22 August 2016, India :
Wipro Chairman Azim Premji’s family office, PremjiInvest, is in advanced talks to pick up a stake in Lenskart Solutions.
Lenskart is India’s leading online shopping portal for eyewear. With a country-wide reach including cities such as Delhi, Mumbai, Kolkata, Chennai, Bangalore and Ahmedabad.
The investment by PremjiInvest is part of the new round of funding by the Delhi-based startup in a transaction pegged at Rs 200 crore, or $30 million, which also involves sale of shares by early investors in the company, these people told ET on condition of anonymity, as they are not authorised to speak to the media.
Prakash Parthasarathy, Chief Investment Officer at PremjiInvest, “As a policy, we don’t comment on our investments.”
IDG Ventures’ Chairman Sudhir Sethi declined comment. The back-to-back rounds of funding will make Lenskart one of the most well funded online retailers this year with close to Rs 600 crore raised. The round will give another strong financial backer to the company, as it aggressively builds out an omni-channel play and takes on Titan, which is also eyeing an online retail play for its eyewear business.
On Lenskart you can order from a gamut of options ranging from eyeglasses to contact lenses to sunglasses for men and women. It provides a platform for people to spice up their life with the latest international runway trends at amazing prices. Lenskart is India’s online shopping portal that gives great discounts and amazing offers on a daily basis. Source- Economic Times
