Lenskart Scores a Whopping $100 Million Funding from ChrysCapital
Within the past year alone, Lenskart has received a total capital infusion of nearly $850 million, following its latest investment.
16 June 2023
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Jayashri Ghorpade
Within the past year alone, Lenskart has received total capital infusion amounting to nearly $850 million, with the latest investment being the most recent addition.
Lenskart secured a $500 million investment from Abu Dhabi Investment Authority (ADIA) earlier this year.
The recent investment from ChrysCapital will further support Lenskart's growth aspirations and bolster its position as a prominent global player in the eyewear industry.
Private equity player ChrysCapital has invested $100 million in Lenskart, the eyewear unicorn. With this recent funding, Lenskart has received a total capital infusion of nearly $850 million in the past year alone.
Lenskart has expressed that the investment from ChrysCapital will support its growth plans and further strengthen its position as a global leader in the eyewear industry.
Peyush Bansal, the founder and CEO of Lenskart, highlighted the potential of eyewear as a lifestyle category, comparing it to shoes, apparel, and watches, and emphasizing that Lenskart is still at an early stage in its journey of transforming the way people see and experience the world.
Avendus Capital served as the financial advisor to Lenskart and its shareholders during this deal.
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Earlier this year, Lenskart secured $500 million in funding from Abu Dhabi Investment Authority (ADIA), primarily through a secondary share sale and a smaller primary round focused on growth equity.
Founded in 2010, Lenskart is India's largest omnichannel eyewear retailer, expanding its presence in Singapore, UAE, and other regions. The company currently boasts a customer base of 20 million in India.
Lenskart is actively pursuing international expansion in Asia and the Middle East, recently acquiring OWNDAYS, Japan's largest online eyewear brand, in a deal valued at $400 million. Additionally, the company has launched Neso Brands, an eyewear-focused e-commerce roll-up brand inspired by the Thrasio model. To further expand its customer base, Lenskart is working on vertical integration through the establishment of a new manufacturing facility, which will enable the brand to maintain competitive prices.
Despite its aggressive growth strategy, Lenskart reported a consolidated loss of INR 102.3 crore in FY22, in contrast to a profit of INR 28.9 crore in FY21. However, the company's revenue from operations witnessed an impressive surge of 66%, reaching INR 1,502.7 crore compared to INR 905.3 crore in FY21.
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