Lenskart Online retailer becomes the top choice for the customers to buy lenses, spectacles and many more. Lenskart raised Rs 400 crore with funding from the World Bank arm IFC, Infosys co-founder Kris Gopalakrishnan, industrialist Ratan Tata and many more.
Lenskart uses the Series D funding for strengthening the supply chain with the lens manufacturing techniques. Higher manufacturing capabilities are expanding with the presence of Lenskart Company in more than 400 cities for the past 3 years.
IFC also become the lead investor for every round so that besides that there are many number of options are available. Adveq Management and IDG Ventures have the TPG Growth with majority participated.
Lenskart founder and CEO Peyush Bansal also states the PTI Kris that Gopalakrishnan and Ratan Tata also invested in personal capacity. Avendus Capital, exclusive financial advisor for this transaction also states that it is convenient for increasing the profit.
Lenskart founded in 2010, previously raised a total of Rs 317 crore with the investor that includes IDG Ventures made $4 million in October 2011, TPG Growth and TR Capital $22 million in January 2015 and Ronnie Screwvala-led Unilazer Ventures $10 million in February 2013.
He also added that funds are useful for expanding the manufacturing of lens starting from 5,000 daily to 20,000 daily for the next year and the company is also looking for the Delhi-NCR. Lenskart likes to expand their growth with the modern manufacturing techniques and many other process in the excellent style.
With the advancement in technology, the Lenskart also strengthens its technology platform. Bansal states that the next one year, there will be hiring only for the technology so that they will increase the team members of 100 to 200 people. Bansal also added that overall, the Lenskart have more than 400 people who are dedicatedly working. Omni-channel approach becomes another area of focus that will enchant the growth of company. They also focus on expanding their presence in Tier III and IV cities. We will go to 120 for the next year and 400 cities in the next three years.