Indian startup Lenskart raised USD 95 million investment from global investment firm KKR via a secondary stake acquisition, as announced on May 17, 2021.
Existing investors –TPG Growth and TR Capital who invested in Lenskart in 2014 will sell their portion of their holdings in the Company, as a part of the transaction process. The further details of the transaction have not been disclosed.
KKR will help Lenskart in expanding its presence in India, increasing its operations overseas, and strengthening its digital offerings to increase the customer’s virtual and Omni-store experience.
About Lenskart
Founded in 2010, by Amit Chaudhary and Peyush Bansal, Lenskart is the first optical store in India that has made it possible for customers to acquire a good pair of specs with the prescription lens at the comfort of their homes. With a 48 hour free home delivery guarantee and 365 days return policy, Lenskart.com has been able to achieve what no other e-commerce hasn’t been able to in India.
Today, Lenskart has 730 Omni channels stores in 175 cities across the country, it has the biggest collection of discounted contact lenses having all top brands like Johnson &Johnson, Bausch &Lomb, Ciba Vision. The aim of the company is to provide the customers with a simple, hassle-free way to replace their contact lenses. The customers receive the exact same lens, their doctor prescribed delivered at their doorstep.
What does the CEO say?
“At Lenskart, we are obsessed with our customers, technology, and making the 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.”
“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.”
What does the investor say?
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.”
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