23 February, 2016, New Delhi: Lenskart is on its move to raise seed funding from International Finance Corporation (IFC). On the other hand, IFC is also looking very much positive about investing in the startup. According to the investment proposal proposed by IFC, the investing firm will infuse around US $25 million in Lenskat and will acquire minority stake in the company.
Lenskart deals assembling, wholesale distributing, and supplying of affordable eyewear products. Currently, the company is backed up by its active investors such as private equity (PE) and venture capital (VC) investors such as TPG Growth, IDG Ventures, Unilazer Ventures and TR Capital, and is promoted by four co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi.
However, company is planning to utilise the amount in expanding its product distribution through its network of independent franchisee partners across India including into Tier 2/3 cities. In addition to that, the company also plans to install manufacturing, processing and assembly facilities and these will be equipped with features such as robotic manufacturing of lenses, cutting and fitting of prescription lenses for eyeglasses with the capacity to process more than 20,000 pairs of eyeglasses daily by FY21, stated IFC in the statement.