Omnichannel eyewear retailer Lenskart has announced the launch of ‘Lenskart Vision Fund’ — a funding and mentoring platform to support startups having synergies with the Lenskart business.
The company plans to invest up to USD2 million in each of the startups that are selected based on expertise in areas such eyewear, eyecare and omnichannel retail sectors. In addition to the infusion of capital, selected startups will also get distribution access to Lenskart’s 700+ EBOs (exclusive brand outlets) and online channels across India, Singapore, Middle-East and the US, Lenskart said.
The Lenskart Vision Fund initiative is being run in partnership with Applyifi.com and is designed to attract startups that have a clear product-market fit and a competitive differentiation, the company said.
According to a statement, the senior leadership team at Lenskart will also mentor the selected startups to navigate through challenges during the early phase of business building.
Lenskart will select early-growth stage ventures with clear in-market evidence of traction and customer adoption. The focus sectors for investing include D2C eyewear and eye care brands, technologies enabling access to vision care, eye testing technologies, omni-channel retail solutions across logistics, supply chain, merchandising, marketing, in-store automation and deep tech solutions for eyewear, retail and ecommerce, the company said.
Launched in 2010, Lenskart is currently the largest eyewear retailer in India, serving over 7 million customers annually through multiple channels, including online, mobile application and 700-plus stores in 175 cities across the country. its flagship retail entity — Lenskart Solutions Pvt Ltd — turned profitable in FY20 with a profit of Rs 18 crore on revenues of Rs 964 crore.