Lenskart, raising funds to expand its network in Tier II and III Cities

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Lenskart, founded in 2010 by Peyush Bansal is aiming to become biggest eyewear company. They are planning to invest INR 300 Crores by the end of 2020. They are supported by IDG Ventures India and have raised INR 135 crores from TPG Growth, TR Capital in 2014.

In the latest round of funding, Ratan Tata has invested an undisclosed amount in the company.

IFC, wing of World Bank has also shown interest in the company and plans to invest around INR 170 crores.

Lenskart has over 80 stores across India and also an online portal for people to buy eyewear with price ranging from INR 345 to INR 30,000. Company is currently expected to reach the valuation of INR 1,600 Crores post the current round of funding.

With the funds raised in the current round, Lenskart currently is targeting tier 2 and 3 cities with opening up more stores and setting up state of art Manufacturing unit to increase the production of glasses with target to produce approxi mately 20,000 glasses per day by end of 2021.