Indian eyewear startup Lenskart has secured $100 million in funding from private equity firm ChrysCapital, bringing its total capital raised in the past year to $850 million as it expands its offerings and reaches the Indian retail market. The investment was made through a combination of primary and secondary share purchases, bringing Lenskart's overall capital infusion to $850 million within the past year. The funding will be used to expand Lenskart's offerings and reach in India and internationally across Asia and the Middle East.
Who is ChrysCapital
ChrysCapital is a leading India-based investment advisory firm that was established in 1999. The firm has raised $5+ billion across eight funds, and its investors include institutions with a long-term horizon such as sovereign wealth funds, endowments, pension funds, and fund of funds. ChrysCapital has a successful track record of investing in information technology and business services, and it seeks to invest in companies operating in the business services, consumer goods and services, financial services, and healthcare sectors based in India.
Origin of lenskart
Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. Peyush Bansal, a former Microsoft employee, started the company with the goal of providing affordable and accessible eyewear to customers in India company began as an online platform but has since expanded to over 700 brick-and-mortar stores across more than 175 cities in India. In 2011, IDG Ventures India invested $4 million in the company, which helped Lenskart expand its offerings to include wristwatches, bags, and jewellery. Today, Lenskart is the largest eyewear platform in India, offering a range of products including eyeglasses, contact lenses, and sunglasses both online and offline.
• Peyush Bansal, CEO and founder of Lenskart stated that the funding will be used to expand the company's presence in India and to develop its technology
• As of 2021, the company had over 700 stores across more than 175 cities in India and had served over 10 million customers
• Headquartered in Gurgaon, Lenskart serves 20 million customers through its omni-channel approach and is expanding its presence beyond India to cover the Middle East and parts of Asia.
• This is an 80% expansion in value for the company, which was last valued at $ 2.5 billion following the close of a $315 million round in July 2021.
• Lenskart has several future expansion plans, including going public within the next three years.
• The company also plans to open more than 500 stores across India in FY 2023 with a focus on strengthening its presence in tier two and three cities.
•The company is also focused on system scalability to handle the load of its 10X scalability expansion plans.