Lenskart, an Indian eyewear company, raised Rs. 400 Crores in Series D funding round.
The round was led by IFC, a member of the World Bank Group, which is investing Rs. 171 Crores, with participation from TPG Growth, Adveq Management, IDG Ventures, Ratan Tata and Kris Gopalakrishnan. As part of this investment, Pravan Malhotra, IFC’s co-lead for Global Internet Investments and lead for VC investments in South and Southeast Asia, will join Lenskart’s Board of Directors.
The company is using the funds to strengthen technology, supply chain, lens manufacturing, and expand reach of its eyewear products across 400 cities.
Led by Peyush Bansal, Founder and CEO, Lenskart manufactures and supplies affordable eye-care products eyewear products, such as eyeglasses, power sunglasses and contact lenses.
Lenskart has an omni-channel approach by making eyewear available on desktop, mobile, hypermarkets, high streets, malls, hospitals and at home.
In addition, it has a special focus on skill development and entrepreneurship development in India, getting people certified by National Skill Development Corporation (NSDC). The company also runs skill development programs across four cities for training people on operating complex machinery required for manufacturing lenses as well as conducting accurate eye exams. It has over 100 business partners who run and operate stores and plans to partner with another 1000 entrepreneurs in the next three years.