Lenskart to secure funds of Rs. 4 billion
Lenskart Solutions Pvt. Ltd. raised funds of Rs. 4 billion from several investors including Ratan Tata, Infosys’s Co-founder, World Bank arm IFC and so on.
The renowned e-commerce website selling eyewear, Lenskart, which was founded in 2010, has raised a huge sum of Rs. 4 billion funding from Ratan Tata, World Bank arm IFC, Infosys Co-founder Kris Gopalakrishnan and Adveq Management in the Series D round of investment. IFC led the round by raising funds of Rs. 1.71 billion as per its declaration in February 2016, and it seems to be a long-term associate with Lenskart. Moreover, the existing investors of Lenskart, TPG Growth and IDG Ventures participated in the funding round as well. In the new round, Adveq Management has also invested some amount.
Formerly known as Valyoo Technologies, Lenskart looks forward to utilize these funds for developing an advanced technology, strengthening the supply chain, manufacturing lens and expanding the reach of its high-end eyewear products including eyeglasses, contact lenses, sunglasses and eyewear accessories across 400 cities.
Lenskart has maintained a record of raising good amount of funds till now. Prior to the latest round of investment, Lenskart had managed to seek funds of Rs. 2 billion. In 2015, it received $22 million. Moreover, in 2013, the company raised $10 million and in 2011, the funds received were $4 million.
This online retailer has adopted an omni-channel approach for making its products readily available on desktop, mobile, hypermarkets, high streets, malls, hospitals and home. Conducting around 1,500 eye exams on daily basis via its home eye exam service, it intends to make shopping for eyewear easy for every home in urban as well as rural India.
- Lenskart has raised funds of Rs. 4 billion from Ratan Tata, Infosys’s Co-founder and World Bank arm IFC.
- IFC led the round by raising funds of Rs. 1.71 billion.
- With the help of these funds, Lenskart plans to develop an advanced technology, strengthen the supply chain, manufacture lens and expand the reach of its high-end eyewear products across 400 cities.