Lenskart is looking for an aggressive expansion of their stores in Tier-I and Tier-II cities of the country. The organization is all set to launch 20 new Bricks and Motor stores. Currently, the company operates 250 stores from 90 cities.
In January 2017, Lenskart has raised $3.5Million Series B funding from Unilazer Ventures in order to strengthen the market. Previously, in September 2016, the company raised an undisclosed amount from Premji Invest (investment office of Wipro chief, Azim Premji), three months after Rs 400-crore funding led by IFC and TATA.
As most of the revenue comes from the offline channel, Lenskart has introduced a new Application namely Lenskart-Lite. The application is made to target the budget Smartphone user which will take less storage space and user-friendly. By this initiative, Lenskart tries to access Tier-III & Tier-IV town people.
The new Lenskart-Lite takes less than 1MB space and has already downloaded over 10,000 times which provides 25% of its revenue. The application is now undergoing an average of 6,000 orders on daily basis.
Piyush Bansal, CEO of Lenskart said, “We have focussed on ensuring that when we launch a new channel to reach out to consumers, it doesn’t cannibalize on the other channels. We are adding about 20 stores a month in neighborhood markets across tier I and II cities.”
Lenskart was founded in 2010. Till now the total equity funding of the Lenskart is $129.54 Million. The investor of the organization includes IFC Ventures; Ratan TATA; Premji Investments; Kris Gopalakrishnan, Co-founder of Infosys; TPG Growth; TGC Ventures; Adveq and Unilazer Ventures. Read more Indian startup news.
Want to be a guest author? Register Here to share your business knowledge with our readers.