New Delhi based online eye-ware retailer Lenskart has raised Rs 135 crore in fresh capital in its third round of funding from new and existing investors in its largest funding till date. The company has in its Series C (final rounding of early funding cycle) raised the funds as co-investment from TPG Growth along with Hong Kong-based TR Capital and its existing investor IDF Ventures.
“With this new investment, we will be hiring the best talent and give them a world-class environment to innovate and solve India’s eye-wear problems at a very large scale,” Lenskart founder and CEO Peyush Bansal said.
Lenskart has raised a total of Rs 200 crore in three rounds of funding that has happened so far. Lenskart raised its first round of funding from IDG Ventures India (IDGVI) in 2011. IDGVI invested around Rs 22 crore (US$3.5 million) in Valyoo Technologies, Lenskart.com’s parent company.
In February 2013, the company had received an investment of Rs 53 crore from Ronnie Screwvala’s Unilazer Ventures along with IDG Ventures India.
Founded in 2010 by Peeyush Bansal along with Amit Chaudhary and Sumeet Kapahi, Lenskart.com currently claims to clocked in revenues of nearly Rs.100 crore and has been growing at 15% every month. The company claims to have grown by over 200% year on year (YoY).
Lenskart as an e-commerce marketplace currently focuses on eyewear such as prescription eyeglasses, contact lenses and sunglasses. It has 7 offline franchise stores under the brand name ‘Lenskart’ in Chandigarh, Pune, Agartala, Delhi and Goa. Lenskart plans to set up 100 retail stores across India to strengthen its offline presence.