Lenskart raises Rs. 135 Cr. in fresh capital from a consortium of investors
Lenskart, India’s fastest growing seller of prescription eyeglasses, sunglasses and contact lenses has raised Rs. 135 Cr. in fresh capital from new and existing investors. Lenskart’s series C of fund-raising is a co-investment led by TPG Growth, with participation from Hong Kong based TR Capital and existing investor IDG Ventures for a significant minority stake.
The latest investment represents the company’s largest deal after February 2013, when it raised Rs. 53 Cr. from Ronnie Screwvala led Unilazer Ventures and existing investor IDG Ventures India. The Company has raised almost Rs. 200 Cr. of capital across three rounds of fund-raising till date.
Lenskart has since witnessed a massive boost in the business, backed by innovative, customer-friendly initiatives that have made this venture stand out as a unique combination of online and offline models.
Peyush Bansal, CEO & Founder, Lenskart commented: “In TPG, we found strategic partners and advisors with proven capability to build a large consumer centric enterprise. The TPG brand is another feather in our cap. With this new investment, we will be hiring the best talent and give them a world-class environment to innovate and solve India’s eyewear problems at a very large scale.”
Speaking about the deal, Manas Tandon, Director, TPG Growth said: “TPG globally is an active investor in the Internet sector. We are excited about the evolution of Internet in India and are delighted to partner with Lenskart as our first investment in this space. The Lenskart team brings to the table an impressive focus on customer service and keen commercial instincts, thereby building a dominant position in the eyewear space, while maintaining attractive unit economics.”
With revenues of close to Rs. 100 Cr., Lenskart is continuing to grow 15% month-on-month and is changing the landscape of Indian eyewear with its very unique services and products such as:
Buying eyewear online with ‘Virtual Try On’
Home Eye Check-up service in 7 cities with over 300+ eye check ups every day at consumer’s houses
Click & Mortar Franchisee Stores pan India (with focus on Tier II and III cities) as centers for people to get their eyes checked and book orders online as well as get their post sale adjustments done
Network of Affiliate Doctors who place orders for their consumers online on the lenskart platform.