Lenskart, the eyewear solutions provider has raised a huge Rs. 400 crore funding in its series D round of funding. The round was led by IFC (Internal Finance Corp) which is World Bank’s private sector investment firm. The round also saw investments from TPG Growth, IDG Ventures India – both of which are Lenskart’s existing investors. This round of funding also saw participation from Adveq Managament for the first time. Adveq is an asset management firm headquartered in Zurich. However, the company has declined to disclose its current value. A source close to the matter said that the company has been valued at $255 million.
Peyush Bansal, CEO of Lenskart said, “It's a healthy round, and has taken place at a significant premium to the last round.”
IFC has invested Rs. 171 crore in the company. the financial advisor for this transaction was Merchant Bank Avendus Capital. Ratan Tata and Kris Gopalakrishnan also participated in the funding.
Bansal told ET, “The idea is to fill the large gap relating to vision correction that currently exists in India, and we were looking as to how to set up Lenskart, to try and revolutionise eyewear in India, and that really appealed to IFC.”
Totally, Lenskart has raised Rs. 714 crore till date. Pravan Malhotra, lead for VC investments said, “This investment will support a rapidly growing market leader in the Internet sector, while meeting a significant gap in the Indian eye care market."
Bansal said the money will be used to enhance its lens manufacturing capabilities and supply chain. He also added, “We are present in 70-odd cities currently, and expect to be in 120-130 cities over the next 12 months.” The company presently has 200 stores across the country and looks to further double it.
Bansal said, “The combination of online and offline retail is an innovative way to bring about greater penetration in the country.”