PE player ChrysCapital invests $100 million in eyewear brand Lenskart
Private equity firm ChrysCapital is investing $100 million in eyewear brand Lenskart through primary and secondary equity purchases. The latest investment brings Lenskart’s total capital injection to nearly $850 million over the past year.
However, the rating raised by the company in this round cannot be ascertained. In March of this year, it raised $500 million from the Abu Dhabi Investment Authority, which was an extension of the fund it raised last year and the valuation remained at $4.5 billion.
This long-term investment supports Lenskart’s growth plans and cements its position as a world leader in eyewear, the company said in a statement.
“ChrysCapital is one of India’s most respected equity partners and it is a privilege to have them on our side. Eyewear as a lifestyle category is still in a very early stage of its development and there are plenty of opportunities to make eyewear that can significantly elevate our quality of life as seen in footwear and apparel. And so it remains Lenskart’s first day in our journey to transform the way people see and experience the world,” said Piyush Bansal, founder and CEO of Lenskart.
With a customer base of 20 million customers, Lenskart continues to expand its reach within India. In addition, the company is 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 maintain competitive pricing, offer superior delivery times, and exceed customer expectations.
“ChrysCapital is excited to support a strong, execution-focused management team that has established a dominant market leadership in the eyewear sector. With the acquisition of Owndays, there is an opportunity for Lenskart to expand into more than 10 Asian countries in addition to the already large India market,” Rajeev Batra, Senior Vice President at ChrysCapital Advisors, he said.
The incidence of myopia is increasing globally, particularly in Asia, including India, with significant unresolved problems related to access, affordability and awareness. Lenskart believes that with the help of technology, customer focus, and significant investments in supply chain and talent, it can eradicate the problem.