Lenskart raises $100M from private equity firm ChrysCapital
The latest funding round takes Lenskart's overall capital infusion to $850 million within the past year
Eyewear brand has raised $100 million in funding from private equity firm ChrysCapital, taking its overall capital infusion to $850 million within the past year.
The funding, done through primary and secondary share purchases, will support Lenskart's growth plans and help strengthen its position in the global eyewear space, according to a statement.
Founded in 2010, Lenskart is an omni-channel eyewear retailer with a presence in India, the US, and Singapore among other countries. It acquired Japan-based Owndays last year, expanding its footprint in Japan and other Southeast Asian markets.
Lenskart (including Owndays) has more than 2,000 stores across 10 countries, addressing a total addressable market of over $20 billion.
The Avendus-backed company raised $500 million from Abu Dhabi Investment Authority in March, taking its valuation to north of $4.5 billion. Last year, it raised funds through five funding rounds, with the biggest one being a $40 million infusion from Chiratae Ventures, DSP India Fund, and Axis Growth Avenues AIF-I.
Established in 1999, the ChrysCapital group manages $5 billion across nine funds and has realised $6.5 billion from over 75 exits in India. Some prominent portfolio companies include Dream Sports, FirstCry, and Wow Skin Science.
"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," Peyush Bansal, Founder and CEO of Lenskart, said.
"...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," Rajiv Batra, Senior Vice President of ChrysCapital Advisors, said.
Avendus Capital was the exclusive financial advisor to Lenskart and its shareholders. Shardul Amarchand Mangaldas and Allen & Overy served as the legal counsel for ChrysCapital and EY as the financial and tax advisor. Rajaram Legal served as legal counsel for Lenskart, the company said.
Edited by Affirunisa Kankudti