Omnichannel eyewear brand Lenskart which has raised over $900 million uptill now is aiming to go public in the next three years, according to reports. Early in June this year the company acquired Japanese eyewear brand OWNDAYS for about $400 million, which is expected to help Lenskart expand to South East Asian markets.
Founded in 2010, by an ex-Microsoft ‘techie’ with no money but truckloads of relentless passion to make a difference in this world, Lenskart is India’s fastest growing eyewear business today.
With a rapidly growing business reaching out to over 1,00,000 customers a month via a unique combination of a strong online business , uniquely designed physical stores, as well as a first of its kind ‘home eye check up’ service, Lenskart is revolutionizing the sunglasses eyeglasses and contact lenses industry in India.
Offering the best quality eyeglasses Lenskart at affordable prices helped us grow more than 200% in the last 2 years and it is among the top 3 optical businesses in India today. From servicing 30 customers per day to more than 3000 today, the company have came a long way.
Lenskart secures $39.6 Million from Chiratae Ventures
Recently, the Eyewear brand secured $39.6 million from Chiratae Ventures, DSP India Fund, and Axis Growth Avenues AIF-I. This is the brand’s fifth round of funding in 2022 alone.
The company issued over 1.4 million cumulative and fully convertible preference shares to the investors in a shareholders’ meeting held earlier this month. Inc42 was the first to report the development.
DSP India has pumped in $15 million, while Chiratae Ventures and Axis Growth Avenues AIF-1 has pumped in $12.2 million each.
The fundraise comes at a time when late-stage deals have come to a standstill as macroeconomic environment seem frothy. Lenskart reported a net loss of ₹102.3 crore in FY22 compared to a net profit of ₹29 crore last year, hurt by a sharp rise in total expenses, according to regulatory filings.
Lenskart raised $100 million from Alpha Wave Ventures in April this year, just nine months after raising $315 million at a valuation of $2.5 billion. It raised $24.7 million in the same month from existing investor Epiq Capital. It then raised $25 million and $12.5 million in two separate rounds in the following months.
The Lenskart website has over 500 designs of eyeframes, in multiple colors, for all age groups, from Rs. 399 all the way to Rs. 4,000 for a pair. All one needs to do is select a frame, fill in their power, and place order. You can pay online or at the time of delivery.
