India’s Lenskart launches fund to invest in startups synergistic to its eyecare business
Lenskart has set up ‘Lenskart Vision Fund’, through which it looks to invest in startups that are synergistic to the eyewear, eye-care, and omnichannel retail sector, the eyewear brand said on Friday.
Through the fund, Lenskart will invest up to $2 million in each of the selected startups. In addition to the capital, Lenskart will also provide select startups market access via its 700 retail stores and online channels across India, Singapore, West Asia and the US.
Focus sectors for Lenskart to 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.
“We have traversed the challenging journey as a startup 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 direct-to-customer (D2C) business through technology which can be leveraged by startups to realise their vision of building world class businesses,” said Peyush Bansal, founder and chief executive officer (CEO) of Lenskart.
The access to Lenskart’s vertically integrated supply chain; technology stack for facilitating omnichannel retail, and its tech expertise in building futuristic technologies for eyewear will provide select startups the right ecosystem to build consumer-centric, disruptive products and services, the company said in a statement.
Apart from this, the senior leadership team at Lenskart will also mentor the startups.
Lenskart looks to attract early-stage startups with clear in-market evidence of traction and customer adoption for its Vision Fund.
Founded in 2010, Lenskart is an omnichannel retailer and manufacturer of eyewear products.
In May, this year, the eyewear brand said it is raising $95 million from global investment firm KKR, in a secondary stake sale. The company was looking to expand its presence in India, scale its growing operations overseas, and enhance its digital offerings, with the fundraise.