Chennai-based optical retail chain Specsmakers Opticians has raised $10 million in funding led by Eight Roads Ventures India. Following the investment Sandeep Singh, principal at Eight Roads Ventures will join the board at Specsmakers.
Existing investor Atma Ram Family Office and other individual investors also participated in the round, while Fulcrum Venture has made a partial exit with this deal.
The proceeds will be deployed towards expanding operations in other cities and developing the optical chain into a national brand.
“This investment will allow the company to replicate its successful strategy for Chennai and Bengaluru in other key cities, and become a national brand with deep store penetration,” said Pratik Shah, CEO, Specsmakers to ET.
Founded in 2011 by Shah, Specsmakers is an optical retail chain with over 110 company-owned stores across Chennai, Bengaluru, and Madurai. The company retails eyewear products primarily under its own brand name. With 1 million customers base, the startup had raised around $1.1 million from pharmaceuticals and healthcare-focused private equity firm Fulcrum Ventures in December 2014.
Earlier in December, eyewear retailer Lenskart picked up a minority stake in Israel’s Tel Aviv-based startup 6over6 for $1 million. Lenskart also invested $1 million (Approx Rs 6.5 crore ) Ditto, a US-based startup which develops 3D face model. It will take minority equity return of latest funding in Ditto. It has already been offering 3D try-on services on its website and app.