Comments
Eyewear brand Lenskart has raised $100 million in funding via primary and secondary share sales from private equity firm ChrysCapital.
This latest investment brings Lenskart’s total capital infusion to nearly $850 million within the past year. This long-term investment supports Lenskart’s growth plans and strengthens its position as a global eyewear leader.
Peyush Bansal, Founder and CEO of Lenskart said, “We like to work with partners who have a long-term vision to create organisations that can consistently improve lives and make the world a better place. ChrysCapital is one of the most esteemed Indian equity partners, and it is my privilege to have them by our side.”
Incidences of myopia are rapidly growing globally, especially in Asia, including India, with big unsolved problems of access, affordability, and awareness.
Lenskart believes that with the help of technology, customer centricity, and big investments in supply chain and talent, it can eradicate the problem of vision correction, Bansal added.
The partnership between ChrysCapital and Lenskart is rooted in the shared vision of creating a leading global eyewear brand through innovation, customer-centricity, and technology, said the PE firm.
Avendus Capital was the exclusive financial advisor to Lenskart and its shareholders.
Rajiv Batra, Senior Vice President, ChrysCapital Advisors said, “Lenskart has been instrumental in developing the eyewear market, driven by its unwavering commitment to exceptional customer satisfaction, affordability, and reliability. 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.”
Reaching larger market
With a customer base of 20 million customers, Lenskart continues to widen its reach within India. Additionally, the company is also expanding internationally across Asia and the Middle East.
Further to expand its customer base, the company has embarked on vertical integration with a new manufacturing facility that will allow the brand to keep prices competitive, offer superior delivery times, and exceed customer expectations.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.