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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 22d ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal

EntrackrEntrackr · 11m ago
Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal
Medial

Eyewear retailer Lenskart has raised nearly $20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary and Sumeet Kapahi. This is the second investment in Lenskart by its co-founders in the last seven months. The board at Lenskart has passed a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each to raise Rs 160 crore or $19.12 million, its regulatory filing accessed from the Registrar of companies (ROC) shows. Piyush Bansal led the round with Rs 70.70 crore while Neha Bansal put Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi participated with Rs 9.60 crore and Rs 9.35 crore, respectively. As mentioned above, this is the second instance where the co-founders invested in the company in less than a year. Piyush and Neha invested Rs 29.89 crore and Rs 29.77 crore, respectively, in December 2023 along with Choudhary and Kapahi. The development comes soon after a $200 million secondary deal announced by Lenskart. Temasek and Fidelity Management & Research Company (FMR) solely invested in the secondary at a valuation of more than $5 billion. Lenskart claims to have more than 2,500 stores of which approximately 2,000 are in India. While India accounts for nearly 60% of its revenue, the rest of the income was generated from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. Despite funding winter, the Delhi-based company has raked in over $1 billion in the last 18 months. The continued interest of investors in the company is largely driven by its strong financial performance, unit economics and growth opportunities in overseas countries. For the fiscal year ending in March 2023, Lenskart’s revenue from operations surged to Rs 3,788 crore from Rs 1,502 crore in FY22. The decent scale and controlled expenditure helped the company to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. The firm is yet to file its annual financial report for FY24.

Exclusive: Lenskart set to acquire location AI startup GeoIQ

EntrackrEntrackr · 19d ago
Exclusive: Lenskart set to acquire location AI startup GeoIQ
Medial

Exclusive: Lenskart set to acquire location AI startup GeoIQ Omnichannel eyewear retailer Lenskart is all set to acquire location artificial intelligence startup GeoIQ, sources aware of the development told Entrackr. “The deal is nearing completion, with Lenskart set to acquire a majority stake in GeoIQ,” said a source familiar with the matter. “Most of the existing investors are expected to exit as part of the transaction.” Lenskart, which had previously invested in GeoIQ, spearheaded a $2.25 million funding round in May 2022, joined by 9Unicorns (now 100Unicorns) and Ecosystem Ventures. In November 2020, the startup secured Rs 2.5 crore in funding from investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture, among others. Founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, GeoIQ utilizes proprietary algorithms to layer government data with other trusted public sources and satellite imagery into generating 100m x 100m geospatial grids. The startup specializes in providing businesses with actionable consumer insights to tap into offline demand and facilitate faster expansion. It already works with well-known brands like Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit. According to startup data intelligence platform TheKredible, GeoIQ is currently valued at around Rs 90 crore (over $10 million). Lenskart is the largest stakeholder in the company with a 17.11% stake while all three co-founders hold 16.57% each. For the fiscal year ending in March 2024, GeoIQ reported an operating revenue of Rs 6.7 crore against Rs 7.1 crore in FY23. Its net loss widened to Rs 6.1 crore from Rs 4.2 crore year-on-year. “The terms of the deal have been sealed, with GeoIQ expected to be valued anywhere between $15–20 million,” said the person quoted at the beginning of the story. This marks Lenskart’s second acquisition in the last two years. In October 2023, the Peyush Bansal-led company acquired TangoEye, an AI-driven computer vision startup in which it was already an investor. In June 2022, it bought a majority stake in Japan’s Owndays. Three months later, Lenskart’s subsidiary Neso Brands also acquired a minority stake in Paris-based omnichannel eyewear brand Le Petit Lunetier. The development comes as Lenskart gears up for its initial public offering (IPO) as it aims to raise $1 billion at a valuation of $10 billion. Last week, the company also transitioned its holding entity from a private limited to a public limited company. The move was exclusively reported by Entrackr.

