D2C EYEWEAR BRAND, LENSKART, RAISES $220 MILLION BRINGING ITS VALUATION TO $2.5 BILLION.

Eyewear retailer & omnichannel D2C unicorn startup, Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. Intending to revolutionize the eyewear industry, the company offers a unique business model, a strong online presence with a 3D try-on option, physical stores, and an unparalleled at-home eye check-up service. With a distinct feature that allows you to try multiple frames at home for free, the company intends to provide access to designer & quality eyewear at an affordable price with a USP where the first frame you order shall be free! Having served over 7 million customers through its omnichannel network, the company boasts over 750 stores in 175 cities across India.

Softbank-backed Lenskart has raised $220 Million from investors including Singapore’s Sovereign wealth fund Temasek Holdings and Falcon Edge Capital. The company expanded its brand presence in Singapore in 2019 and has entered the US, UAE markets as well. Previously having raised $95 Million in May from KKR & Co., the company intends to utilize this funding towards scaling operations in Southeast Asia & Middle East as well as expand brick-and-mortar stores & online presence in India. The current round also saw participation from investors such as Bay Capital and Chiratae Ventures, with Avendus Capital as the company’s exclusive financial advisor, as reported by Bloomberg. Speaking on the investment, Navroz Udwadia, Co-founder and Partner, Falcon Edge Capital, said, “Lenskart has built a world-class fully backward integrated omnichannel eyewear retail experience with extreme customer-centricity. This customer obsession results in Lenskart’s distinctive NPS (net promoter scores), best-in-class customer repeats/retention, and store productivity.” Further speaking on the investment, Peyush Bansal, Founder & CEO, Lenskart said, “We’re already the largest eyewear player in India and the top 3 in Singapore. Lenskart envisions to have 50 percent of India wearing its specs over the next five years and become the #1 eyewear platform in Southeast Asia and the Middle East over the next 18 to 24 months through organic and inorganic expansion.” With plans to further invest in supply chain & logistics systems as well as newer technologies, a new manufacturing plant in Rajasthan that manufactures 150,000 pairs a day has been set up, which is the largest factory in the world for ready prescription glasses. Apart from the various unique offerings, the company has also set up an investment fund known as the Lenskart Vision Fund with plans to invest $2 million each in select startups working in eyewear, eye-care, and retail segments. 

Get your own funky, chic, designer frames & contact lenses on Lenksart through their website or download their PlayStore & App Store application.