Three months ago, Lenskart shocked us all when it announced a Rs 400 crore funding. As if that was not enough, the company has raised an undisclosed amount from Premji Invest. “It is a strategic move by the online eyewear retailer. This will help Lenskart gain from Premji Invest’s extensive experience,” says Vaikundarajan.
Backed by enough funding, the company should be able to plan a road map for the next 4-5 years. “Lenskart had previously raised about 714 crore from investors like IFC, TPG Growth, IDG Ventures, Unilazer Ventures and Adveq,” adds Vaikundarajan.
A collaboration with Premji Invest means that the company can benefit from the extensive experience in retail and try to build a stronger image of the brand in the market. It is revealed that the brand will be focusing on both offline and online growth.
“Lenskart is planning to expand its manufacturing capacity and increase the revenue over the year. Their target for the end of fiscal is 500 crore,” informs Vaikundarajan. A backing from Premji Invest will help the company tap into a larger market share. If all goes well, Lenskart could be planning to go public in the next 5 years.