ChrysCapital, a private equity fund, has made a significant investment of $100 million in Lenskart, an omni-channel eyewear startup backed by SoftBank. The investment was made through a combination of primary and secondary share purchases, further bolstering Lenskart’s financial position. This latest infusion brings the total investment in the company to $850 million over the past year, highlighting the strong interest and confidence in Lenskart’s growth prospects.
Lenskart, which boasts approximately 20 million customers, is focused on expanding its market presence not only in India but also internationally across Asia and the Middle East. In line with its expansion strategy, Lenskart completed a noteworthy acquisition last year by purchasing Japan’s Owndays for $400 million. This strategic move allowed Lenskart to establish its footprint in markets such as Singapore, Thailand, Taiwan, the Philippines, Indonesia, and Malaysia.
The investment from ChrysCapital comes at a time when global incidences of myopia are on the rise, particularly in Asia, including India. Lenskart recognizes the significant challenges related to access, affordability, and awareness surrounding vision correction. With a firm belief in the transformative power of technology, customer-centricity, and substantial investments in the supply chain and talent, Lenskart aims to address these challenges head-on. Co-founder and CEO Peyush Bansal expressed his enthusiasm for the investment, stating that Lenskart intends to eradicate the problem of vision correction. He also emphasized that eyewear as a lifestyle category is still in its early stages of evolution, presenting ample opportunities to enhance the quality of life for individuals, similar to the impact seen in other lifestyle categories such as shoes, apparel, and watches.
Rajiv Batra, SVP of ChrysCapital Advisors, praised Lenskart’s management team for their strong execution focus and their establishment of dominant market leadership in the eyewear segment. He highlighted Lenskart’s instrumental role in developing the eyewear market and emphasized the vast potential for expansion, especially with the acquisition of Owndays. By gaining a presence in over 10 Asian countries in addition to its already substantial presence in India, Lenskart is well-positioned to capitalize on its category creator status and leverage technology to deliver an exceptional customer experience.
The investment from ChrysCapital not only provides Lenskart with additional financial resources but also serves as a testament to the company’s potential for future growth. With a commitment to addressing the global vision correction challenge and a focus on customer satisfaction, Lenskart is poised to make a significant impact in the eyewear industry, both in India and beyond.
