On Friday, the D2C eyewear brand Lenskart launched its ‘Lenskart Vision Fund’. The company intends to invest up to $2 million in each of the chosen startups that are coefficient to the eyewear, eye care and retail sectors with a multichannel approach. In addition to the endue of capital, selected startups will avail good time from Lenskart’s business access through 700+ retail markets and online channels all over India, Singapore, Middle East, and the US.
Company’s Profile
Instituted in 2010 by Peyush Bansal, Lenskart is an omnichannel dealer and manufacturer of eyewear accessories. The corporation operated beneath the parent company Valyoo Technologies and has other subsidiaries in India, including Lenskart Eyetech. It manufactures, gathers, distributes and supplies its merchandise across 700 stores across India.
Growth: The majority of Lenskart Solutions’ revenue advances from its services, which incorporates eyewear products like spectacles, sunglasses, and lenses. The India-based eyewear retailer has grown to assist 400K customers likewise monthly and commands to account for approximately 30% of India’s established eyewear market.
In FY20, nearly 92% of the overall earnings or INR 893.7 Cr for the startup came from the core procedures.
Lenskart has raised $459.6 Mn to date from investors like Chiratae Ventures, TPG, PremjiInvest, Unilazer Ventures, etc. The startup joined the unicorn club in 2020 after raising $231 Million from SoftBank Vision Fund II and Lightbulb Ltd as a share of its Series G funding round.
Purpose of the Investment
It prepares to open more than 300 new stores as soon as the state-wide lockdowns are eased, taking over 1,000 stores, founder and CEO Peyush Bansal said in an interview.
Lenskart Vision Fund: The company has anchored up ‘Lenskart Vision Fund’ with a corpus of about $20 million. It will invest in startups in the sphere of eye testing technologies, omnichannel technology across in-store logistics, supply, marketing, and a wide range of tech solutions for eyewear, retail and e-commerce.
US-based Thin Optics and Ditto, Israel’s 6over6 and TangoEye from India, obtained funding from the Lenskart Vision Fund.Nevertheless, an investment from Lenskart Vision Fund will not certainly imply they are restricted to work exclusively for Lenskart.
According to Bansal, TangoEye is also operating with omnichannel beauty goods retailer Nykaa.
Bansal added, “We are meeting a group of 5-10 companies every month, solving several aspects in this sector. Yet, there are a lot of intricacies that need to be solved in the eyewear retail sphere. One way to further disrupt this is by investing in fresher startups”.
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