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Online eyewear seller Lenskart has raised about ₹400 crore ($60 million) in Series D from a group of investors led by IFC, an arm of the World Bank.
While IFC has invested ₹171 crore in the Delhi-based firm, other marquee investors who also participated in the current round were IDG Ventures, TPG Growth and Adveq Management. In addition, Ratan Tata and Kris Gopalakrishnan (co-founder of Infosys) invested in their personal capacity.
With the current round, Lenskart’s total funding stands at $95 million (₹640 crore, approximately) and is valued at ₹1,200 crore, according to industry experts. Ronnie Screwvala’s Unilazer Ventures is also an investor in the company.
Lenskart, which started as an online player in 2010, has over the past few years adopted an omni-channel way to expand its business. At present, it has over 100 stores across more than 65 cities and sells over 10,000 different styles of eyewear across brands.
“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 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,” said Peyush Bansal, Founder and CEO of Lenskart.
Expansion plans Lenskart will use the investment to widen its retail channel and expand its manufacturing unit near Okhla in Delhi for its own brand and also set up a new one.
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