Private equity firm ChrysCapital is reportedly eyeing a $100 million investment in Lenskart, an omnichannel eyewear retailer, at a valuation of $4 billion. If finalized, this would be one of ChrysCapital’s largest investments in a new-age entity. The new funding will bring Lenskart’s total ongoing funding round to around $500 million. Stocks will change hands from existing to new investors, and the money won’t go into the company’s coffers. Lenskart previously routed secondary share sales to pave the way for partial exits to investors like Chiratae Ventures and others.
Lenskart, founded in 2010, has emerged as a leading eyewear brand in India, offering a wide range of eyeglasses, sunglasses, contact lenses, and accessories. The company has disrupted the traditional eyewear industry with its omnichannel retailing approach, which integrates online and offline channels to provide customers with a seamless shopping experience.
Omnichannel retailing has been a game-changer for Lenskart, allowing it to expand its reach and tap into new customer segments. The company operates over 700 stores across 175 cities in India, in addition to its e-commerce platform. Lenskart’s online platform accounts for 70% of its sales, while its offline stores provide customers with a personalized touch, including free eye exams, and try-and-buy options.
The company has also invested heavily in technology to enhance its customer experience. Its 3D Try-On feature allows customers to try on eyeglasses virtually, using their smartphone or computer camera, while its AI-powered virtual assistant, “Ask An Expert,” helps customers find the right eyewear based on their face shape, skin tone, and style preferences.
Lenskart attracts major investor interest
Lenskart’s success has not gone unnoticed, with several investors lining up to pour money into the company. The latest investor to join the fray is private equity firm ChrysCapital, which is reportedly in talks to invest $100 million in Lenskart, at a valuation of $4 billion. This investment, if finalized, would be one of ChrysCapital’s largest investments in a new-age entity. This news was reported in the Economic Times.
Lenskart has already raised around $800 million in funding from investors such as SoftBank Vision Fund, Kedaara Capital, TPG Growth, and others. The company plans to use the latest funding to expand its retail footprint, invest in technology, and strengthen its supply chain.
In addition to its core business of selling eyewear, Lenskart has also diversified into other areas such as insurance, eyewear recycling, and eyewear manufacturing. The company’s manufacturing unit, John Jacobs, offers premium eyewear brands such as Ray-Ban, Oakley, and Vogue.
With its omnichannel approach, focus on customer experience, and innovative offerings, Lenskart has become a force to reckon with in the eyewear industry. The company’s ability to adapt to changing consumer preferences and leverage technology has helped it stay ahead of the curve. As the company continues to grow and expand, it will be interesting to see how it shapes the future of eyewear retailing in India and beyond.