Avendus Capital Advises Lenskart on Its INR 400 cr Fundraise From IFC, Adveq Management AG, TPG Growth and Others.

The New Delhi-based Lenskart, is engaged in the assembly, manufacturing, wholesale distribution and supply of High Quality eyewear products, such as eyeglasses, power sunglasses and contact lenses. More than 40% of the Indian population or 530+ million people require vision correction. However, only 170 million use eyeglasses or have any form of vision correction. This is a problem that exists as much in urban India as in  rural India, primarily due to lack of awareness, accessibility and affordability. Lenskart is using innovative  solutions to address the needs of people who need vision correction as well as providing higher quality glasses at an affordable price. Lenskart has adopted a unique omni-channel approach, thereby making eyewear truly accessible by making it available on desktop, mobile, hypermarkets, high streets, malls, hospitals and now even at home. The company conducts over 1,500 eye exams daily through its home eye exam service partners which it intends to make available for every home in urban and rural India. All glasses are made centrally with some of the best equipment in the world, to ensure best quality at revolutionary prices.

Lenskart plans to utilize the funds for strengthening its technology, supply chain, lens manufacturing, and  expanding the reach of its high-quality eyewear products across 400 cities. Lenskart has a special focus on skill development as well as entrepreneurship development in India. It runs skill development programs across 4 cities for training people on operating complex machinery required for manufacturing lenses as well as  conducting accurate eye exams. It also gets people certified by National Skill Development Corporation (NSDC).  It has over 100 business partners who run and operate stores and plans to partner with another 1000 entrepreneurs in the next 3 years. Within that also, there is a lot of focus on Women Entrepreneurs where it is working with banks to get loans facilitated for women entrepreneurs under the Stand Up India scheme.