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Eyewear startup Lenskart has successfully raised $100 million in funding through share sales to private equity firm ChrysCapital. This achievement is noteworthy considering the overall decline in funding for private companies. Just a few months ago, Lenskart secured a significant funding round of $500 million from a subsidiary of the Abu Dhabi Investment Authority (ADIA), making it one of the largest funding rounds in recent history. The company's valuation currently stands at over $4 billion.
“Incidences of myopia are rapidly growing globally, especially in Asia, including India, with big unsolved problems of access, affordability, and awareness. 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," said Peyush Bansal, founder, and CEO of Lenskart.
With a customer base of 20 million individuals, Lenskart remains focused on expanding its presence within India. However, the company also has its sights set on international expansion throughout Asia and the Middle East. Lenskart highlights its recent acquisition of Owndays, which opens doors for expansion into more than 10 Asian countries, further solidifying its market reach.
Rajiv Batra, SVP of ChrysCapital Advisors, commends Lenskart for its strong management team, emphasizing their execution-focused approach and dominant position in the eyewear sector. Batra explains that this investment aligns with ChrysCapital's strategy of supporting visionary founders who revolutionize their respective industries and leverage technology to deliver exceptional customer experiences.
By securing this additional funding, Lenskart has accumulated a total capital infusion of nearly $850 million within the past year. This financial boost will undoubtedly contribute to the company's ambitious plans for growth and innovation, ensuring that they continue to lead the eyewear market both domestically and internationally.
— Harshita Kumar
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