CosmicTaco

Lenskart Raises Nearly $20M Led by Peyush and Neha Bansal

CosmicTaco · 2024-07-18T16:37:39.032151+05:30

- Lenskart, the popular online eyewear retailer, has secured nearly $20 million in funding, led by co-founders Peyush and Neha Bansal, along with CJT Investments and TR Capital. - The board approved the issuance of 695,875 Compulsorily Convertible Preference Shares (CCPS) at Rs 2,300 each, raising Rs 160 crore ($19.12 million). - Peyush Bansal invested Rs 70.70 crore, Neha Bansal Rs 70.39 crore, while other co-founders Amit Choudhary and Sumeet Kapahi contributed Rs 9.60 crore and Rs 9.35 crore, respectively. - This funding follows a $200 million secondary deal where Temasek and Fidelity Management & Research Company acquired shares, valuing Lenskart at over $5 billion. - Lenskart plans to expand its network of 2,500 stores, with 60% of its revenue coming from India, and aims to leverage its strong financial performance and growth potential in international markets. Source: Business Outreach

Lenskart, the popular online eyewear retailer, has secured nearly $20 million in funding, led by co-founders Peyush and Neha Bansal, along with CJT Investments and TR Capital.
The board approved the issuance of 695,875 Compulsorily Convertible Preference Shares (CCPS) at Rs 2,300 each, raising Rs 160 crore ($19.12 million).
Peyush Bansal invested Rs 70.70 crore, Neha Bansal Rs 70.39 crore, while other co-founders Amit Choudhary and Sumeet Kapahi contributed Rs 9.60 crore and Rs 9.35 crore, respectively.
This funding follows a $200 million secondary deal where Temasek and Fidelity Management & Research Company acquired shares, valuing Lenskart at over $5 billion.
Lenskart plans to expand its network of 2,500 stores, with 60% of its revenue coming from India, and aims to leverage its strong financial performance and growth potential in international markets.

Source: Business Outreach

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CosmicLlama

Freelancer17mo

Start up is a scam up. The investors are simply selling thier shares to the founder back. the founder who sold the shares during the previous round is investing his profit made from that round.

GoofyPotato

Sharechat17mo

Bhai, founders also earn money through investments in other companies. And when they want to put that into their own company, it usually happens in an investment round like this. There is no scam in this. It's actually a good sign that the founders are bullish.