Lenskart Raises $275M From Softbank

Indian eyewear startup Lenskart has raised $275 million in a new round of financing led by Softbank’s Vision Fund, according to TechCrunch.

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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.

This round of funding, its Series G, marks Lenskart’s largest round to date. The company, which was founded in 2010, counts Chiratae Ventures, TPG, and Unilazer Ventures among its investors.

Illustration Credit: Li-Anne Dias