World Bank arm IFC eyes Rs 170-crore investment in Lenskart

BENGALURU: World Bank arm International Finance Corporation (IFC) is looking to invest up to $25 million or Rs 170 crore in online eyewear retailer Lenskart Solutions according to a disclosure on the firm’s website, as it aims to broaden its etailing portfolio. The potential transaction is part of the new capital raise by the Delhi-based company, which is pegged at $50 million or Rs 340 crore.
IFC, which plans to pick up a minority stake in Lenskart, has also recently invested a similar amount in online grocery retailer BigBasket.

Lenskart is currently in talks with other new investors for the round, valuation for which could not be immediately ascertained.

The company raised Rs 60 crore from existing investor, private equity firm TPG Growth, in November 2015 in a deal which valued the Delhi-based company at Rs 1,000 crore, according to filings with Registrar of Companies (RoC).

Calls made and messages sent to Lenskart cofounder and CEO Peyush Bansal remained unanswered at the time of filing this article. Lenksart’s other founders include Amit Chaudhary, Neha Bansal and Sumeet Kapahi. In December 2014, Lenskart was valued at about Rs 634 crore when it raised Rs 135 crore from TPG Growth and TR Capital.

Lenskart, which is also backed by IDG Ventures India, is betting big on its franchisee stores strategy. It plans to open 1,000 brick-and-mortar shops through the franchise model, Bansal told ET last week. It currently has 90 franchisees in over 50 cities.