Lenskart raises an undisclosed amount funding from Ratan Tata

Online eyewear retailer, Lenskart, has raised an undisclosed amount of funding from Ratan Tata. It is believed to be part of the retailer’s latest fundraising initiative through which it is looking at raising about Rs 400 crores.

One of the major investors of this round will be International Finance Corporation (IFC). Ratan Tata’s contribution will be small and he will remain more of a mentor/advisor rather than a financial investor. The latest round of fundraising will value Lenskart at about 240 million dollars (Rs 1,595 crores) The existing investors TPG Growth and IDG Ventures will also participate in the round of fundraising. The funds raised through the fundraising will be used by the company for expansion in Tier II and III cities through the offline franchisee partner network.

Lenskart was founded by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi in 2010. The product range comprises prescription eyeglasses, sunglasses and contact lenses. Lenskart has self-owned and franchisee stores in various cities and towns.