Flat in Camellias, golf sets, and foreign trips: How Gensol’s promoters siphoned funds

EntrackrEntrackr · 2m ago
Flat in Camellias, golf sets, and foreign trips: How Gensol’s promoters siphoned funds
Medial

Flat in Camellias, golf sets, and foreign trips: How Gensol’s promoters siphoned funds SEBI has taken strict action against Gensol Engineering Limited’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, removing them from all directorial roles within the company and barring them from accessing the securities market. According to SEBI’s interim order dated April 15, 2025, the promoters of Gensol Engineering Limited siphoned off hundreds of crores in company funds—borrowed for the purchase of electric vehicles meant for their affiliate BluSmart—for personal and related-party gains, including the purchase of a luxury apartment in Gurgaon, golf accessories, foreign currency, and travel expenses. Gensol Engineering Limited raised Rs 977.75 crore in term loans from government-backed lenders IREDA and PFC to procure 6,400 electric vehicles (EVs). However, only 4,704 EVs were actually purchased for Rs 567.73 crore. SEBI’s forensic analysis found that Rs 262.13 crore remains unaccounted for, while Rs 207.27 crore was transferred to vendor Go-Auto but not utilized for vehicle procurement. Instead, a significant portion of these funds was funneled back from Go-Auto to entities controlled by the Jaggi brothers. For example, Rs 50 crore routed via Capbridge Ventures LLP—where both promoters are designated partners—was used to purchase a luxury apartment at DLF Camellias, Gurgaon. The transaction, cleverly layered through multiple accounts, underscores a deliberate effort to mask the real end-use of the funds. The misuse didn’t stop there. Related entity Wellray Solar, with deep links to the promoters, received over Rs 424 crore from Gensol between FY23 and FY24, despite having negligible operational credibility. Of this, Rs 246 crore was further distributed to promoter-linked companies and individuals. Anmol and Puneet Singh Jaggi personally received Rs 25.76 crore and Rs 13.55 crore respectively from Wellray, which was used for personal luxury expenses including foreign currency purchases, high-end consumer goods, credit card payments, and transfers to family members. SEBI also found that Gensol had falsified debt servicing records submitted to credit rating agencies, CARE and ICRA, to maintain its ratings. Conduct letters allegedly issued by lenders IREDA and PFC were found to be forged. The company failed to disclose prolonged defaults that exceeded 30 days—an explicit breach of SEBI’s disclosure norms. The investigation revealed that Wellray, funded by Gensol and its affiliates, extensively traded in GEL’s own shares—conducting transactions worth over Rs 338 crore—raising serious concerns of stock price manipulation. Notably, 99% of Wellray’s trading volume from April 2022 to December 2024 involved Gensol stock. SEBI’s order has not only barred Anmol and Puneet Singh Jaggi from holding any directorial or KMP roles at GEL but also frozen all trading activity for them and the company. Additionally, the regulator has stalled a proposed stock split and appointed a forensic auditor to probe further. SEBI observed that Gensol was operated like a promoter-owned entity, disregarding all norms of corporate governance and fiduciary responsibility. “The Company’s funds were routed to related parties and used for unconnected expenses, as if the Company’s funds were promoters’ piggybank,” the order stated. This case represents one of the most high-profile instances of alleged corporate fraud in recent times, underlining the urgent need for tighter oversight of fund utilization and promoter conduct in India’s public markets.

Snitch raises $40 Mn in Series B round; to enter quick commerce

EntrackrEntrackr · 27d ago
Snitch raises $40 Mn in Series B round; to enter quick commerce
Medial

Snippets Snitch raises $40 Mn in Series B round; to enter quick commerce D2C menswear brand Snitch has raised up to $40 million in its Series B funding round led by 360 ONE Asset. Existing investors IvyCap Ventures and SWC Global participated, along with the Ravi Modi Family Office and other angel investors. Entrackr had exclusively reported the development last week. This is the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The proceeds will be used to expand Snitch’s offline retail footprint from 55 to over 100 stores by the end of 2025, enter quick commerce, and test international markets. The company also plans to expand into new apparel and lifestyle categories. Founded in 2020 by Siddharth Dungarwal, Snitch offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. “With 120% YoY growth, 55+ stores with strong unit economics, and strong loyal customer base, we’re stepping into a bigger league, building a world-class brand with India at its heart and agility at its core. As we gear up for global expansion and soon enter the public markets, this marks a bold step towards creating one of India’s most iconic fashion stories,” said Dungarwal. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. The firm is targeting scale across India and international markets and is preparing for a public listing. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25.

