Chennai-based optical retail chain, Specsmakers Opticians on Tuesday announced an investment of USD 10 million led by Eight Roads Ventures India with participation from existing investors Fulcrum Venture India, Atma Ram Family Office and individual investors.
“Specsmakers is well-positioned to be the leading value-for-money prescription eyewear brand in the country, focused on high-quality products, price transparency, superior shopping experience and a strong commitment to customer service. 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. We believe that Eight Roads is the ideal partner for Specsmakers in the next phase of our growth, with their strong local capabilities, global insights, and network, and focus on long-term value,” Pratik Shah, CEO, Specsmakers was quoted by ANI as saying.
According to a ANI report: As part of the investment, Sandeep Singh, Principal at Eight Roads Ventures, will join the board at Specsmakers.
“This investment is a reflection of our continued conviction in the consumer health opportunity in India that is seeing a growth inflection across several categories. We have been impressed by the execution capabilities of the management team at Specsmakers and are excited to partner with the company to increase access to quality prescription eyewear products at affordable price points for Indian consumers,” Singh told ANI.
Specsmakers was incorporated in 2011 with a vision to offer high quality, affordable prescription eyewear in an Indian market which continues to be significantly underpenetrated and unorganized.
In a short space of time, the company has established strong brand equity and emerged as one of the leading prescription optical retailers in Chennai and Bengaluru with 110+ stores.