 "Lenskart")
Private equity player ChrysCapital is investing $100 million in eyewear brand Lenskart via primary and secondary share purchases. The latest investment brings Lenskart's total capital infusion to nearly $850 million within the past year.
However, it could not be ascertained at what valuation has the company raised this round. In March this year, it raised $500 million from Abu Dhabi Investment Authority, which was an extension to the fund they raised last year and the valuation remained at $4.5 billion.
This long-term investment supports Lenskart's growth plans and strengthens its position as a global eyewear leader, said the company in a statement.
“ChrysCapital is one of the most esteemed Indian equity partners, and it is my privilege to have them by our side. 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. And hence it is still Day 1 at Lenskart in our journey of transforming the way people see and experience the world,” Peyush Bansal, founder & CEO of Lenskart, said.
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. In order 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.
"ChrysCapital is excited to back a strong execution-focused management team that has established dominant market leadership in the eyewear segment. 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," Rajiv Batra, senior vice president at ChrysCapital Advisors, said.
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Avendus Capital was the financial advisor to Lenskart and its shareholders. For this transaction, 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 incidence of myopia is 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.
