Eyewear giant Lenskart, with about 70 stores in Singapore, is eyeing significant expansion in Southeast Asia, aiming to launch 300-400 stores across Thailand, the Philippines, and more over the next two years, according to Peyush Bansal, the co-founder and CEO. Bansal stated, “There’s a lot to do in Asia now. In Singapore, we now have 70 stores. One in three people wear Lenskart glasses. It’s a smaller geography but the impact is bigger. Next, we’re looking at Thailand, Indonesia, the Philippines, and Malaysia.”
Lenskart has actively pursued growth in the SEA region, evident in its acquisition of a majority stake in Japanese eyewear brand OWNDAYS for a reported $400 million last year. The move is part of Lenskart’s vision to establish itself as the largest eyewear brand in the Asian market. Bansal revealed insights about the acquisition process, mentioning, “Lenskart was persistent about it and they sent six offers to the company out of which the last one got accepted.”
With a focus on sustainable growth, Bansal highlighted Lenskart’s preference for long-term investors over higher valuations. He stated, “I have rejected a lot of deals at higher valuations to bring in the right investor, one we can partner with over the longer term.”
In a bid to fortify its position, Lenskart secured $100 million in funding from private equity player ChrysCapital in June. Additionally, Kedaara Capital, an existing investor, received approval from the Competition Commission of India (CCI) to acquire 1.74% equity in the company. Lenskart is also exploring innovative means to bolster its product offerings, such as its recent acquisition of AI-powered computer vision startup Tango Eye, aimed at automating quality testing at its manufacturing plants.
