Lenskart subsidiary Neso Brands raises $ 100 million in funding led by KKR, others

Bombay: Neso Brands, a brand roll-up subsidiary of omnichannel eyewear retailer Lenskart, raised over $ 100 million in an initial funding round led by KKR, soft bank, Global Alpha Wave Other Temasek. This it does Lenskart the latest addition to the brand roll-up space in India.

Brands Neso plans to collaborate and invest in consumer eyewear brands around the world and grow them. It will leverage synergies between the Lenskart group to accelerate international expansion, the company said in a statement.

Headquartered in Singapore, Neso Brands said it will help the most promising direct-to-consumer (DTC) brands around the world become the brands of the future. It will host these brands and enable a faster global launch by giving them access to shared resources, specifically technology, supply chain, distribution, capital and best practices.

Bjorn Bergstrom, consumer scale-up specialist, venture capital and management consulting specialist, has joined the company as CEO, he said. He most recently held the role of Chief Growth Officer and interim Chief Product and Technology Officer at the global fashion brand NA-KD.

“Today there is a perfect storm in the eyewear industry that makes it ripe for a break. Consumers have increasingly high demands in terms of customer experience, branding and choice, but historical players have not been able to keep up by investing in the most promising new brands in the industry and leveraging centralized resources between technology, production and distribution. , Neso Brands will be uniquely positioned to scale the eyewear brands of the future, ”said Bergstrom.

Lenskart, linked to the IPO, is one of the first unicorns in the D2C space. Lately
raised $ 100 million by Alpha Wave Capital and was last valued at $ 4.3 billion.

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“We strongly believe that eyewear brands of today will not be brands of the future. And Neso is our initiative to partner with founders globally to help create eyewear brands of the future, ”said Peyush Bansal, CEO of Lenskart.

Founded in 2010, Lenskart serves over 10 million customers and is present in 235 Indian cities and Singapore, with a network of over 1,000 stores. It has also entered the markets of the Middle East and the United States.

The brand’s roll up space in India has heated up in recent times, with companies such as Globalbees, Mensa, Goat Brands, Rebel Foods, backed by Firstcry, among others aggregating D2C brands in beauty, fashion, home décor, food and other categories. The industry has already drawn $ 700-800 million in funding from venture investors, according to an ET analysis.

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