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Lenskart raises Rs 400 crore in a round of funding led by IFC

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Noida-based Lenskart has raised Rs 400 crore in a series D round of funding from the International Finance Corporation (IFC), an investment arm of the World Bank. The IFC’s share in the round of funding is Rs 171 crore. Existing investors, TPG Growth, Adveq Management and IDG Ventures participated in the investment. Ratan Tata and Infosys co-founder Kris Gopalakrishnan participated in the round in their personal capacity.

Valyoo Technologies, which owns Lenskart, began as an ecommerce website which sold glasses and eyewear. Later, the company shifted to offline stores as well. The company has over 100 stores across 66 cities in the country. Lenskart says it will use the funding for strengthening its technology, supply chain, lens manufacturing. The company plans to expand to 400 cities.

Other verticals shut down

Valyoo Technologies also diversified into other accessories and had launched WatchKart, BagsKart and Jewels Kart but shut down these sites owing to stiff competition from other ecommerce sites such as Flipkart, Amazon and Snapdeal. The company had stated plans of selling all its other to focus on Lenskart in 2014.

It was also planning to launch new sites focused on categories like health & beauty products, fashion & lifestyle among others by the end of 2012, but the company dropped this planin September 2012.

Earlier funding

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In January 2015, Lenskart raised Rs 135 crore investment led by TPG Growth, with participation from Hong Kong based TR Capital and existing investor IDG Ventures for a significant minority stake.

The company had last raised funds in February 2013, wherein it had raised Rs 53 crore from Unilazer Ventures and IDG Ventures. It had also raised $4 million from IDG Ventures in October 2011.

Management appointments

In January 2015, Lenskart announced senior appointments to its top deck:

– Mayank Batheja has joined Lenskart as ‘AVP – Home Eye Check-up services’. Batheja had earlier co-founded Letsintern.com. At Lenskart, Batheja will be responsible for the company’s Home Eye Check-up Service.

– Anand Thakur has been appointed as ‘AVP – Technology’. Thakur had earlier co-founded an online supermarket EasyRation. At Lenskart, Anand will be heading the company’s tech vertical and will be responsible for building technology to support all business initiatives.

– Aakratee Vajpai has joined Lenskart as ‘Head of Human Capital’. Vajpai was previously heading the Human Resource Division for Bharti Airtel’s Delhi Circle.

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