Lenskart , the leading omni-channel eyewear retailer, has successfully secured $100 million in funding from private equity firm ChrysCapital. This funding, which encompassed both primary and secondary share purchases, has been strategically secured to provide substantial support to Lenskart’s growth initiatives and bolster its standing in the global eyewear sector. This round of investment brings the total capital infusion for Lenskart to an impressive $850 million within the past year.
In a statement, the company expressed its commitment to leveraging this funding to expand its presence in key markets and enhance its offerings. The company, founded in 2010, currently operates across various countries, including India, the United States, and Singapore. Lenskart’s recent acquisition of Japan-based Owndays further strengthened its presence in Japan and other Southeast Asian markets. With Lenskart, including Owndays, boasting over 2,000 stores across 10 countries, the company is poised to tap into a substantial addressable market valued at over $20 billion.
This significant investment comes on the heels of the eyewear firm’s previous funding milestones. In March, the company secured $500 million from the Abu Dhabi Investment Authority, propelling its valuation to more than $4.5 billion. Last year, eyewear retailer underwent five funding rounds, with a standout infusion of $40 million from Chiratae Ventures, DSP India Fund, and Axis Growth Avenues AIF-I. The company’s rapid growth trajectory and its ability to attract notable investors exemplify its strong market position and potential.
Peyush Bansal, Founder and CEO of Lenskart, shared his vision for the company’s future, stating, “We believe that with the help of technology, customer centricity, and big investments in supply chain and talent, we can eradicate the problem of vision correction. Eyewear as a lifestyle category is at a very early stage in its evolution, and there is a lot of opportunity to make glasses that can uplift our quality of life significantly as seen in shoes, apparel, and watches.”
Lenskart global plans holds strong potential
Rajiv Batra, Senior Vice President of ChrysCapital Advisors, emphasized the strategic alignment between Lenskart and ChrysCapital. He stated, “With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10+ Asian countries in addition to the already large Indian market. This investment aligns with ChrysCapital’s strategy of backing founders that are category creators and who leverage technology to offer an outstanding customer experience.”
The funding process was facilitated by Avendus Capital, who served as the exclusive financial advisor to the firm and its shareholders. Legal counsel was provided by Shardul Amarchand Mangaldas and Allen & Overy for ChrysCapital, and Rajaram Legal represented Lenskart. EY played a crucial role as the financial and tax advisor in this funding round.
Lenskart’s ability to attract significant funding and its strategic acquisitions solidify its position as a key player in the eyewear industry. With a strong focus on technology, customer satisfaction, and expansion into new markets, Lenskart is well-positioned to shape the future of the eyewear industry and transform the way people perceive vision correction.
