Lenskart, an omni-channel retailer in India that sells eyewear products, said on Friday that it has raised $ 275 million in a brand-new financing round from SoftBank Vision Fund as it gazes to expand its business in the nation.
As part of the brand-new financing round — dubbed Series G — some of the nine-year-old startup’s existing investors are selling their stake, said Peyush Bansal, founder and chief executive of Lenskart in an interview with TechCrunch. He did not identify potential investors, though.
SoftBank Vision Fund’s investment propagandizes Lenskart’s all-time cause to $456 million. A person familiar with the matter told TechCrunch that the new round importances Lenskart at over $1.5 billion.
The nine-year-old startup, which start as an e-commerce service to sell spectacles, contact lenses and look caution produces, has expanded to brick and mortar accumulates in recent years. Today, the startup has vicinity in over 500 collects across more than 100 municipals in India, it said. Online sales still account for more than 60% of the startup’s overall receipt, however.
Bansal said the startup will use the fresh fund to improve its technology infrastructure and supply bond. “We are thrilled to have SoftBank Vision Fund with us in our outing. Their understanding of consumer and technology will help us constructed the next copy of Lenskart, ” he said.
According to industry approximates, more than half a billion people in India are affected by poor vision and need eyeglasses, but merely 170 million of them have opted to get their vision corrected.
Lenskart said it experiences immense potential in ripening within India, especially in smaller towns and villages that don’t have countless qualified optometrists. To reduce the friction, it offers free nose inspection evaluations to all possible clients. It also lets users journal got a couple of glass and try them at home before devoting a acquisition. On the following website, the startup abuses a 3D AI model to allow users to check how different duos of glasses would look on their face.
According to research conglomerate Euromonitor International, India’s eyewear grocery is worth $ 4.6 billion — much of which remains unorganized.
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