Wipro Chairman Azim Premji’s ambitious venture, PremjiInvest, has made its latest bet on retail with an investment in eyewear retailer Lenskart.
According to a report in Economic Times, PremjiInvest has invested about Rs 200 crore in the Delhi-based e-retailer.
The move will help the online eyewear retailer gain from Premji Invest's extensive experience across retail brands, Lenskart CEO and Founder Peyush Bansal said.
The investment from Premji comes after Lenskart raised Rs 400 crore in funding back in May led by International Finance Corporation.
"It will also help us in our road map go public in the next 4-5 years," he added. Bansal said Premji has a lot of experience on the retail front -- investing in companies like FabIndia -- that Lenkart is looking to tap into.
Previously, the Ratan Tata-backed company has raised about Rs 714 crore from investors like IFC (venture capital arm of the World Bank), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq.
"With this collaboration, the company will be able to draw on Premji Invest's extensive experience, particularly in retail and creating long-lasting brands to realise its potential and develop best practices," he said. Going ahead, Lenskart will focus on growing its presence via both online and offline channels, he added.
Avendus Capital was the exclusive financial advisor to this transaction. Founded in 2010, Lenskart is expanding its manufacturing capacity too. "We have a current (revenue) run rate of Rs 400 crore, which we expect to touch Rs 500 crore by the end of the fiscal," he said.