Lenskart expands ESOP pool; on-boards SoftBank’s India head

Lenskart expands ESOP pool; on-boards SoftBank’s India head
Photo Credit: 123RF.com
26 Feb, 2020

Delhi-based Lenskart Solutions, which owns omnichannel eyewear platform Lenskart, has  increased its employee stock option plan (ESOP) by 6,19,903 options, taking the total to 3.17 million options. The decision to widen its ESOP pool is based on the company’s hiring plans. 

Each ESOP option will be convertible into one equity share, with a face value of Rs 2, according to a filing made with the Ministry of Corporate Affairs.

Lenskart is the second startup to expand its ESOP plan in the calendar year so far. Last week, ANI Technologies, which owns and operates shared mobility platform Ola, increased its ESOP pool by 15,36,230 options, converting to 1,53,623 equity shares. 

In the union budget 2019-20, the government deferred taxes on the exercise of ESOPs by five years to make them more attractive.

Separately, Lenskart has appointed Sumer Juneja, SoftBank’s head of India operations, as a director on the company’s board.

The appointment comes two months after SoftBank Vision Fund invested $275 million in the company through fresh infusion and secondary stake sale. Of the total investment, Lenskart received $231 million in a growth round. In all, the Tokyo headquartered lender acquired 20.12% stake in Lenskart, which enabled the former to get a seat on the board. 

Apart from Lenskart, Juneja is also on the board of directors of logistics startup Delhivery and ANI Technologies, regulatory filing shows. Juneja also worked with investment bank Goldman Sachs, venture capital firm Norwest Venture Partners and was a director at food delivery major Swiggy.

In 2010, Lenskart was co-founded by CEO Peyush Bansal, Amit Choudhary and Sumeet Kapahi. The platform retails eyewear including powered sunglasses and contact lenses.