Lenskart raises investment from multiple investors

Lenskart, one of the fastest growing sellers of prescription eyeglasses, sunglasses and contact lenses in India raised Rs. 135 crore 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 largest deal for the company after February 2013, when it raised Rs. 53 crore from Ronnie Screwvala led Unilazer Ventures and existing investor IDG Ventures, India. The company has raised almost Rs. 200 crore of capital across three rounds of fund-raising till date. Peyush Bansal, Chief Executive Officer and Founder, Lenskart says, “In TPG, we found strategic partners and advisors with proven capability to build a large consumer centric enterprise. 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.” 

Manas Tandon, Director, TPG Growth adds: “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.”

Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi with a vision to solve the problem of eyewear and be the numero uno eyewear provider in India. By leveraging technology and keeping a deep focus on consumer satisfaction, Lenskart has grown more than 200 per cent year on year in the last two years, to be among the leading optical businesses of India today.