Online retailer Lenskart Solutions Pvt Ltd has raised Rs 200 crore from Premji Invest, the investment office of Wipro Founder Azim Premji, The Economic Times reported on Wednesday. The fresh round of funding comes just four months after the company raised Rs 400 crore in its Series D round of funding led by the World Bank's International Finance Corporation, according to Mint.
Lenskart chief executive and founder Peyush Bansal said that the retailer will use the investment to “grow strategically” and improve its presence “via both online and offline channels”. He added that the company will use its partnership with Premji Invest to gain “extensive experience, particularly in retail and creating long lasting brands to realise its potential and develop best practices”. The funding is Premji’s newest investment in the retail sector, with the office having earlier financed companies like Fabindia, Myntra and Future Lifestyle, according to The Financial Express.
The company, which claims to have had a 200% year-on-year growth rate in the last two years, employs more than 900 people and is present in over 100 stores across 66 cities in India. It deals in the manufacturing, supply and wholesale distribution of eyewear products like spectacles, power sunglasses and contact lenses. Companies and individuals like IDG Ventures, Ratan Tata and Infosys co-founder S Gopalakrishnan have invested in the company as well, according to Express.