Indian omnichannel eyewear retailer Lenskart has revealed plans to increase its physical store network in South-East Asia.

The company aims to open more than 75 stores in the region by next year.

As part of this expansion, Lenskart will also debut in two new markets, Indonesia and Vietnam, by March.

The announcement comes shortly after the retailer added to its footprint in Singapore by opening its 20th store in the country.

Lenskart also launched its first mobile app to serve the increasing online demand for eyewear in Singapore. The app is available for both iOS and Android users.

Lenskart South-East Asia chief business officer Anantha Nayak said: “We are aiming to expand the Lenskart brand from its current 20 stores to more than 75 in the region by the end of 2022.

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“Our technology-first approach has enabled us to reach and delight more consumers both online and in our retail stores.

“The interchange of technology and digital processes gives seamless experience including trying thousands of frames at home via augmented reality (AR) technology.

“With the expansion in Indonesia and Vietnam, we are eagerly looking forward to serving more consumers across the region with better quality products and the most advanced eyewear solutions.”

In a separate development, Lenskart is reportedly preparing to secure $250m of funding at a $5bn valuation.

According to the Economic Times, previous investors such as Temasek, KKR, Chiratae Ventures, Falcon Edge Capital and Bay Capital are expected to be part of the new round.

The retailer will use the proceeds to develop technology, support its supply chain and expand its distribution network.

A source said that this round will not precede an initial public offering (IPO), with Lenskart’s management preferring to increase its operations worldwide before deciding on a market listing within the next two or three years.