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KKR invests $95 million in Lenskart

Peyush Bansal, the chief executive officer of Lenskart, has said the company was thrilled to welcome KKR as an investor given their significant experience working with eyewear retailers such as National Vision and 1-800 Contacts. ( Praedep Gaur/Mint)Premium
Peyush Bansal, the chief executive officer of Lenskart, has said the company was thrilled to welcome KKR as an investor given their significant experience working with eyewear retailers such as National Vision and 1-800 Contacts. ( Praedep Gaur/Mint)

  • Lenskart is to use the funding to expand its presence in India, scale its growing operations overseas, and enhance its digital offerings to augment customers’ virtual and omni-store experience

BENGALURU : Omni-channel eyewear brand Lenskart on Monday said it is raising $95 million from global investment firm KKR, in a secondary stake sale.

The eyewear retailer will use the funding to expand its presence in India, scale its growing operations overseas, and enhance its digital offerings to augment customers’ virtual and omni-store experience.

The eleven-year-old company claims to be serving over 7 million customers annually through its omni-channel shopping experience, which spans across its online platform, mobile application, and 730 offline stores in 175 cities across the country.

“At Lenskart, we are obsessed with our customers, technology, and making the world a better place through easily accessible, best-quality eyewear. I feel we are still scratching the surface and 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 eyewear retailers such as National Vision and 1-800 Contacts," said Peyush Bansal, chief executive officer of Lenskart.

Back in 2019, Lenskart also expanded to Singapore, marking its foray into Southeast Asia.

Lenskart’s digital offerings include 3-D try-on tools; Artificial Intelligence-powered facial mapping; frame recommendation features; smart physical stores with footfall tracking beacons, heat maps and demographic analytics.

“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," said Gaurav Trehan, partner at KKR.

KKR is making its investment from its Asian private equity fund.

In April, Lenskart also acqui-hired Hyderabad-based delivery startup DailyJoy to enhance its tech and engineering capabilities.

Lenskart is backed by Softbank, Kedaara Capital, Premji Invest, and Steadview Capital, among other key investors.

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