SoftBank-backed omni-channel eye-wear retailer Lenskart has picked up a majority stake in it. own day – Japan’s direct-to-consumer eyewear brand – the company said. The strategic partnership through this merger will create Asia’s largest omni-channel eyewear retailer, the company said.

acquisition will extend county mapPresence in 13 markets in Asia including Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan.

As part of the deal, OnDase’s majority shareholders – L Catterton Asia and Mitsui & Co., major investment Will sell its stake to Lenskart. The company has not yet disclosed the size of the deal.

Cofounder – CEO of Ondays Shuji Tanaka and COO Tek Umiam — will remain as shareholders and lead OnDaze’s management team following the deal. The company noted that it will continue to operate as a separate brand.

“With Ondays, we go one step further toward democratizing eyewear. I Know Shuji-Sano [Tanaka] and tek-san [Umiyam] for more than five years. I have been a fan of the disruptive brand and customer experience they have created,” said Piyush BansalCofounder, and CEO of Lenskart.

According to the ET report, Lenskart is currently closing a $250 million funding round led by Alpha Wave Global at a valuation of $4.5-5 billion. As a part of the funding exercise, it has already increased
$28 million from Avendus Future Leaders Fund II and approximately $100 million from Alpha Wave GlobalRegulatory filings showed.

Recently, it said that its Singapore-based subsidiary Neso Brands, which invests in eyewear brands,
has raised over $100 million in its first funding round.

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