ChrysCapital has invested $100 million in Lenskart, the two companies said Thursday, bringing the Asian eyeglasses startup’s total funding raised in the last year to $850 million as it extends its portfolio and worldwide reach.
According to the two, the Indian private equity group is investing $100 million in Lenskart via both main and secondary deals. The new investment comes on the heels of the Abu Dhabi Investment Authority’s announcement of a $500 million investment in Lenskart. This investment, like the one from ChrysCapital, is a follow-up to last year’s round, which valued the Indian business at over $4.5 billion.
“ChrysCapital is one of the most esteemed Indian equity partners, and it is my privilege to have them by our side. 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,” said Peyush Bansal, founder, and chief executive of Lenskart, in a statement.
SoftBank and Alpha Wave Global are among the investors in the 12-year-old Indian eyewear firm, which distributes eyeglasses, sunglasses, contact lenses, and other eyewear accessories. It has grown to become one of India’s leading eyewear businesses by undercutting the competition and selling excellent spectacles at low rates.
Lenskart has been able to keep pricing low because it is increasing efficiency in the eyeglasses market, according to Bansal in a recent interview with TechCrunch. According to him, the company has developed the competence to produce its own spectacles and contact lenses, and for several technologies, it is the sole licensing partner for global corporations in India.
The firm, which presently operates in India, Southeast Asia, and the Middle East, sells its eyewear online and via over 2,000 shops, three-fourths of which are located in India. The company is launching more than seven shops every week and expects to produce 20 million pairs of glasses next year.
Hundreds of millions of Indians need vision correction, however, only a small percentage of this population now wears glasses or contacts. Bansal said that the firm would continue to grow its operations in India and other foreign areas where it already has a presence since they are neglected.
But, he says, what has benefited Lenskart and the eyewear sector, in general, is how swiftly Indians are embracing glasses. People buy up to four pairs of glasses every two years, a number that is quickly approaching five, he added, referring to a similar trend in trainer sales.
“ChrysCapital is excited to back a strong execution-focused management team that has established a dominant market leader in the eyewear segment. Lenskart has been instrumental in developing this market, driven by its unwavering commitment to exceptional customer satisfaction, affordability, and reliability. 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,” said Rajiv Batra, SVP at ChrysCapital, in a statement.
