TPG Growth, Adveq Management, IDG Ventures, Ratan Tata and Kris Gopalakrishnan also co-invested
Indian eye-wear e-tailer Lenskart has secured US$60 million in Series D round of funding led by
IFC (a member of the World Bank Group) which invested US$17 million. The round also saw participation from TPG Growth, Adveq Management and IDG Ventures. Ratan Tata and Infosys Co-founder Kris Gopalakrishnan also co-invested in their personal capacity.
The funding will be used to strengthen its technology, supply chain, lens manufacturing, and expand reach of its eyewear products across 400 cities.
Founded in 2010, Lenskart is a leading online retailer of premium quality and stylish eyewear, offering over 10,000 different styles to suit all pocket sizes and diverse consumer needs. It also offers services like Free Home Eye check-up, 3D Try On, Free Home Trial and First Frame Free.
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.
Lenskart claims it has grown more than 200 per cent year on year in the last two years. With a rapidly growing employee strength of more than 900, Lenskart is present in over 100 stores across more than 66 cities in India.
Lenskart has earlier raised funding from IDG (US$4 million in October 2011) and Ronnie Screwvala-led Unilazer Ventures (US$10 million in February 2013) and TPG Growth and TR Capital (a total of US$22 million in January 2015).
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