Lenskart is a multinational optical prescription eyewear retail outlet. It’s India’s fastest-growing eyewear business today and has over 1000 stores in 223 cities across the country. The firm reaches out to more than 1,00,000 customers a month via a unique combination of a strong online business and uniquely designed physical stores. The brand is the first and the only in India to use the robotic technique that manufactures glasses that are accurate to 3 decimal places.
Lenskart announced on Wednesday that it has signed a definitive agreement with Abu Dhabi Investment Authority to raise $500 million. This investment is an extension to last year’s funding round and enables the startup to maintain its valuation of $4.5 billion. Lenskart intends to use the fresh funding to deepen its penetration in India and expand its international presence in Asia and the Middle East.
Lenskart, Faridabad, India, was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. Lenskart aims to provide millions of people with high-quality eyewear at affordable prices, give free eye check-ups at home and extend these services to remote corners of India. “It is still Day-1 at Lenskart. Vision correction remains a big issue, and myopia continues to increase, reaching as high as 80-90% in parts of Asia. So, we are still in the early stages of our journey, and there is still a lot of work to continue to make the impact we anticipate in this area of great need. With its patient and long-term approach to investing, ADIA is the perfect partner for the next stage of our journey,” said Peyush Bansal.