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The new round of financing brings the company’s total funding to $456 million. It last raised $55 million in a private equity round led by Kedaara Capital in September. This funding round brings the company’s valuation to more than $1.5 billion, TechCrunch reported, citing a person familiar with the matter.
Lenskart was born out of a need for more vision-correcting options in India. About a quarter of the world’s blind population lives in India, according to the Hindustan Times, and Lenskart wants to make glasses more accessible.
The company has established itself as something of a Warby Parker equivalent for India: a direct-to-consumer eyewear company. It also offers a free “home eye check up” according to its website.
The company started out in e-commerce before expanding to retail locations. It uses a direct-to-consumer model, and robots to manufacture more than 5,000 styles of eyewear. Lenskart also sells sunglasses and contact lenses, according to its website.
Illustration Credit: Li-Anne Dias