Lenskart Raise Funding of Rs.400 Crores From Ratan Tata, Infosys, Others: On Wednesday, the Online retailer said that it has raised funds of Rs. 400 Crores from Ratan Tata, World Bank arm IFC, and Infosys co-founder Kris Gopalakrishnan among others.
Lenskart Raise Funding of Rs.400 Crores From Ratan Tata, Infosys, Others
The company will use this Series D of funding to strengthen its supply chain and the lens manufacturing capabilities as well as for expanding its presence to over 400 cities in three years.
The lead investor in this round was the IFC. Besides, IDG Ventures, TPG Growth and Adveq Management also participated. Kris Gopalakrishnan and Ratan Tata invested in their personal capacity, ‘CEO Peyush Bansal and Lenskart founder told PTI.
The Avendus Capital was the exclusive financial advisor of this transaction. But, he declined to a comment on the company’s valuation.
Founded in February 2013, Ronnie Screwvala-led Unilazer Ventures raised a total of Rs. 66.5 crores, in January 2015, TPG Growth and TR Capital raised a total of Rs. 146 crores and in 2010, Lenskart raised a total of Rs. 317 crores by including all the above.
He also said that, they will use the funds to expand manufacturing of the lens from 5,000 daily to 20,000 daily over the next year and the company is looking for the same at Delhi-NCR.
Bansal also said that, ‘Lenskart will also strengthen the technology platform and by over the next one year, hiring will be primarily be for the technology and they will ramp up the team from 100 to 200 people.
He also added that overall, Lenskart has about 400 people as of now and another area of focus will be enhancing the omni-channel approach.
He also stated that, they are focused on expanding the presence in tier III and IV cities. Now from 70 cities they will go to 120 cities in next one year and definitely around 400 cities in the next years.