Wipro Chief Azim Premji Invests in Lenskart
On Tuesday, Lenskart Solution Pvt. Ltd, the online eyewear seller said that, it has raised an undisclosed amount from Wipro Chief Azim Premji invest funds, the investment office of Wipro chief Azim Premji.
Peyush Bansal said that, “The move will help the online eyewear seller achieve from Premji Invest's extensive experience across retail brands.” It will also help us in our road map go public in the next 4-5 years. Bansal also said that Wipro Chief Azim Premji has a lot of experience on the retail front -- investing in companies like FabIndia -- that Lenkart Solution is looking to tap into.
Before, Ratan Tata-backed Company has raised up about Rs 714 crore from investors such as IFC (venture capital arm of the World Bank), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq.
He said that, “With this collaboration, the company will be able to draw on Azim Premji Invest's wide experience, mainly in retail and creating long-lasting brands to realize its potential and made top practices.”
He also added, “Recently, Lenskart Solution will mainly focus on growing its presence throgh both online and offline channels.” Avendus Capital was the special financial guide to this transaction.
Founded in 2010, Lenskart is increasing its manufacturing capacity of eyewear products also. He said that, "We have a current profit run rate of Rs 400 crore, which we wish to touch Rs 500 crore by the end of the fiscal."
Lenskart Solution has different variety eyewear products which is ranging from prescription glasses to sunglasses which it sells via an omni channel route including both offline and online.
The company had raised $36 million prior to its Series D round and one of the first investors of this company was IDG Ventures.