Lenskart Partners with SoftBank to Invest in Technology and Supply Chain
Lenskart is raising $275+ Mn from Softbank Vision Fund, including some stake sale from early investors. The investment will be utilized for augmenting Lenskart’s tech capabilities and strengthening its supply chain infrastructure. Avendus Capital was the exclusive financial advisor to this transaction.
Peyush Bansal, Founder & CEO of Lenskart said, “Lenskart’s vision is to revolutionize the eye-wear industry and make a significant impact in the lives of at least a billion people globally. We are committed to our vision and think if we can continue to create enthusiastic customers, we will get there. Technology and AI are the biggest enablers in what we do and want to achieve. Our strategy is to continuously push the bar in customer experience and surprise our customers. A large part of this investment will go towards building next-generation technology and supply chain to deliver the next Billion glasses with the highest quality at the best price and most amazing customer experience. We are thrilled to have Softbank Vision Fund with us in our journey. Their understanding of consumer and technology will help us build the next edition of Lenskart.”
Neeraj Shrimali, Director, Digital and Technology Investment Banking at Avendus Capital said, “Lenskart has become an epitome of building a fundamentally strong and efficient business on the back of phenomenal execution and deep sector expertise. With customer-centricity at its core, Lenskart has transformed the eyewear industry in India by leveraging technology at every touchpoint. Vision correction is a large problem globally and we believe Lenskart with its unique approach will have a significant impact on the sector worldwide. Vertical commerce and digital-native brands hold great promise in unique markets that lag on brand penetration, distribution reach and availability of high-quality products at affordable prices.”
Lenskart is engaged in the manufacturing and supply of eyewear products. More than 600 Million Indians and 4.2 Billion people globally are affected by poor vision and need eyeglasses. However, only 170 Million Indians and 1.7 Billion people globally have any form of vision correction. Lenskart was formed in 2010 with a vision to solve the problem of vision correction using technology.
Lenskart uses technology & AI in every aspect of its operations- including interacting with consumers either on Apps or in stores, for the product, retail footprint, pricing, supply chain, manufacturing and logistics to deliver one of the best customer experiences in consumer retail. Lenskart also has a unique Home Eye-Exam service which uses mobile vision correction technology to do thousands of eye exams at the customers’ homes every day. Lenskart has also adopted an omnichannel approach, thereby making eyewear accessible across desktop, mobile, hypermarkets, high streets, malls, hospitals and even at home.
Lenskart, though omnichannel, works like e-commerce companies where all glasses are customised and made centrally in a state of the robotic and automated fulfilment centre to ensure precision in its glasses.