Companies

Lenskart raises $220 m funding led by Temasek, Falcon Edge Capital

Our Bureau Bengaluru | Updated on July 19, 2021

Peysuh Bansal, Founder and CEO, Lenskart.com   -  Businessline

To use funds to expand presence in India and global markets

Omnichannel eyewear brand, Lenskart, raised $220 million funding from Temasek and Falcon Edge Capital. Other investors including Bay Capital and Chiratae Ventures also participated in this round.

Founded in 2010, the D2C (direct to consumer) brand has raised a total capital of $774.6 millionacross 11 rounds till now. Last month, Lenskart raised $95 million from KKR and will be using those funds along with the current round to expand its presence in India and global markets.

In the next three to four years, Lenskart will scale its operations in South-East Asia and West Asia. The company will leverage the expertise and network of its new investors, Temasek and Falcon Edge, to establish itself in the new geographies. Lenskart expects to capture a market opportunity of $15 billion in these target geographies.

“Lenskart envisions to have 50 per cent of India wearing its specs over the next five years and become the leading eyewear platform in South-East Asia and West Asia over the next 18 to 24 months through organic and inorganic expansion,” said Peyush Bansal, Founder, and CEO of Lenskart.

Lenskart claims to serve over 7 million customers annually in India, through its omnichannel presence. It has set up over 750 omnichannel stores in 175 Indian cities. In 2019, Lenskart also expanded to South-East Asia, with its foray into Singapore. The company differentiates itself in the eyewear retail segment with its virtual 3D try-on tool, AI-powered facial mapping, and frame recommendation features.

Along with the expansion, Lenskart will also use the capital to deepen its investment in technology and AI-driven innovations to create a tailored experience for its customers. The company has also set up ‘Lenskart Vision Fund’, through which it is looking to invest in other eyewear startups to create a deep ecosystem around the eyewear segment.

“Lenskart has built a fully backward integrated omnichannel eyewear retail experience with extreme customer-centricity. This customer obsession results in Lenskart’s high NPS (net promoter scores), best-in-class customer retention, and store productivity,” said Navroz Udwadia, Co-founder and Partner, Falcon Edge Capital.

Published on July 19, 2021

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