Lenskart to focus on India, Middle East, and Southeast Asia regions for growth

By

Isabelle Crossley

Published
Feb 24, 2023

Lenskart plans to focus its energies on India, the Middle East, and Southeast Asia for its continued growth and expansion. The multi-brand eyewear business is also in the process of raising funds with an investment round. 

“Almost half of India needs spectacles and their number is growing to almost 70% to 80%,” said Lenskart’s CEO Peyush Bansal, ET Now reported. “I do not get into market size etc. All I know is that half a billion plus people need glasses and that number is growing.”
 
Lenskart is currently negotiating $100 million in funding from ChrysCapital, YourStory reported. The business’ total ongoing funding round would total $500 million if the ChrysCapital investment goes through and it would be one of ChrysCapital’s largest investments in a new age entity. 

“People had made some big predictions after Covid, especially online businesses,” said Bansal. “I think a little bit of that sentiment bets did not play out but will correct over time… We are largely focussing on India and we have Owndays. So we have a lot to do.” 
 
Bansal has also returned to television by appearing as a recurring ‘shark’ on the new season of business investment television programme ‘Shark Tank India’.  Along with the other judges, Bansal hears entrepreneurs’ business pitches and decides whether to offer funding in return for an equity stake in the company.