Chinmay Bidkar
04 May 2016, India :
Lenskart, India’s leading online retailer of premium eyewear, has secured $60 million (Rs. 400 crore) in a fresh round of funding from various investors, including the World Bank investment arm IFC (International Finance Corporation), Ratan Tata, Infosys co-founder Kris Gopalakrisnan and Adveq Management, the company said in a press release on Wednesday. The funding was led by the IFC, which invested Rs. 171 crore ($25.6 million) in the India-based eyewear company.
Founded in 2010, Lenskart has previously raised a total of Rs 317 crore from investors including IDG Ventures (USD 4 million in October 2011), Ronnie Screwvala-led Unilazer Ventures (USD 10 million in February 2013), TPG Growth and TR Capital (USD 22 million in January 2015).
“We will use the funds to expand manufacturing of lens from 5,000 daily to 20,000 daily over the next year,” he said adding that the company is looking at Delhi-NCR for the same.
“Lenskart will also strengthen the technology platform. Over the next one year, hiring will primarily be for technology. We will ramp up the team from 100 to 200 people,” Bansal said.
“The Lenskart investment is a part of IFC’s Venture Capital group’s strategy to invest in innovative Internet, Healthcare and Technology companies across emerging markets,” said Pravan Malhotra, IFC’s co-lead for Global Internet Investments and lead for VC investments in South and Southeast Asia.
Lenskart has adopted a unique omni-channel approach there by making eyewear truly accessible by making it available on desktop, mobile, hypermarkets, high streets, malls, hospitals and now even at home. 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.
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