Lenskart founder Peeyush Bansal acquires Rs 18 crore property in posh Delhi locality

financialexpress.com:

Eyewear startup Lenskart’s founder Peeyush Bansal has bought a bungalow in Delhi for a consideration of Rs 18 crore. The 5,056 sq feet property is located in the posh Neeti Bagh area, as per documents by ‘CRE Matrix’, a real estate data analytics firm.

Property prices in Neeti Bagh hover around 30,000 -40,000 per sq feet. The circle rates in Neeti Bagh are estimated to be approx Rs 2.45 lakh per sq meter. It falls under category B. Circle rates are the benchmark price of the property, below which one cannot register a particular property deal.

Several startup founders have been investing properties to save on LTCG tax after selling their stakes in their business entities. Buying a property gives startup founders exemptions under Section 54F of tax rules.

In March earlier this year, Lenskart had raised $500 million in funding from a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA). It has raised close to $750 mn in fundings alone.

Lenskart has over 1500 stores pan-India.

The eyewear start-up was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi.

It counts SoftBank, Alpha Wave Global, Temasek, KKR and TPG among others as its backers.

Last year, Lenskart had acquired a majority stake in Japanese direct-to-consumer (D2C) eyewear brand Owndays, one of the largest omnichannel players in the category in Asia.