SoftBank Vision Fund to Invest More Than $275 Million in Lenskart

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Online eyewear retailer Lenskart is raising more than $275 million from Softbank Vision Fund, including some stake sale from early investors, the company said on Friday.

The funds will be used to augment Lenskart’s tech capabilities and to strengthen its supply chain infrastructure, it said, in a statement. Avendus Capital was the exclusive financial advisor to this transaction.

Lenskart uses technology and artificial intelligence (AI) in its operations to interact with consumers on its app and in stores, for the product, retail footprint, pricing, supply chain, manufacturing and logistics, the statement said.

The company was founded in 2010, by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi. It has around 2,700 employees, with offices in Delhi, Mumbai, Kolkata and Bangalore.

“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,” said Bansal.

Credits: Livemint

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