Lenskart launches eyewear app in Singapore, Middle East
Flush with a recent $220 million growth funding, omni-channel eyewear brand Lenskart has launched its eyewear app in Singapore and Middle East.
The expansion to these two markets will kick start growth globally, the company said in a statement.
“To become the #1 eyewear platform over the next 18 to 24 months, we have successfully introduced the app to our consumers in Singapore and the Middle East.
This initiative is to mark Lenskart’s foray into the markets as a key optical service provider and enable them to buy glasses virtually sitting at their homes, for the very first time,” Amit Chaudhary, co-founder at Lenskart, said.
The app leverages augmented reality, computer vision and machine learning capabilities to enable users make selection of right eyewear quick and simple.
With this app launch, users in Singapore and the Middle East will be able to avail Lenskart’s digital offerings such as a virtual 3D try-on tool, artificial intelligence-powered facial mapping and frame recommendation features along with the benefits of free doorstep delivery, statement added.
Founded in 2010 by Chaudhary, Peyush Bansal, and Sumeet Kapahi, Lenskart claims to serve over 7 million customers annually through its omnichannel shopping platforms, which spans online, mobile application, and more than 750 stores across 175 cities in India.
The company had landed a $220 million funding from Temasek Holdings and Falcon Edge Capital last month.
The latest investment round also saw participation from early investors, Bay Capital and Chiratae Ventures.
According to the company, the funding will help it further expand in India as well as scale operations in Southeast Asia with the Singaporean market and the Middle East as the starting points.
The fresh capital brings the transaction size of the round being raised by Lenskart to $315 million. In May, Lenskart had announced raising $95 million from global private equity firm KKR, giving an exit to early investors TPG Growth and TR Capital. It has raised over $723.39 million in equity capital to date, according to data sourced from VCCEdge.
In a bid to accelerate its growth in the Indian market, Lenskart has also made key acquisitions. In the financial year 2020-2021, the company has made three acquihires including events company Highape, Courierwala and micro delivery company DailyJoy. Lenskart also invested in omni-channel retail tech company Tango Eye during the year.
The company has also announced setting up Vision Fund with corpus of $20 million to back startups in the sector of direct-to-consumer eyewear and eye care brands, technology enabling access to vision care, eye testing technology, omni-channel retail solutions across logistics, merchandising etc and deep tech solutions for eyewear, retail and ecommerce.