Moneycontrol News

Online eyewear retailer Lenskart plans to open 200 more stores by December this year, the company said in a statement.

Founded in 2010, Lenskart is an online retailer of eyewear, backed by Unilazer Ventures and Premji Invest.

“Omni channel is the right way to build consumer backward retail. We have implemented lot of innovation in our stores to keep them small, lean and profitable. We have opened 90 stores in 90 days, and this is because of technology and process while keeping the front-end simple," said Peyush Bansal, Founder and CEO at Lenskart.

The stores are unique in that they don’t store inventory and orders are placed through an iPad and served from a central warehouse.

Lenskart raised USD 30 million from Premji Invest in 2016 in Series E funding and is now present in more than 80 cities in India.

It has raised a total of USD 126 million in seven years of existence from investors such as DSG Ventures, Ronnie Screwvala-led Unilazer Ventures, TPG Growth, TR Capital and IFC.

The company recently roped in Snapdeal’s former senior executive and head of category management, Saurabh Bansal, as its senior vice president and head for buying and merchandising.

The company has stores in major metros as well as smaller cities such as Agartala, Ludhiana, Vadodara, Kota and Vizag.

As per estimates, about 550 million people in the country need reading glasses, but only 170 million people wear them.