LensKart, an online retailer of eye wears has raised a massive $60 million funding in Series D round. The current round was led by IFC, an investment arm of the World Bank Group, which has pumped in around $17 million.
Besides IFC, the round also saw participation from TPG Growth, Adveq Management and IDG Ventures. Ratan Tata and Kris Gopalakrishnan also co-invested in their personal capacity.
While the company has not disclosed at what valuation the funding has been raised, it has said that the funding will be used to strengthen its technology, supply chain, lens manufacturing, and to expand its 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. The company claims to have grown more than 200 per cent year on year in the last two years.
With 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 Ventures, Ronnie Screwvala-led Unilazer Ventures, TPG Growth and TR Capital.
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 realise its potential and develop best practices.
Pravan Malhotra, IFC’s co-lead for global internet investments and lead for VC investments in South and Southeast Asia, will now join the company’s board of directors with this latest investment. He 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.