Lenskart raises $220 mn; valuation at $2.5 bn: Report

Lenskart plans to use the funds for its overseas expansion in Southeast Asia and the Middle East.

The Omnichannel eyewear retailer brand Lenskart has raised USD 220 million in a funding round led by Singapore's sovereign wealth fund Temasek Holdings and Falcon Edge Capital.


Peyush Bansal who is the founder and chief executive officer (CEO) said,“Every vertical from apparel to footwear, aside from eyewear, has been disrupted globally."


The CEO further added,“We can easily spend two decades solving the problem of awareness, penetration and affordability in eyewear."


Omnichannel eyewear retailer Lenskart founded in 2010 and retails eyeglasses, contact lenses and sunglasses online and through its retail outlets across the country.


According to the CEO, the startup’s valuation is now USD 2.5 billion. The eyewear retailer plans to use its capital along with USD 95 million raised earlier this year from KKR & Co.


The eyewear brand will expands online sales and will also add brick and mortar stores in India as well as in Southeast Asia and the Middle East.


Lenskart had sold approximately 8 million pairs of eyewear in the year 2020 and is aiming to grow by 30 per cent in this financial year ending March 2022.


The company alleges to be the largest eyewear retailer in India and also seeks to become the leader in eyewear retailers of Southeast Asia and the Middle East.

 

India Scanner News Network

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