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SoftBank puts USD 231 Mn in eyewear startup Lenskart

Dec 20, 2019 by Ebin K Gheevarghese
SoftBank puts USD 231 Mn in eyewear startup Lenskart

Eyewear start-up Lenskart is raising Rs 1,645 crore in a funding round led by Masayoshi Son-led SoftBank. Lenskart Solutions Private Limited passed a board resolution on December 12, approving the allotment of 22,976,465 (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 Softbank Vision Fund (SVF), according to the company's regulatory filings sourced from business signals platform Paper.vc.

“As part of the deal, SVF appears to be investing Rs 1,645 crore 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,” said Jayraj Patel, an analyst at Paper.vc.

Source: Business Standard

Ebin K Gheevarghese

Ebin Gheevarghese is a Bangalore-based tech journalist. He focuses on emerging Indian startups. He can be reached at ebin@thepassage.cc.

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