Lenskart.com, brand that provides online eyewear solutions, has raised funding from Premji Invest, the investment office of Azim Premji, Chairman and Founder of the Wipro Group. Lenskart aims to utilize the fresh seed in further expanding its reach and to introduce high-quality affordable eye-care products across India.
Premji Invest has had a strong focus on consumer and retail brands and upholds the reputation of being a long term partner that supports founders and management teams of brands such as FabIndia, Myntra, Future Lifestyle Fashions and Vasmol in expanding their portfolio, enabling business initiatives, supporting organic sustainability and driving strong governance.
Lenskart undertakes multiple operations such as assembling, manufacturing, wholesaling, distribution and supply of high quality eyewear products, such as eyeglasses, power sunglasses and contact lenses. With this investment, Premji Invest joins other marquee investors like IFC (venture capital arm of World Bank), TPG Growth, IDG Ventures, Unilazer Ventures, Adveq on the company’s cap table.
Commenting on the collaboration, Peyush Bansal, CEO and Founder, Lenskart said, “We are thrilled and humbled with the confidence shown by Premji Invest in Lenskart. With this collaboration, the company will be able to draw on Premji Invest’s extensive experience, particularly in retail and creating long lasting brands to realize its potential and develop best practices.” We intend to grow strategically thereby strengthening our presence via both online and offline channels.
TCM Sundaram, Founder & Managing Director - IDG Ventures, one of Lenskart's key investors also opined, “IDG has been part of the Lenskart story since its early days. We continue to believe in Peyush’s and Lenkart’s vision to become the default eyewear brand in India. With this transaction, we welcome Premji Invest into the Lenskart family and are sure Lenskart will be able to leverage Premji Invest’s expertise in consumer and retail sectors to fuel its future growth.”
Avendus Capital was the exclusive financial advisor to this transaction. The transaction comes three months after it got 400 crore, in a round led by International Finance Corp, the private sector investment arm of the World Bank. Apart from IFC, the other marquee investors like IFC, TPG Growth, IDG Ventures, Unilazer Ventures, Adveq have also previously invested in the company.