Specsmakers Optics, a Chennai-based retail chain that provides optics-related products, has announced that it has raised around Rs. 64 crore in its new funding round. The investment round was led by Eight Road Ventures.
Along with Eight Road, the company also witnessed participation from Atma Ram Family Office and a few other angel investors. However, financial terms related to the deal remains undisclosed.
With this new funding round, Fulcrum Venture has taken exit from the company. The venture capital firm had invested money in Specsmakers in December 2014.
The company says that the funds will be used for expanding operations in other cities and developing the optical chain into a national brand. Pratik Shah, CEO, Specsmakers, said,
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.
Specsmakers Optics, which was incorporated in the year 2011, 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.