Chennai-based eyewear retail chain Specsmakers Opticians has raised $10 million (about Rs 64 crore) in a funding round led by Eight Roads Ventures India, as per a report by Anandi Chandrashekhar in the Economic Times.
Eight Roads Ventures India is the investment arm of Fidelity International.
While Fulcrum Venture made a partial exit with this deal, existing investor Atma Ram Family Office and other individual investors took part in the funding round.
The terms of the deal have not been disclosed, the report says.
The company is looking to expand into other cities and said that the funds will be used to convert 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, founder and CEO, Specsmakers.
Sandeep Singh, principal at Eight Road Ventures, is expected to join Specsmakers’ board, a company statement said.
He said, ”We are excited to partner with the company to increase access to quality prescription eyewear products at affordable prices for Indian consumers.”
Founded in 2011, Specsmakers has over 110 company-owned stores across Chennai, Bengaluru and Madurai, the report says.
The company has one million customers and sells eyewear products mainly under its own brand name.
VCCircle had earlier reported that Specsmakers had hired an investment bank to help raise fresh funding worth $12 million in August this year.
According to data from VCCEdge, the research platform of News Corp VCCircle, the company reported an increase of 77% in total income to Rs 11 crore from Rs 6.2 crore in the previous financial year.
The data further revealed that losses for the company in 2015-16 had risen to Rs 2.18 crore from Rs 50 lakh in 2014-15.