It's existing investors, which includes Alibaba and its payments affiliate Alipay, are also participating in the new round of financing.
The appointments come as position for the leadership of commerce unit was left vacant after exit of Mukesh Bansal and chief business officer Ankit Nagori.
The Turakhias brothers have displayed a knack for picking niche business opportunities that require little investment but can deliver maximum returns.
Described as “hackers with a business mindset” and "hardcore product guys", the Turakhia brothers have sold two businesses now for over a $1billion.
Bansal made the confession at a meeting that was heating up with staff asking why they had to pay the price for management decisions gone wrong.
The transaction is set to value Lenskart at about Rs 2,000 crore, and comes three months after it mopped up Rs 400 crore, at a valuation of Rs 1,600-1,700 crore, in a round led by International Finance Corp, the private sector investment arm of the World Bank.
The talks come barely 18 months after the Silicon Valley-headquartered firm, Accel Partners, raised its fourth India fund of $305 million.
In the second instalment of the Startup Ecosystem Barometer, the focus shifts to the issues dogging India’s fast-growing emerging businesses sector. Do investors operate in packs? Should entrepreneurs also be investors? Madhav Chanchani & Aditi Shrivastava analyse the findings
Head of commerce Prasad Kompalli and Abhishek Verma, who was leading fashion brands are in the process of leaving the company, according to two people aware of the development.
The new-look website, termed a web app, will combine the agility of a mobile application with the robust feel of a desktop app according to company executives.
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