Companies

Lenskart Raises $220 Mn Funding Led By Temasek, Falcon Edge Capital 

Our Bureau. Bengaluru | Updated on July 19, 2021

It plans to use the capital, along with $95 million raised earlier this year to expand online sales and add brick-and-mortar stores in India

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 brand has raised a total capital of $774.6 million across 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 wants to scale its operations in Southeast Asia and the Middle East. The company will leverage the expertise and network of its new investors, Temasek and Falcon Edge, to establish itself in these 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 Southeast Asia and the Middle East over the next 18 to 24 months through organic and inorganic expansion,” said Peyush Bansal, Founder, and CEO of Lenskart. 

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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