Internet and telecommunications group SoftBank has provided $231m in series G funding for India-based online eyewear retailer Lenskart, Business Insider India reported today, citing financial intelligence provider Paper.vc.
The deal valued Lenskart at $1.5bn and came in the wake of a $55m investment by private equity firm Kedaara Capital in September this year, reportedly in the form of a secondary deal in which existing backers PremjiInvest and Chiratae Ventures sold shares.
The $231m figure was reported by several outlets including the Economic Times and LiveMint, though TechCrunch and VCCircle placed the size of the deal at $275m.
Lenskart runs an e-commerce platform focusing on eyewear and has moved into brick-and-mortar retail, opening more than 530 stores across India. It also sells glasses under its own brand, John Jacobs, and will put the funding into enhancing its supply chain capabilities and technology.
Steadview Capital, Epiq Capital and TR Capital bought shares in the company from TPG Growth, Unilazer Ventures and Chiratae Ventures in a secondary transaction in August 2018. Unilazer founder Ronnie Screwvala had invested $3.5m in early 2017 at a $295m valuation.
PremjiInvest had acquired $30m of shares from Chiratae in 2016, after a $60m series D round led by International Finance Corporation and backed by Chiratae Ventures, TPG Growth, Adveq Management, Ratan Tata and Kris Gopalakrishnan earlier the same year.
Lenskart had already received $35m in funding from Chiratae (formerly known as IDG Ventures India), Unilazer Ventures, TPG Growth and TR Capital between 2011 and 2015.
