With this round of funding, Scadea Solutions will acquire a 10% stake in LensPick at a valuation of $5 Mn (INR 33 Cr), according to Venkart ECom Private Limited Managing Director, Dileep C Byra. Venkart Ecom Private Limited is the entity that owns LensPick.com.
The funding will be used for inventory enhancement and technology up gradation, as part of the company’s plans to increase its online presence.
Founded in 2013, LensPick is an online retailer for prescription-based and non-prescription-based eyewear. The portal provides eye testing facility at the doorsteps of its user-base in Hyderabad and Bengaluru and also sends multiple pairs of frames to choose from at the time of delivery to users across the country. It also extends a buy-back offer for old spectacles and offers the second frame on a complementary basis.
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Commenting on the investment, Dileep Byra, MD, Venkart ECom said, “The $6 Bn (INR 43,000 Cr) Indian eyewear industry offers a great opportunity for specialised eye wear ecommerce portals. At LensPick.com we are aiming to reach 1,000 plus transactions per day in the next two-three years by enhancing the customer experience through a set of innovative initiatives.”
LensPick initially kicked off as a chain of offline eye wear stores in 2011. It currently has 20 offline stores in Hyderabad and Bengaluru and is also planning to increase the number to 100 in the next few years, primarily in Tier II and Tier III cities across South India.
According to Byra, the company is also planning to set up a chain of clinics for treating eye-related problems and the first such clinic will be opened soon in Bengaluru.
According to an official statement, LensPick’s offline business amounts to $896K (INR 6 Cr). On the other hand, online retail business brings in sales amounting between $373K-$448K (INR 2.5Cr-3 Cr) per annum.
Earlier this month, New Delhi-based eyewear platform Lenskart raised over $30.14 Mn (INR 200 Cr) from Wipro chairman Azim Premji’s family office, PremjiInvest. Prior to that, it had raised $60 Mn (INR 400 Cr) in Series D funding.
This development was first reported in Business Standard.