Global private equity firm KKR on Monday announced an investment of $95 million (about Rs 695.8 crore) in omni-channel eyewear brand Lenskart through secondary stake acquisition.
The investment will create partial exits for early investors TPG Growth and TR Capital, which bet on Lenskart in 2014.
“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,” Gaurav Trehan, partner at KKR said.
The bet will be made from the Asian private equity fund of KKR, which has also invested in edtech firm Walnut Programming, direct-to-consumer dairy brand Adopt a Cow in China as well as Japanese QR code based payment gateway, NetStars.
Founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart last raised $275 million from SoftBank vision Fund II in December 2019, joining the unicorn club. The round included primary and secondary transactions in the company.
“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Peyush Bansal, CEO of Lenskart said in the statement.
“In the next five years, we aspire to have 50% 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,” he added.
Lenskart claims to have a network of 730 omni-channel stores across 175 cities in India, apart from operations in Singapore. The company recently announced the acquisition of micro delivery startup, DailyJoy and an investment in setting up a technology hub in Hyderabad.
The company turned profitable in the financial year 2019-20, clocking profits of Rs 6.32 crore for the year. It registered Rs 900.37 crore in revenue from operations for the year.