 "Lenskart")
The International Finance Corporation (IFC) plans to invest equity of up to $25 million for a minority stake in Lenskart Solutions Private Limited. IFC’s proposed investment is a part of the company's ongoing fundraising plan, with additional capital being provided by some of the existing and new investors.
The company is currently engaged in the assembly, wholesale distribution and supply of affordable eyewear products.
Its investors include leading private equity (PE) and venture capital (VC) investors like TPG Growth, IDG Ventures, Unilazer Ventures and TR Capital, and is promoted by four co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi.
Lenskart plans to use IFC's funding for expanding its product distribution through its network of independent franchisee partners across India including into Tier 2/3 cities. It will also set up a manufacturing, processing and assembly facility with features like robotic manufacturing of lenses, cutting and fitting of prescription lenses for eyeglasses with the capacity to process more than 20,000 pairs of eyeglasses daily by FY21, according to IFC's disclosure.
Delhi-based Lenskart through its independent franchisee partners sells and delivers across 531 cities including 148 cities in Bihar, Jharkhand, Uttar Pradesh, Madhya Pradesh, Odisha and Rajasthan. Its eyewear products reached 600,000 consumers in the year FY15 and plans to increase to more than five million by FY21, supported by the expansion undertaken as part of this project.
The company is said to have over 90 franchisee partners and plans to increase it to 400 franchise stores and 800 home eye checkup teams by FY21.
