Delhi NCR-based eyewear brand Lenskart, led by co-founder and CEO Peyush Bansal, is reportedly aiming to launch 300-400 new stores in the region over the next two years.
According to an ET report, The move is part of Lenskart’s strategy to deepen its presence in the market, building on its current base of about 70 stores in Singapore.
Expanding in Thailand and the Philippines
The report said that Lenskart’s expansion plan includes entering new markets like Thailand and the Philippines. Speaking at Slush 2023, an annual startup and technology event, Bansal emphasized the importance of the Asian market. He noted that one in three people in Singapore wear Lenskart glasses, demonstrating the brand’s significant impact in smaller geographies.
In its quest to become the largest eyewear brand in Asia, Lenskart acquired a majority stake in Japanese eyewear brand OWNDAYS in June last year in a deal worth around $400 million.
Lenskart’s investments
In June, the company raised $100 million in funding from ChrysCapital. Additionally, Kedaara Capital, an existing investor, received approval from the Competition Commission of India (CCI) to acquire 1.74% equity in Lenskart.
The company also aims to enhance its product quality after acquiring an AI-powered computer vision startup Tango Eye, which will automate quality testing at its manufacturing plants.
Peyush Bansal, the Co-founder and CEO of Lenskart, said, “At Lenskart, our strategy has always been to use technology to deliver reliable and delightful customer experience at scale, and the Tango AI technology allows us to do exactly this.”
What are the offerings of Lenskart?
Lenskart, founded in 2010, is a renowned omnichannel eyewear retailer with operations in countries like India, the US, Singapore, and more. Last year, its acquisition of Japan-based Owndays boosted its presence in Japan and Southeast Asian markets. Currently, Lenskart, inclusive of Owndays, runs over 2,000 stores across 10 countries, tapping into a market worth over $20 billion.
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