LensKart, Delhi based Indian portal for eyewear has raised $60 Million in series D round led by World Bank’s investment arm, IFC. Kris Gopalakrishnan (Infosys CoFounder), Swiss based Asset Management firm Adveq Management and existing investors including IDG Ventures and TPG Growth also participated in this round.
The raised funds will be used to strengthen the technology along with empowering the supply chain, managing the manufacturing unit and expanding to over 400 cities across India.
Speaking on the development, Peyush Bansal, Founder CEO – Lenskart stated that there is still huge gap between the supply and demand of quality eyewear products in India and the company is determined to address that. The approach really impressed IFC to lead the round with $25.6 Million.
LensKart, founded in 2010 as Valyoo Technologies was an online marketplace, however, with the time, it has ventured into manufacturing of lenses, assembly, distribution and supply of the products such as sunglasses, power glasses and contact lenses.
Currently, it is conducting over 1500 daily eye tests at home, something which LensKart is intending to make available for every household in rural and urban India in next few years.
Prior to this, it has raised multiple rounds. The latest being an investment by Ratan Tata. It had raised $21.9 Million in Series C in January and before that, it had raised $10 Million in 2013 from Unilazer Ventures Pvt Ltd and IDG Ventures. The first ever funding round was worth $4 Million in 2011, which came from IDG Ventures.