Lenskart to enter the Middle East market with its first store in Dubai
The largest Indian eyewear retailer, Lenskart, has announced its plan to make an entry in the Middle East market and is all set to launch its first retail outlet in Dubai.
The company has earmarked an investment of $50 million ($364 crore), which includes an online portal with free delivery across Dubai, Abu Dhabi, and Sharjah.
Commenting on the expansion, Peyush Bansal, co-founder at Lenskart, in a statement said: “At Lenskart, we understand the UAE millennial buyers and believe that we have the most stylish and high-quality products that are supported by innovative technology and a strong supply chain to deliver a surprising customer experience.”
“We envision growing exponentially in the coming 3-4 years and building a robust consumer base for our brand in the Middle East. Our prime objective remains enthusiastic customer satisfaction,” he added.
Lenskart saw its sales double to reach over Rs 1,000 crore in the 2020 financial year, which ended in March. The start-up is described as a unicorn as its valuation has crossed $1 billion.
Lenskart is funded by Softbank, Kedaara Capital, TPG, IFC, Premji Invest, and other marquee investors. In Dec 2019, the company raised around $275 million from Softbank and Kedaara Capital.
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