Lenskart, a Delhi-based omnichannel eyewear startup, has raised $95 million in a secondary equity acquisition from global investment firm KKR. Existing investors TPG Growth and TR Capital, which first invested in Lenskart in late 2014, will each divest a portion of their holdings in the company as part of the transaction, according to a news release from KKR.
Lenskart was advised by Avendus Capital on the purchase. The transaction’s specifics were kept under wraps.
KKR will use its experience working with leading technology and eyewear companies across the world to help Lenskart expand its position in India, scale its growing operations worldwide, and improve its digital products to enhance customers’ virtual and omni-store experiences, once the deal is completed.
“At Lenskart, we are obsessed with our consumers, technology, and making the world a better place through conveniently accessible, best-quality eyewear,” stated Peyush Bansal, CEO. Because to a lack of access, awareness, and high-quality, cheap treatments, just a minority of India’s 600 million people and 4.5 billion people worldwide require vision correction.
“Lenskart was formed to bridge this gap by utilising technology to make eyewear available to everyone — initially in India, and now globally.” Through revolutionary products like Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU, we are also working on the greater human agenda of increasing people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear,” said Peyush Bansal, CEO of Lenskart..
Lenskart was founded in 2010 with the goal of revolutionising eyewear in India, and now around the world. Through its omnichannel shopping experience, which includes an online store, a smartphone app, and 730 omni-channel locations in 175 cities around the country, the 11-year-old company attracts over seven million people each year.
“As a technology-driven business, Lenskart is a strong, domestic disruptor in India’s fast developing eyeglasses industry,” said Gaurav Trehan, Partner at KKR. “We are very happy to work with Peyush and Lenskart’s amazing management team to support the company’s growth and innovation in India and beyond, as well as to further its aim of providing inexpensive, accessible eyewear to everyone,” Gaurav said.
In 2019, the startup made its debut in Singapore. A virtual 3D try-on tool, AI-powered facial mapping and frame recommendation features, developed skills storefronts with seamless omni-channel engagement, footfall monitoring beacons, heat maps, demographic insights, and sophisticated supply-chain & inventory-management systems are all available through Lenskart’s digital offerings.
Peyush went on to say that the team has only begun to scrape the surface of the market. “In the next five years, we want half of India to be wearing our glasses. Today’s declaration is a turning point and a significant step toward that aim. Given their extensive expertise dealing with prominent worldwide eyewear retailers such as National Vision and 1-800 Contacts, as well as technology-focused firms around the world, we are happy to welcome KKR as an investor. We look forward to collaborating with KKR to help Lenskart reach its next level of success.”
