Lenskart’s Series C of fund-raising is a co-investment led by TPG Growth, with participation from TR Capital and IDG Ventures.
Lenskart, India’s fastest growing seller of prescription eyeglasses, sunglasses and contact lenses has 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 company’s largest deal 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, CEO & Founder, Lenskart, commented, “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.”
Speaking about the deal, 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.”
With revenue of close to Rs 100 crore, Lenskart is continuing to grow 15 per cent month-on-month and is changing the landscape of Indian eyewear.
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