Lenskart funding

lenskart funding

Omnichannel eyewear startup Lenskart announced that it has raised $95 million investment from global investment firm KKR through a secondary stake acquisition. 

A press release by KKR said as a part of the deal, existing investors TPG Growth and TR Capital will respectively divest a part of their holding in the Company.

Avendus Capital advised Lenskart on the deal. Further aspects of the transaction were not revealed.

Once the deal is closed, KKR will see to use its experience working with major technology and eyewear firms globally to help Lenskart in growing its presence in India, scaling its operations abroad, and improving its digital offerings to increase customers’ virtual and Omni-store experience.

Speaking about the development, Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making the world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions.

“Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”

Established in 2010, Lenskart strives to transform eyewear in India and now globally. The 11-year old Delhi-based company has more than seven million customers yearly via its omnichannel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across India.

Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”

Peyush added that the team has just started scraping the surface of the market. “In the next five years, we aspire to have 50 percent of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”

Lenskart has emerged as the country’s leading eyewear company and has established its presence overseas too. The company seems to have huge growth prospects. My best wishes to the team of Lenskart.

Shishir Gupta, Founder and CEO, StartupLanes

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