Lenskart has raised Rs 400 crore led by World Bank arm IFC. Ratan Tata and Infosys co-founder Kris Gopalakrisnan also invested in their personal capacity. Existing investors including TPG Growth and IDG Ventures also participated along with Adveq Management.
The company will use the Series D funding to strengthen its supply chain and lens manufacturing capabilities as well as for expanding its presence to 400 cities in three years.
Peyush Bansal, Founder and CEO of Lenskart said:
“IFC is a long-term partner with global knowledge and a broad network of Internet, technology and healthcare clients, including in the eye care space. We appreciate IFC for their support to our vision of ‘Lenskart glasses in every home.We will be able to draw on IFC’s extensive global experience in the healthcare and manufacturing sectors, particularly in supply chain development and capacity building to realize its potential and develop best practices.”
Lenskart was founded in 2010 and so far the company has raised around Rs 200 crore. Lenskart is into assembly, manufacturing, wholesale distribution and supply of eyewear products, such as eyeglasses, power sunglasses and contact lenses.
Lenskart has adopted a unique omni-channel approach thereby 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.
“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.
In January 2015, Lenskart had raised $22 million in a series C round led by TPG Growth. Hong Kong-based TR Capital and IDG Ventures also participated in the round. Earlier in 2013, the company raised $10 million from Ronnie Screwvala-led Unilazer Ventures Pvt. Ltd and IDG Ventures. In 2011, the company raised $4 million from IDG.