Lenskart, an omnichannel retailer in India that markets eyewear products, stated on Friday that it had allocated $275 million in new funding round from SoftBank Vision Fund as it seems to grow its business in the nation.
The Specifications of Series G
As part of the current funding round — called Series G — a few of the nine-year-old startup’s current investors are selling their stake, told Peyush Bansal, founder, and chief manager of Lenskart.
He did not mention the investors, though.
SoftBank Vision Fund’s investment accelerates Lenskart’s all-time increase to $456 million.
A person close with the matter revealed that the new round evaluates Lenskart at over $1.5 billion.
The nine-year-old startup, which started as an e-commerce service to market spectacles, contact lenses and eye care products, has developed to brick and mortar stores in current years.
Now, the startup has a presence in over 500 stores over more than 100 cities in India, it announced.
Online sales still value for more than 60% of the startup’s overall income, however.
Bansal answered that the startup would utilize the current capital to develop its technology infrastructure and supply chain.
“We are excited to have SoftBank Vision Fund with us in our mission.
Their knowledge of customer and technology will assist us in building the following edition of Lenskart,” he said.
The Lenskart Vision
According to industry surveys, more than half a billion people in India are afflicted by a bad vision.
They need eyeglasses, but just 170 million of them have opted to get their vision improved.
Lenskart stated that it views tremendous potential in growing within India, particularly in smaller villages and towns that don’t have many qualified optometrists.
To decrease friction, it gives free eye examination tests to all possible customers.
It also allows users to book a few glasses and test them at home before making a purchase.
On its website, the startup utilizes a 3D AI model to enable users to check how several pairs of glasses would look on their faces.
According to an investigation firm Euromonitor International, India’s eyewear business is worth $4.6 billion — much of which remains unorganized.
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