Lenskart to open over 500 stores in Tier II & III cities

05 May 2022, Mumbai:

Omnichannel retailer Lenskart plans to open more than 500 stores in Tier II and III cities in FY23. The brand is also penetrating Chhattisgarh, Jammu & Kashmir, Assam, Bihar, and Himachal Pradesh markets.

In FY 2022, it added over 400 stores in pan India.

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Lenskart had raised $25 million from existing investor Epiq Capital in its ongoing Series I round, informs Peyush Bansal, CEO and Co-Found.

Last month, the company raised $100 million from Alpha Wave Incubation.

Lenskart is currently negotiating with investors to raise $200 - 250 million funds to boost its valuation to $4.5 - 5 billion.

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The eyewear retailer opened its 1,000th store in Karol Bagh, Delhi.

Spread across 600 sq ft, the store features Lenskart’s flagship products including sunglasses, eyeglasses, and contact lenses.

Additionally, it provides free eye testing and specialized eye clinics, adds Bansal. Currently operational in Singapore, Dubai, and the US, Lenskart also aims to expand its store network in existing global and South East Asian markets like Indonesia and Vietnam.

It plans to increase its global customer base to $1 billion by 2027.

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