Singapore-based Neso Brands said it would partner with and invest in consumer eyewear brands globally and grow them by leveraging synergies across the Lenskart Group.
Eyewear group Lenskart is the latest entrant into brands roll-up in India, a space that has been heating up with companies such as Firstcry-backed Globalbees, Mensa, Goat Brands and Rebel Foods starting to aggregate direct-to-consumer brands across segments such as beauty, fashion, home décor and food. Close to $700-800 million of investments have already flown into the sector from risk investors, an ET analysis shows.
Lenskart is one of the earliest unicorns in the D2C space. It recently raised $100 million from Alpha Wave Capital and was last valued at $4.3 billion.
“Consumers want better and better every day and while people's quality of life has been uplifted through all other lifestyle products such as shoes, apparel and wearables, eyewear products are the same old with no innovation, just more expensive … Neso is our initiative to partner with founders globally to help create eyewear brands of the future,” said Peyush Bansal, CEO of Lenskart.
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Lenskart, founded in 2010, says it serves more than 10 million customers with a presence in 235 Indian cities and Singapore. It has also now entered the Middle East and the US.