Lenskart an online eyewear solutions company is eyeing for potential acquisitions. They plan for a strategy to bring more innovation in the industry. LensKart backers count Unilazer Ventures, International Finance Corp, PremjiInvest, TPG Growth, Adveq and IDG Ventures India as primary backers.
Lenskart has raised more than 600 crore VC money. It is looking out for ventures that are currently either at a very early stage of their lifecycle. Companies that could be on the cusp of releasing their products. Based on the opportunities available, could shell out up to 70 crore for a potential acquisition, or pick up majority stakes in several early-stage ventures, in India and abroad, particularly in the US.
“We are looking at companies that are innovating in the eyewear space from ventures that are working on eyewear instruments, startups working in the virtual reality space, technologies related to developing new types of lenses and portable eyewear equipment anything that makes eyewear more affordable and available to the masses,” Said CEO Bansal.
“I think there are a lot of entrepreneurs that are working on these ideas, but may have suffered from a paucity of capital, the right platform to test the technologies, or the product is still in development stage. We can give them that platform and continuous feedback, given our large consumer base,” he said.
With the current annual revenue run rate of over Rs 350 crore, with a target of reaching Rs 2,500 crore in the next four years, Lenskart is aggressively building an omni-channel play and take on Titan, which is also eyeing an online retail play for its eyewear business. Company has currently 250 stores across the country and expecting to be profitable by 2018 with about 500 stores at that time.