Specsmakers Raises $10 Million Fund By Eight Roads Ventures

City-based optical retail chain Specsmakers Opticians has raised $10 million (about Rs 64 crore) in funding led by Eight Roads Ventures India. Fulcrum Venture has made a partial exit with this deal.

The funding round saw participation from existing investor Atma Ram Family Office and other individual investors. However, the terms of the transaction have not been disclosed.

Company said the funds will be used for expanding operations in other cities and developing the optical chain into a national brand.

Pratik Shah, CEO, Specsmakers said “This investment will allow the company to replicate its successful strategy for Chennai and Bengaluru in other key cities, and become a national brand with deep store penetration.”

Incorporated in 2011, Specsmakers is an optical retail chain with over 110 company-owned stores across Chennai, Bengaluru and Madurai. The company retails eyewear products primarily under its own brand name. It has 1 million customers.

Sandeep Singh, principal at Eight Roads Ventures who will join the board at Specsmakers said “We are excited to partner with the company to increase access to quality prescription eyewear products at affordable prices for Indian consumers”.