Spectacles retailer Lenskart has completed the Series G round of funding led by the Softbank Vision Fund, according to regulatory filings accessed by business intelligence platform Paper.vc. This funding round is likely to offer the company a post-money valuation of $1.5 billion.
According to paper.vc, Lenskart Solutions Private Limited passed a board resolution on December 12 for approving the allotment of $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 the Softbank Vision Fund (SVF).
"As part of the deal, SVF appears to be investing Rs 1,645 Crores 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," says, Jayraj Patil, an analyst at Paper.vc.
Three months ago, Lenskart had received an investment of Rs 392 crore from two entities belonging to Kedaara Capital.
Earlier this month, the eye-wear firm had reported that it had cut losses by a whopping 73% while driving revenue up by 57% to Rs 485 crore in the last fiscal.