Lenskart's $600 million funding enables early investors, including SoftBank, to exit lucratively

Eyewear startup Lenskart has successfully raised a total of $600 million in funding across two rounds this year, providing a significant exit opportunity for its early backers, including SoftBank. The funding, consisting of $500 million in March and an additional $100 million on June 15, primarily involved secondary sales, estimated to be around $450-500 million, while the remaining $100-150 million was a primary fund infusion.

The March funding round saw Lenskart secure $500 million from a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA), followed by a $100 million investment from ChrysCapital in June. The bulk of the raised funds, accounting for approximately 80%, was generated through secondary sales. This information comes from a reliable source familiar with the matter.

Notably, prominent investors such as Chiratae Ventures, Premji Invest, Unilazer Ventures led by Ronnie Screwvala, Kedaara Capital, SoftBank, and KKR sold a portion of their stakes to ChrysCapital and ADIA during both funding rounds. The secondary share sale occurred at a discount of 20-25% (around $3.7-$3.8 billion) compared to Lenskart's current valuation of approximately $4.3 billion.

Lenskart's latest funding round adds to its overall capital raise, bringing the total amount to over $1.6 billion. Impressively, the company managed to secure nearly $850 million in the past year alone, defying the challenging macroeconomic environment and the commonly discussed funding downturn.

Lenskart, headquartered in Gurugram, has positioned itself as a standout player in the eyewear market, offering innovative products and online services. With this substantial funding, the company aims to further expand its operations, invest in technological advancements, and strengthen its position in the industry. The successful funding rounds and the significant liquidity event for early investors highlight Lenskart's growth trajectory and its ability to navigate the dynamic funding landscape.