Lenskart raises $60 million in its series D funding from IFC a member of the World Bank Group. Other investors who were part of the funding icluded Kris Gopalkrishnan Co-founder of Infosys, Adveg Management an asset management firm headquartered at Zurich, some existing investor IDG Ventures and TPG Growth also participated. The funds will be utilise to strenghthen the Technology, lena manufacturing, supply chain and expansion in over 400 cities.
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 realize its potential and develop best practices.”
Lenskart was founded in 2010 by Peyush Bansal. It is India’s largest online retailer platform for eyewear, with quality and style it offers over 10k different style to satisfy the consumers. Lenskart is among the top 3 optical businesses in India. It is present in more than 66 cities with over 100 stores.
Till date lenskart has raised funds by 3 venture capitalist such as in October 2011 it raised $4 Million from IDG Ventures, in 2013 $10 Million from Ronnie Screwvala- led Unilazer Ventures and in January 2015 $22 Million from TPG Growth and TR Capital.
Pravan Malhotra, IFC’s co-lead for Global Internet Investments 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. This investment will support a rapidly growing market leader in the Internet sector, while meeting a significant gap in the Indian eye care market.”
Peyush Bansal, founder, Lenskart said
“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.”