By As Lenskart prepares to venture into the international market, it is earmarking $20 million to invest in cutting-edge technologies aimed at enhancing eyewear experiences. The company’s Lenskart Vision Fund, established earlier this year, is poised to inject up to $2 million into eye technology startups over the next few years, with plans to back 20 such ventures.
Focus Areas for Investment
Peyush Bansal, founder and CEO of Lenskart, shared that the company is keen on investing in startups revolutionizing eyewear for various purposes, including sports, digital devices, and solutions for colorblind individuals. Lenskart has also set up a dedicated research and development center in India to drive product innovation in alignment with these goals.
Investment Strategy and Timeline
While Lenskart hasn’t outlined a specific timeline for deploying these funds, it aims to finalize 10 investment deals by the end of 2022. Bansal emphasized Lenskart’s interest in eye technology innovations globally, highlighting their pursuit of solutions for unique challenges, such as eyewear comfort for individuals wearing turbans.
Recent Investments and Future Plans
Lenskart’s recent investments through the Vision Fund have laid the groundwork for upcoming collaborations with promising Indian startups. Bansal hinted at potential partnerships with innovative global companies, showcasing technologies that streamline eyewear selection and customization.
Strategic Direction and Expansion
Beyond investments, Lenskart is actively expanding its workforce, with plans to hire over 2,000 employees in India and an additional 300 for international operations in Singapore, the Middle East, and the United States. This expansion aligns with Lenskart’s mission to solidify its position as a leading eyewear retailer and manufacturer in India and globally.
Lenskart, founded in 2010, has emerged as a key player in India’s eyewear market, serving millions of customers annually and capturing a significant share of the organized eyewear segment. The company’s investment initiatives underscore its commitment to innovation and growth in the dynamic eyewear industry.
