A new $100 million investment in Lenskart has come from the private equity firm ChrysCapital. The investment brings the startup’s total funding to around $1.6 billion and consists of a mixture of primary and secondary share acquisitions. According to a release, the cash would aid in funding Lenskart’s goals for growth and expansion.
A mere three months after raising $500 million from the Abu Dhabi Investment Authority (ADIA) at a valuation of $4.5 billion, and at a time when investors are taking more time to close deals, Lenskart has managed to secure the support of ChrysCapital, perhaps demonstrating the viability of its business model. However, the ADIA investment was primarily of a secondary nature.
Peyush Bansal, the founder and CEO of Lenskart, stated that the lifestyle category of eyewear is still in its infancy and that there is much potential for manufacturers to create glasses that dramatically improve our quality of life, much like is done with shoes, clothing, and watches.
The omni-channel eyewear company with its headquarters in Gurgaon serves 20 million clients and is extending its reach outside of India to include the Middle East and portions of Asia. With the acquisition of Japanese D2C eyewear manufacturer Owndays, Lenskart has the chance to expand outside of India to more than 10 other Asian nations, according to Rajiv Batra, senior vice-president at ChrysCapital, which manages more than $5 billion in assets across eight funds.