Mayhem at Arthmate after Vihaan Kumar’s arrest: COO Renu Satti resigns, employees exodus, and more

EntrackrEntrackr · 9m ago
Mayhem at Arthmate after Vihaan Kumar’s arrest: COO Renu Satti resigns, employees exodus, and more
Medial

A nearly two-year-long legal tussle with Gameskraft has pushed SaaS-based lending enabler Arthmate into utter chaos, including the arrest of its co-founder and former chief executive officer CEO, a top executive’s resignation, and employee exodus. Gameskraft co-founder and chief executive officer Ramesh Prabhu lodged a complaint with Gurugram Police (Sector 29) on September 2022, which led to an FIR being registered in March 2023, accusing Arthmate co-founder and former chief executive Vihaan Kumar of financial irregularities and fraudulent activities. 15 months after the FIR, Kumar was arrested by the police and Economic Offences Wing (EoW) on June 10, 2024, according to a court order accessed and reviewed by Entrackr. For the uninitiated, Gameskraft is one of the top profit generating startups from India which reported Rs 1,062 crore profit in FY23 with Rs 2,662 crore revenue. Arthmate is a digital lending platform that deploys credit services across fintechs and SME sectors. The firm recorded Rs 132 crore of revenue with profits of Rs 5.5 crore in FY23. “Vihaan’s arrest created a stir at the Gurguram-based firm which saw an exodus of employees including its chief operating officer Renu Satti,” said one of the sources requesting anonymity. Satti, former Paytm Payment Banks CEO, joined the company in February this year. While her LinkedIn profile still shows her as COO at Arthmate Finance, sources confirm that she has resigned (after Vihaan’s arrest). Responding to Entrackr queries, an Arthmate spokesperson said that Kumar has no association with the company. “As the matter is sub-judice, we cannot comment on it at the moment,” said a Gameskraft spokesperson. Queries sent to Satti on Monday over WhatsApp did not elicit any response. We will update the story in case they respond. The heart of the matter Now coming back to charges leveled by Gameskraft’s Prabhu against Vihaan Kumar: Kumar entered into Gameskraft with the promise of making investments in the company, but slowly gained the confidence of the board intending to control its operations, as per the court order. Vihaan suggested restructuring the board of directors under his so-called investment strategy and also positioned his people as the key members of the Gameskraft board. He also apparently started representing himself as a founder and investor of Gameskraft, holding meetings with third parties, including consulting firms like E&Y and PWC, and government officials, the court order added. Vihaan introduced service providers and contractors like Fly Tech, Ginni Tech, Skytech, Synx, and others to GamesKraft without the consent of the original promoters, said the court order. These firms allegedly burdened Gameskraft with financial losses due to undelivered or over-invoiced services, as per the FIR details. Kumar’s actions had caused a financial loss of approximately Rs 12.15 crore to Gameskraft, including unpaid GST amounts that had already been remitted to the fraudulent service providers. Based on these allegations, the Gurugram police filed an FIR for criminal breach of trust, cheating, forgery, using forged documents, and criminal conspiracy. Vihaan Kumar allegedly used entities including Arthmate Tech P2P Financial Private Limited and Clear Though Advisors for alleged forgery, as per the court order. His close aides Vijay Kumar Dhanuka and Hitesh Bhansali represented Vihaan at Gameskraft. Dhanuka is head of operation and treasury at Arthmate for four years whereas Bhansali worked with the company as its grievance and nodal officer. Kumar also served as a co-Founder at Arthmate Finance, according to sources, but Entrackr could not verify this independently. No relief for Kumar, for now Vihaan Kumar was arrested on June 10, 2024, at his office premises in Gurugram. However, Kumar’s counsel contested that his arrest was illegal and challenged it in the Chandigarh High Court. The court, however, declined to offer any relief and rejected his claims on August 30, 2024. Kumar continues to be in prison until the court grants him a bail. The incident places the spotlight yet again on the impact the actions of a few can have on a firm. In Arthmate’s case, significant size and profitability has not been enough to shrug off the issues created by Kumar, indicating an outsized influence on the firm, for all their protestations to the contrary. A broader employee exodus in particular looks bad, indicating a deeper rot than just an aberration at the top. If the company does manage to arrest and slide and get back on track, one suspects it will still have to contend with the Kumar issue.

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