Lenskart Subsidiary Neso Brands News
Neso Brands, a subsidiary of the omnichannel brand Lenskart has raised more than $100 million during one of the biggest seed rounds of any company. Neso Brands' investors include KKR, Softbank, Alpha Wave Global and Temasek.
The company based in Singapore said it would invest in eyewear brands that appeal to consumers and expand them through synergies with Lenskart Group.
In addition to the funding, Neso Brands has also announced the appointment of Bjorn Bergstrom as the company's new CEO. Before becoming Neso's CEO, Bergstrom served as chief growth officer and interim chief technology and product officer at Sweden-based fashion brand NA-KD.
"By investing in the most promising new brands in the [eyewear] industry and leveraging centralized resources across technology, manufacturing and distribution, Neso Brands will be uniquely positioned to scale the eyewear brands of the future," Bergstrom added.
Lenskart creator Peyush Bansal has said, "It is our firm conviction that the brands of eyewear that we have today won't be the ones that will be in the near future. Neso is our plan to work with global founders to create brand names for the future of eyewear.
Lenskart had already raised $125 million over two tranches of its series I round back in April. Based on Fintrackr's estimates, the Peyush Bansal-led firm is worth $4.32 billion, and it is hoping to close the round at $5 billion.
A few days ago, ET revealed that Lenskart had registered the D2C company with Neso Brands and that it was seeking funding from the outside to fund the new subsidiary.
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Lenskart currently serves more than 10 million users and is present in 235 cities throughout India and Singapore. The company's revenue was the sum of 905.3 crores in FY21 as opposed to the figure of Rs 900 crore in FY20 as per the company's annual financial statements. In addition, the company achieved an increase in its annual profits by more than 4.6X to 28.92 crore from 6.32 million in FY20.
Neso Brands' $100 million round is the biggest seed round ever for an Indian-origin company. Established in 2022, Neso Brands is the latest addition to India's list of brands roll-up startups following the successes of two unicorns within the industry, Mensa Brands and GlobalBees. Neso Brands will only look for brands that sell eyewear and expand them to create a Thrasio-like venture.
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