Lenskart Raises Rs 135 Crore As Fresh Capital

Eyeware retailer Lenskart has raised Rs 135 crore in fresh capital in its third round of funding. The company has in its Series C (final rounding of early funding cycle) raised the funds as co-investment from TPG Growth along with Hong Kong-based TR Capital and its existing investor IDF Ventures.

Interestingly, the company has raised a total of Rs 200 crore in three rounds of funding that has happened so far. In February 2013, the company had received an investment of Rs 53 crore from Ronnie Screwvala’s Unilazer Ventures along with IDG Ventures India.

“In TPG, we found strategic partners and advisors with proven capability to build a large consumer-centric enterprise. The TPG brand is another feather in our cap. 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,” said Peyush Bansal, CEO & Founder of Lenskart.

Commenting on the same, Manas Tandon, Director, TPG Growth said, “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. The Lenskart team brings to the table an impressive focus on customer service and keen commercial instincts, thereby building a dominant position in the eyewear space, while maintaining attractive unit economics.”

Currently, the company clocked in revenues of nearly Rs 100 crore and has been growing at 15% every month. Lenskart was founded in 2010 by Peeyush Bansal along with Amit Chaudhary and Sumeet Kapahi. The company claims to have grown by over 200% year on year.