Indian eyewear unicorn Lenskart has successfully raised $100 million in funding from private equity firm ChrysCapital. This investment marks Lenskart’s total capital infusion to nearly $850 million in just one year.
Lenskart stated that the funding 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, emphasized the early stage of the eyewear category’s evolution and the potential to enhance people’s quality of life through innovative glasses, similar to what has been seen in the shoe, apparel, and watch industries. Bansal expressed that Lenskart is committed to transforming the way people see and experience the world.
The financial advisory firm Avendus Capital acted as the advisor to Lenskart and its shareholders during the deal.
Earlier this year, Lenskart secured $500 million in funding from the Abu Dhabi Investment Authority (ADIA). The sovereign wealth fund mainly invested through a secondary share sale, along with a small primary round focused on growth equity.
Established in 2010, Lenskart is India’s largest omnichannel eyewear retailer with an expanding presence in Singapore, the UAE, and other regions. The company currently serves a customer base of 20 million in India.
Lenskart is actively expanding its international footprint, particularly across Asia and the Middle East. In pursuit of international growth, the eyewear unicorn acquired OWNDAYS, Japan’s largest online eyewear brand, in a $400 million deal.
Additionally, Lenskart has launched Neso Brands, an eyewear-focused e-commerce roll-up brand inspired by Thrasio’s model. The company is also working on vertical integration through a new manufacturing facility, which will enable Lenskart to maintain competitive pricing and enhance its customer base.
While Lenskart reported a consolidated loss of INR 102.3 crore in FY22, compared to a profit of INR 28.9 crore in FY21, its revenue from operations experienced a significant surge of 66% to INR 1,502.7 crore from INR 905.3 crore in FY21.
