Lenskart Secures $100 Mn Funding From ChrysCapital

Eyewear unicorn LensKart has secured $100 Mn investment from private equity player ChrysCapital. This latest investment brings Lenskart’s total capital infusion to nearly $850 Mn within the past one year.

Lenskart said the investment from ChrysCapital would help its growth plans and strengthen its position as a global eyewear leader.

“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. And hence it is still Day 1 at Lenskart in our journey of transforming the way people see and experience the world,” Peyush Bansal, founder and CEO of Lenskart, said.

Avendus Capital was the financial advisor to Lenskart and its shareholders for this deal.

Earlier this year, Lenskart raised $500 Mn from Abu Dhabi Investment Authority (ADAI). The sovereign wealth fund said it would mostly invest through a secondary share sale with a small primary round consisting of growth equity.

Founded in 2010, Lenskart is India’s largest omnichannel eyewear retailer with a growing presence in Singapore, UAE & other geographies. Lenskart currently has a customer base of 20 Mn in India, the company said.

Lenskart is also expanding internationally across Asia and the Middle East. In its bid to push international expansion, the eyewear unicorn acquired Japan’s largest online eyewear brand, OWNDAYS, in a deal worth $400 Mn.

It has also launched a Thrasio-styled eyewear-focussed ecommerce roll-up brand, Neso Brands. Further to expand its customer base, Lenskart is also working on vertical integration with a new manufacturing facility that will allow the brand to keep prices competitive.

The eyewear unicorn reported a consolidated loss of INR 102.3 Cr in FY22 against a profit of INR 28.9 Cr in FY21. Lenskart’s revenue from operations surged 66% to INR 1,502.7 Cr from INR 905.3 Cr in FY21.