Lenskart is backed by IDG Ventures, Unilazer Ventures, and TPG Capital. With a growing chain of offline stores in all cities in India and its unique Home Eye Check-up service which takes expert optometrists to customers’ homes/offices for an eye test, Lenskart has done what no one could till now.