Top News

Lenskart raises Rs 400 crore in fresh funding led by IFC

Lenskart, a Noida-based etailer for eyewear, has raised $60 Mn (INR 400 crore) Series D funding, led by World Bank arm IFC with an investment of $25.6 Mn (INR 171 crore), Kris Gopalakrishnan (Infosys co-founder), and Zurich-headquartered asset management firm Adveq Management. The existing investor TPG Growth and IDG Ventures also participated in the round, reported Inc42. Recently, Ratan Tata also made an investment in Lenskart.

Lenskart, a Noida-based etailer for eyewear, has raised $60 Mn (INR 400 crore) Series D funding, led by World Bank arm IFC with an investment of $25.6 Mn (INR 171 crore), Kris Gopalakrishnan (Infosys co-founder), and Zurich-headquartered asset management firm Adveq Management. The existing investor TPG Growth and IDG Ventures also participated in the round, reported Inc42. Recently, Ratan Tata also made an investment in Lenskart.

The money raised will be used for strengthening technology, supply chain, lens manufacturing, and expansion across 400 cities. “The idea is to fill the large gap relating to vision correction that currently exists in India, and we were looking as to how to set up Lenskart, to try and revolutionise eyewear in India, and that really appealed to IFC,” said Peyush Bansal, founder, Lenskart.

Lenskart Solutions, earlier known as Valyoo Technologies, was launched in 2010 by Peyush. It started as an online portal but soon adopted an omni-channel strategy. It now deals in manufacturing, assembly, distribution and supply of products such as eyeglasses, power sunglasses and contact lenses. The company conducts over 1,500 eye exams daily through its home eye exam service, which it intends to make available for every home in urban and rural India.

Lenskart has raised $95.97 Mn till now, including funding of $21.9 Mn in Series C in Jan’2016 which was done at a valuation of $240 Mn by TPG Growth, TR Capital and IDG Ventures. The company raised $10 Mn from Unilazer Ventures Pvt. Ltd. and IDG Ventures in 2013 and $4 Mn from IDG in 2011.

 

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close