Eyewear Firm Lenskart Raises $100 Million In Fresh Funding
Lenskart, an eyewear firm, has raised $100 million in fresh funding from private equity firm ChrysCapital, taking its overall capital infusion to $850 million within the past year.
As per the firm, the funding, which was done through primary and secondary share purchases, will support its growth plans. It will also help strengthen its position in the global eyewear space.
Lenskart | Asia’s Largest Eyewear Firm
Founded by Peyush Bansal and Amit Chaudhary in 2010, Lenskart is Asia’s largest eyewear firm serving 40 Million people. The omni-channel eyewear retailer has a presence in India, the US, and Singapore, among other countries.
In 2022, it acquired Japan-based Owndays, expanding its footprint in Japan and other Southeast Asian markets.
Speaking about the development, Peyush Bansal, Founder and CEO of Lenskart, said,
“We believe that with the help of technology, customer centricity, and big investments in supply chain and talent, we can eradicate the problem of vision correction. 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.”
Lenskart has more than 1500 omnichannel stores across 175 cities in India, Singapore and Dubai. It aims to serve one billion eyes by 2025 globally. And with the acquisition of Owndays, Lenskart (including Owndays) now has more than 2,000 stores across 10 countries, addressing a total addressable market of over $20 billion.
Lenskart raised $500 million from Abu Dhabi Investment Authority in March, taking its valuation to over $4.5 billion. In 2022, it raised funds through five funding rounds, with the biggest one being a $40 million infusion from Chiratae Ventures, DSP India Fund, and Axis Growth Avenues AIF-I.
Commenting on the development, Rajiv Batra, Senior Vice President of ChrysCapital Advisors, said,
“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. This investment aligns with ChrysCapital’s strategy of backing founders that are category creators and who leverage technology to offer an outstanding customer experience.”
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