IFC, a member of the World Bank Group, is investing Rs. 171 Crores in Indian eyewear company Lenskart, to help the company expand access to high-quality and affordable eye-care products in tier-3, tier-4 cities. IFC was the lead investor for the Rs. 400 crore Series D investment round which also saw participation from TPG Growth, Adveq Management and IDG Ventures. In addition, Ratan Tata and Kris Gopalakrishnan (co-founder of Infosys) invested in their personal capacity as part of this round. Avendus Capital was the exclusive financial advisor to this transaction.
Lenskart is into assembly, manufacturing, wholesale distribution and supply of high quality eyewear products, such as eyeglasses, power sunglasses and contact lenses. Company plans to utilize the funds for strengthening its technology, supply chain, lens manufacturing, and expanding reach of its high-quality eyewear products across 400 cities.
“This investment will support a rapidly growing market leader in the Internet sector, while meeting a significant gap in the Indian eye care market,” said Pravan Malhotra, IFC’s co-lead for Global Internet Investments and lead for VC investments in South and Southeast Asia. As part of this investment, he will join Lenskart’s Board of Directors.
Lenskart has adopted a unique omni-channel approach thereby making eyewear truly accessible by making it available on desktop, mobile, hypermarkets, high streets, malls, hospitals and now even at home. The company conducts over 1,500 eye exams daily through its home eye exam service which it intends to make available for every home in urban and rural India.
Lenskart has been relentless about its focus on customer centricity. The company has built a strong leadership team, all of who work with the single mission of ‘creating enthusiastically satisfied customers all the time’. It has roped in professional stalwarts from retail, marketing and digital industries to head the respective divisions. The company will continue hiring great talent, particularly in technology.
Image Source: ShutterStock