Lenskart, which specializes as an online eyewear retailer, has raised $ 220 million from investors, according to a report from LiveMint.
The India-based company has raised funds from investors like Temasek Holdings Pte and Falcon Edge Capital, according to the report. The company’s valuation has now reached $ 2.5 billion.
The company, founded in 2010, sells items like eyeglasses, contact lenses, and sunglasses, using around 750 retailers.
With the new capital, Lenskart will add to the $ 95 million raised earlier this year from KKR & Co. to drive online sales and add new physical stores in India, South Asia. East and Middle East.
“Every vertical, from clothing to shoes, except eyewear, has been disrupted globally,” Bansal, 37, said during a video call announcing the funding. “We can easily spend two decades solving the problem of eyewear awareness, penetration and affordability. “
According to the report, Lenskart sold around 8 million products last year. This year, the company intends to grow that number by around 30%.
With the combined market opportunity of its various markets, Lenskart says it could be worth up to $ 15 billion by 2025.
Bansal said the idea behind the business came from the large number of people in the region in need of glasses or other such glasses – he said “about half” of the 1.5 million residents of India needs glasses, and India is “the blind capital of the world. Bansal said Lenskart has become profitable.
“We became profitable at the corporate level before the pandemic, were in the red during the peak of the first and second waves and came back to green again,” he said, according to the report.
Eyewear, as it is with many other industries, has started its transition to more digital places and has spread to new areas as well.
David Roger, co-founder and CEO of Felix Gray, recently told PYMNTS that his company is working to tap into an individual wellness market, including combating the negative effects of staring at screens all day, which can disrupt sleep and have other negative effects. .