Eyewear Brand Lenskart has set up Vision Fund with a Corpus of $20 million for Eyewear Startups
Lenskart, an omni-channel direct-to-consumer eyewear brand, has established a vision fund with a corpus of $20 million (Rs 148 crore) for eyecare startups in order to tap into a niche segment in India's growing healthcare industry.
The company intends to invest up to $2 million in each of the selected startups through the Lenskart Vision Fund.
Lenskart will select early-growth stage ventures with clear in-market evidence of traction and customer adoption because the initiative is designed to help startups scale, according to a statement.
In addition to the capital, selected startups will gain market access and mentorship from Lenskart.
D2C eyewear and eye care brands, technologies enabling access to vision care, eye testing technologies, omni-channel retail solutions across logistics, supply chain, merchandising, marketing, in-store automation, and deep tech solutions for eyewear, retail, and e-commerce are among the fund's focus sectors.
“We have traversed the challenging journey as a start-up to become a unicorn. We believe it’s time to give back to the ecosystem and support exceptional entrepreneurs by helping them build scalable enterprises. We have a decade of experience and expertise in building and scaling a D2C business through technology which can be leveraged by start-ups to realise their vision of building world class businesses,” Peyush Bansal, founder and CEO of Lenskart, said.
Lenskart, which was founded in 2010, claims to have 700 retail stores and online channels in India, Singapore, the Middle East, and the United States.
Lenskart raised $95 million from global private equity firm KKR in May 2021. TPG Growth and TR Capital, two early investors, received a portion of the proceeds from the round. The company joined the unicorn club in 2019 after receiving $275 million from SoftBank Vision Fund.
The sectors in which Lenskart will invest include direct-to-customer (D2C) eyewear and eye care brands, technologies enabling access to vision care, eye testing technologies, omnichannel retail solutions across logistics, supply chain, merchandising, marketing, in-store automation, and deep tech solutions for eyewear, retail and e-commerce.
The company intends to invest up to $2 million in each of the selected startups through the Lenskart Vision Fund.
Lenskart will select early-growth stage ventures with clear in-market evidence of traction and customer adoption because the initiative is designed to help startups scale, according to a statement.
In addition to the capital, selected startups will gain market access and mentorship from Lenskart.
D2C eyewear and eye care brands, technologies enabling access to vision care, eye testing technologies, omni-channel retail solutions across logistics, supply chain, merchandising, marketing, in-store automation, and deep tech solutions for eyewear, retail, and e-commerce are among the fund's focus sectors.
“We have traversed the challenging journey as a start-up to become a unicorn. We believe it’s time to give back to the ecosystem and support exceptional entrepreneurs by helping them build scalable enterprises. We have a decade of experience and expertise in building and scaling a D2C business through technology which can be leveraged by start-ups to realise their vision of building world class businesses,” Peyush Bansal, founder and CEO of Lenskart, said.
Lenskart, which was founded in 2010, claims to have 700 retail stores and online channels in India, Singapore, the Middle East, and the United States.
Lenskart raised $95 million from global private equity firm KKR in May 2021. TPG Growth and TR Capital, two early investors, received a portion of the proceeds from the round. The company joined the unicorn club in 2019 after receiving $275 million from SoftBank Vision Fund.
The sectors in which Lenskart will invest include direct-to-customer (D2C) eyewear and eye care brands, technologies enabling access to vision care, eye testing technologies, omnichannel retail solutions across logistics, supply chain, merchandising, marketing, in-store automation, and deep tech solutions for eyewear, retail and e-commerce.
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