Lenskart raises around $275 million from Softbank Vision Fund

By

Maverick Martins

Published
Dec 20, 2019

Eyewear retailer Lenskart has raises around $275 million (Rs 1,956 crore) from Softbank Vision Fund. The company will be using the funds to enhance its technology capabilities and strengthening its supply chain infrastructure.
 

In September, Lenskart had received a funding of Rs 392 crore from the Indian private equity business Kedaara Capital.
 
Lenskart sees tremendous growth potential in the eyewear segment and aims to reach a total of 650 brick-and-mortar stores in India by March 2020.

The company witnessed a 56 percent growth in revenue to Rs 486 crore for the fiscal year 2019, which helped its narrow its losses to Rs 28 crore ($4 million).
 
Commenting on the investment, Peyush Bansal founder and CEO of Lenskart in a statement said: “We are thrilled to have Softbank Vision Fund with us in our journey. Their understanding of consumer and technology will help us build the next edition of Lenskart.”
 
“Technology and AI are the biggest enablers in what we do and want to achieve. A large part of this investment will go towards building next -generation technology and supply chain to deliver the next billion glasses with the highest quality at the best price and most amazing customer experience,” he added.
 
Founded in 2010, Lenskart is an omni-channel retailer of eyewear. It has a presence in offline retail through over 500 stores across more than 100 cities in the country.