Lenskart Secures $100 Million From ChrysCapital According to the company, the funding will support its growth plans and help strengthen its position in the global eyewear space

By Teena Jose

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Eyewear brand Lenskart has secured $100 million in funding from private equity firm ChrysCapital via primary and secondary purchases. According to the company, the funding will support Lenskart's growth plans and help strengthen its position in the global eyewear space.

"We believe that with the help of technology, customer centricity, and big investments in supply chain and talent, we can eradicate the problem of vision correction. Eyewear as a lifestyle category is at a very early stage in its evolution, and there is a lot of opportunity to make glasses that can uplift our quality of life significantly as seen in shoes, apparel, and watches," said Peyush Bansal, founder and CEO, Lenskart, in a statement.

Lenskart further said that it continues to deepen its penetration in India, while rapidly scaling its international presence in Asia and the Middle East, and also claimed that the company has 2,000 stores, of which 1,500 are in India, and the rest in Southeast Asia and the Middle East.

"With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10+ Asian countries in addition to the already large Indian market. This investment aligns with ChrysCapital's strategy of backing founders that are category creators and who leverage technology to offer an outstanding customer experience," Rajiv Batra, senior vice-president, ChrysCapital Advisors, added in the statement.

Reportedly, two months ago, Lenskart had signed definitive documents for a $500 million investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) via a purchase of both primary and secondary shares. This made ADIA one of the largest shareholders in Lenskart, which at that time was valued at $4.5 billion.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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