India-based eyewear retailer Lenskart Solutions has raised Rs 4bn ($60m) in a series D round featuring IDG Ventures India, the local venture capital affiliate of media company IDG, LiveMint reported today.
The round was led by International Finance Corporation, the private sector investment arm of World Bank Group, with a $25.7m commitment. The deal reportedly valued Lenskart at $240m to $255m, according to the Economic Times.
Private equity firm TPG Growth, asset management firm Adveq Management and private investors Ratan Tata and Kris Gopalakrishnan also participated in the round.
Founded in 2010 as Valyoo Technologies, the company originally operated a range of e-commerce businesses each aimed at a specific range of products such as eyewear, bags and watches. It shut down all of its businesses apart from eyewear-focused Lenskart in January 2015.
Lenskart sells own-brand eyewear products online, in third-party shops, in its own stores, at hospitals and through home visits. It claims to conduct more than 1,500 eye exams each day through its home service.
The funding will go towards boosting Lenskart’s lens manufacturing capabilities, strengthening the supply chain and further expansion across India.
The company currently operates approximately 200 stores across 70 cities and aims to increase those numbers to 400, and between 120 and 130, respectively.
Lenskart raised $21.3m in a January 2015 series C round that included IDG Ventures India. The series C round, which followed the shuttering of its other businesses, was led by TPG Growth and featured TR Capital.
The series C round followed a $10m series B backed by IDG Ventures India and family office Unilazer Ventures in 2013. IDG Ventures India also provided $4m in series A funding in 2011.