Eyewear retailer Lenskart has raised $100 million from homegrown private equity firm ChrysCapital through a mix of primary and secondary share purchases, according to a press statement.
With a customer base of 20 million customers, Lenskart said it will continue to widen its reach within India. Additionally, the company is also expanding internationally across Asia and the Middle East.
Last year, the company acquired Japan’s Owndays in a $400-million deal to expand its presence across Singapore, Thailand, Taiwan, Philippines, Indonesia, and Malaysia.
Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart joined the unicorn club in 2019. It also counts SoftBank, Premji Invest, Alpha Wave Global, Temasek, and KKR among its investors.
Lenskart became a household brand in India by offering steep discounts on premium eyewear. It sells eyeglasses, sunglasses, contact lenses and accessories.
The company currently operates 2,000+ stores, of which 1,500 are in India and the rest are in Southeast Asia and the Middle East.
Lenskart’s big funding round comes despite the ongoing funding winter driven by multiple factors such as rate hikes in developed markets, the geopolitical situation in Eastern Europe, and COVID-related supply-chain shocks.
Indian startups raised a total of $3.36-billion funding in the first quarter of 2023, down 72% from the last year, according to DealStreetAsia DATA VANTAGE’s latest report India Deal Review: Q1 2023.
At this run rate, Indian startups are expected to raise just over $13 billion in 2023. In comparison, startups had raised $12 billion in the first quarter of 2022 alone. For the entire 2022, startup fundraising stood at $26.5 billion, down sharply from the $46 billion raised in 2021.
Including the latest round, Lenskart has raised nearly $850 million in the last year. In March, the company announced a $500 million investment from the Abu Dhabi Investment Authority (ADIA).
In 2022, through a series of transactions, Lenskart raised $40 million from Chiratae Ventures, DSP India Fund in November; $12.5 million from Manyavar Owners Ravi Modi Family Trust in August; $28 million from Avendus Future Leaders Fund II in June 2022; and $100 million from Alpha Wave Ventures in April.