Delhi-based omnichannel eyewear startup Lenskart has raised $95 million investment from global investment firm KKR via a secondary stake acquisition. A press note by KKR said as a part of the transaction, existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in the Company.
Avendus Capital advised Lenskart on the transaction. Additional details of the transaction were not disclosed.
Once the transaction is completed, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omni-store experience.
Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions.
“Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”
An eye on revolutionising the sector
Founded in 2010, Lenskart aims to revolutionise eyewear in India and now globally. The 11-year old company has over seven million customers annually through its omnichannel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across the country.
Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”
The startup had launched in Singapore in 2019. Among Lenskart’s digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions.
Peyush added that the team has just started scratching the surface of the market. “In the next five years, we aspire to have 50 percent of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”