Lenskart has announced its plans to invest up to $2mn in each of the selected start-ups that are synergistic to the eyewear, eye-care and omni-channel retail sectors. In addition to the infusion of capital, select start-ups will benefit from Lenskart’s phenomenal market access via 700+ retail stores and online channels across India, Singapore, Middle-East and the US.
The access to Lenskart’s state of the art vertically integrated supply chain, word class technology stack for facilitating omni channel retail, tech expertise in building futuristic technologies for eyewear will provide select start-ups the right ecosystem to build consumer centric, technology-led, disruptive products and services. Apart from this, senior leadership team at Lenskart will mentor the start-ups to navigate challenges during the early phase of business building.
Speaking on the launch, Peyush Bansal, founder and CEO of Lenskart said, “We have traversed the challenging journey as a start-up to become a unicorn. We believe it’s time to give back to the ecosystem and support exceptional entrepreneurs by helping them build scalable enterprises. We have a decade of experience and expertise in building and scaling a D2C business through technology which can be leveraged by start-ups to realise their vision of building world class businesses.”
Since the initiative is designed to help start-ups scale, Lenskart will select early-growth stage ventures with clear in-market evidence of traction and customer adoption.
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 e-commerce.
The Lenskart Vision Fund initiative is being run in partnership with Applyifi.com and endeavours to attract start-ups that have a clear product-market fit and a defensible competitive differentiator.