Lenskart, an online eyewear retailer based in India, has gained $220 million in funding from Temasek Holdings and Falcon Edge Capital, another indicator of booming interest in the country’s tech startups.
Mr. Peyush Bansal founded the company in 2010 which offers eyeglasses, contact lenses, and sunglasses online and through around 750 retail locations across India. It expects to leverage the investments, as well as $95 million raised earlier this year from KKR & Co, to boost online sales and brick-and-mortar stores in India, Southeast Asia, and the Middle East.
“Every vertical from apparel to footwear, aside from eyewear, has been disrupted globally. We can easily spend two decades solving the problem of awareness, penetration and affordability in eyewear. The start-up’s valuation is now $2.5 billion.”
Last year, Lenskart sold around eight million pairs of glasses, and it aims to increase that number by 30 percent in the fiscal year ending March 2022. By 2025, the total market opportunity is expected to be worth more than $15 billion, according to the startup.
The Lenskart Vision Fund was recently established by the company to invest $2 million in select start-ups in the eyewear, eye-care, and associated retail industries. A virtual 3D tool for trying on glasses, as well as artificial intelligence face-mapping to assist with frame selections, are among the company’s digital capabilities.
Earlier this year, Lenskart has announced its entry into the Middle East market and planned to open its first store in Dubai. The corporation has set aside $50 million for market expansion in the United Arab Emirates.