Lenskart Plans To Open 300 More Stores, Sets Up ‘Lenskart Vision Fund’ To Back Startups
Delhi-based omnichannel eyewear retailer Lenskart is planning to open more than 300 new stores with the relaxation of state-wide lockdowns, taking the total to over 1,000 stores.
With over 750 stores in total and more than 720 are in India, the Delhi-based omnichannel eyewear retailer has seen a record shift in consumer shopping behaviour. Though 90% of its sales currently coming from the online channel, Lenskart is expanding its offline presence.
Speaking on the development, Peyush Bansal, Co-founder of Lenskart, said,
“People now want to go out and shop – 400-450 of our stores are fully operational while the rest are partially open depending on local lockdowns. We are adding new stores and have signed up for over 130 stores already.”
Recently, Lenskart aqui-hired Hyderabad-based essentials delivery startup DailyJoy and inaugurated its technology centre at Hyderabad.
Supporting Startups Through Lenskart Vision Fund
The Delhi-based omnichannel eyewear retailer has also set up a ‘Lenskart Vision Fund’ having a corpus of around $20 million. Through this fund, Lenskart will invest in startups in the area of eye testing technologies, omnichannel technology solutions across in-store automation, supply chain, merchandising, logistics, marketing, and deep tech solutions for eyewear, retail and eCommerce.
Lenskart Vision Fund will invest up to $2 million in these startups for anywhere between 10% and a majority stake and had already backed four startups through this fund, spread across India and overseas.
TangoEye from India, Thin Optics and Ditto from the US and Israel’s 6over6 have received funding through Lenskart Vision Fund.
“We are meeting 5-10 companies every month, solving various aspects in this sector. There are still a lot of problems that need to be solved in the eyewear retail space. One way to further disrupt is by investing in younger startups.”
By investing in these startups, the Delhi-based omnichannel eyewear retailer looks to strengthen its tech and product capabilities. It aims to bring new solutions in the area of omnichannel commerce, image recognition, vision correction, among others.
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