Lenskart D round funding: 400 crore

By : |May 6, 2016 0

Lenskart, an Indian eyewear online portal, has raised a Series D round of investment of Rs.400 crore ($60 million) from World Bank arm IFC, Ratan Tata and Infosys co-founder Kris Gopalakrishnan, the firm said in a press release on Wednesday.

Lenskart Solutions, formerly known as Valyoo Technologies Pvt. Ltd., plans to operate the funds for strengthening its technology, supply chain, lens manufacturing, and expanding the reach of its high-quality eyewear products across 400 cities.

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,” he further added.

The funding was led by the IFC, which invested Rs. 171 crore ($25.6 million) in the India-based eyewear company. IFC’s investment in Lenskart will support company’s growth and help fulfill the gaps in the Indian eye care market. Pravan Malhotra, IFC’s co-lead for global internet investments and lead for VC investments in South and Southeast Asia 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.” Malhotra will be joining Lenskart’s board of directors with the latest investment in the company.

Existing investors TPG Growth and IDG Ventures also participated in the latest funding round. Avendus Capital was the exclusive financial adviser for the latest funding, according to the company’s press statement.

Founded by Peyush Bansal, Amit Chaudhary, and SumeetKapahi in November 2010, Lenskart is into assembly, manufacturing, wholesale distribution and supply of high-quality eyewear products, such as eyeglasses, power sunglasses, and contact lenses.

Lenskart had raised $22 million in a series C round led by TPG Growth in January 2015. Earlier in 2013, the company raised $10 million from Ronnie Screwvala-led Unilazer Ventures Pvt. Ltd and IDG Ventures, where as in 2011, the company raised $4 million from IDG.

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