The $220 million funding by Lenskart comes a month after it raised $95 million from global investment fund KKR. With this funding, the company is planning to expand itself further.
India’s eyewear company Lenskart has raised $220 million in funding with the help of several investor companies. Investing companies include Temasek and Falcon Edge Capital, among many others. Foreign companies investing in Indian companies is another sign of the growing interest in technology startups in the country.
At the same time, in a statement issued by Lenskart, it has also been said that Bay Capital and Chiratae are also among the funding companies. The funding came a month after raising $95 million from global investment fund KKR. After this, the total funding received by the company has increased to 315 million US dollars.
After this funding, Lenskart has given information about its future plans and has said that the company will grow rapidly in the coming three-four years with this funding. The company aims to expand its footprint in India as well as in Southeast Asia and the Middle East. The company aims to leverage the network of Temasek and Falcon Edge Capital in these respective geographies. The company said that we expect the market opportunity for Lenskart to exceed USD 15 billion by 2025 in the designated regions.
Let us tell you that Lenskart sells glasses, contact lenses and sunglasses online. The company is also planning to improve the company further by using the funds raised along with technology and Artificial Intelligence (AI) to provide a better experience to the customers as it expands across the country.
The company has also recently set up the ‘Lenskart Vision Fund’, through which it wants to invest in startups being launched in such a country that will synergize for eyewear, eye-care, and omnichannel retail, so that the eyewear segment To create a deep ecosystem around
Piyush Bansal, Founder and CEO, Lenskart said, “We are already the largest eyewear player in India and ranked third in Singapore. Lenskart envisions 50 percent of India wearing its glasses in the next 5 years and becoming the number one eyewear platform in South East Asia and the Middle East. Notably, in the year 2019, Lenskart also expanded to Singapore and made its debut in Southeast Asia, where it is now a leading optical store manufacturer.
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