Lenskart, loaded with cash, is looking for prospective acquisition targets

Lenskart, India’s largest online eyewear solutions firm, is analyzing prospective acquisition targets after raising INR600 crore funding in 2016. The firm, backed by Unilazer Ventures, International Finance Corp, PremjiInvest, TPG Growth, Adveq and IDG Ventures India, is looking for companies that could be on the cusp of releasing their products. The company is interested in startups working on eyewear instruments, virtual reality, technologies related to developing new types of lenses and portable eyewear equipment ¬ (anything that makes eyewear more affordable and available to the masses).

Piyush Bansal, CEO Lenskart said that “There’s a lot of innovation taking place, and we are looking within the country and outside as well… Our primary focus is twofold ¬ developing the eyewear market in India and leveraging technology to make it easier for the consumer to buy online, offline or through omni-channels.

In September’16, Lenskart had raised INR200 crore from PremjiInvest, the personal investment arm of Wipro Chairman Azim Premji. The investment fund valued the eyewear solutions firm at INR1,800 crore or $270 million. It also raised INR400 crore from World Bank arm IFC, Swiss Investment firm Adveq, TPG Growth and IDG Ventures, becoming one of the most funded online retail firm in the country.