Specsmakers Opticians is a Chennai – based optical retail startup. The startup announced yesterday (26/12/2017) that it has raised US $10 million (Rs. 65 crores) from the VC firm, Eight Roads Ventures. The startup’s existing investors like Atma Ram Family Office and other angel investors also participated in that round of funding. According to Economic Times, the startup will use the funds to expand its operations into more Indian cities and towns and improve its optical supply chain.
“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 of Specsmakers.
Specsmakers Opticians was founded in 2011 and has 110 company-owned retail outlets across Chennai, Bengaluru and Madurai. The startup sells spectacles, contact lenses and other optical products under its own brand name and presently has over one million customers. Sandeep Singh, who is the founder of the VC firm, Eight Road Ventures, will join Specsmakers Opticians’s Board of Directors (BoD) as part of the investment deal. Mr Singh said that he invested in the startup because he sees a lot of scope for growth in the optical business sector in India.
“We are excited to partner with the startup to increase access to quality prescription eyewear products at affordable prices for Indian consumers”, he said.
The other healthcare startups to get funded this year (2017) include the healthcare startup, CrediHealth, which secured US $1.5 million in Pre Series round of funding from Tolaram during April, this year. The healthcare startup, QorQI, secured an undisclosed amount of seed funding from PayTm during April, this year. The healthcare startup, OXA, secured an undisclosed amount of seed funding from Idein Ventures during March, this year (2017) just to name a few startups.