Specsmakers raises $10 million from investors, eyes pan India expansion

South India’s leading eyewear retailer Specsmakers Opticians has managed to raise funds around Rs 64 crore (approx $10 million) from its existing investors Eight Roads Ventures India, Fulcrum Venture India, Atma Ram Family Office and individual investors.

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With the investment, Specsmakers is looking to move into newer markets after capturing the south Indian cities of Chennai and Benguluru.
 
Eight Roads Ventures India’s managing director Sandeep Singh has been given a board seat as part of the investment deal.
 
"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," CEO Specsmakers, Pratik Shah said in a statement.
 
"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 eyewear products at affordable price points for Indian consumers," said Singh in a statement.
 
Founded in 2011, Specsmakers Opticians Pvt Ltd is one of South India’s fastest growing optical retail chain with over 110 company owned stores in Chennai, Bangalore & Madurai. The brand is endorsed by Indian cricket player Ravichandran Ashwin.

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