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The Silicon Review Asia

Lenskart acquires majority stake in Japanese eyewear, Owndays

Lenskart acquires majority stake in Japanese eyewear, Owndays

Lenskart sells 10 million pairs of eyewear every year and has 20 million app downloads

Lenskart, the Omnichannel eyewear unicorn, entered into a deal to take a majority stake in Japanese eyewear brand Owndays. The deal is reportedly around $400 million. The merged firm will now cater to 13 markets across Asia and India, including Thailand, Singapore, Philippines, Taiwan, Indonesia and Malaysia, and Japan. Owndays Co-founders of Owndays, CEO Shuji Tanaka and COO Take Umiyama, will continue to be the shareholders and lead the management team. Lenskart, with its 300-person engineering team, is estimated to scale up to 500 people in FY23 and will focus on building a stronger online and Omni experience for Owndays. The company is also expected to continue its rapid expansion in India and South East Asia to serve the mass to mid-premium segments, whereas Owndays will focus exclusively on the premium segments.

Founded in 2010, Lenskart sells over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Dubai, and Singapore. Lenskart is funded by Falcon Edge Capital, Kedaara Capital SoftBank, KKR, Temasek, and Premji Invest, among others. Owndays, on the other hand, has around 460 stores across 13 markets in the region.

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