Ratan Tata has invested in Lenskart Solutions Pvt. Ltd,the online retailer that sells eyeglasses, sunglasses, contact lenses and eyewear accessories, according to three people aware of the development, reports Mint.

The investment by Tata, chairman emeritus of Tata Sons Ltd, is part of Lenskart’s latest fund-raising exercise. It is looking to raise about Rs.400 crore as per the Mint report citing the sources in the company. Lenskart is expected to us the funds to grow its network in tier II and III cities through offline franchisee network.

“The quantum of his (Tata’s) investment is small, keeping in line with his investment thesis. His approach is more of a mentor/adviser rather than a financial investor,” the source told Mint without disclosing the exact investment made by Tata.

The latest round of fundraising will value Lenskart Solutions, formerly known as Valyoo Technologies, at about Rs.1,600 crore (about $240 million), reported Mint citing another source familiar with the fund-raising at Lenskart.

Further providing details of the investment round, he added “IFC (International Finance Corp.) is the lead investor in this round. Discussions are still going on with them. Existing investors TPG Growth and IDG Ventures are likely to participate in this round,” he said. The funding will help the company grow its distribution network across tier II and III cities through the offline franchisee partner network.

IFC, an arm of World Bank, had in February disclosed that it is considering an investment of Rs.170 crore in Lenskart. IFC stated that Lenskart will use the funds to set up a state-of-the-art manufacturing, processing and assembly facility with a capacity to process more than 20,000 pairs of eye glasses daily by the financial year 2021.

“The company has provided quality eyewear products at affordable prices to over 600,000 people in FY15, and this number is projected to increase to more than 5 million by FY21,” IFC said.