India-based eyewear retailer Lenskart has secured a $100 million investment from private equity firm ChrysCapital, raising the eyewear company’s capital investment to approximately $850 million within the past year.
The company will use the investment for its further expansion in the Middle East and Asia.
Senior VP at ChrysCapital Advisors, Rajiv Batra, said: “This investment aligns with ChrysCapital’s strategy of backing founders that are category creators and who leverage technology to offer an outstanding customer experience.
ChrysCapital’s capital infusion follows Abu Dhabi Investment Authority’s investment of $500 million in Lenskart earlier this year, which increased the brand’s value to around $4 billion.
Founder and CEO of Lenskart, Peyush Bansal, said: “At Lenskart, we like to work with partners who have a long-term vision to create organisations that can consistently improve lives and make the world a better place.
“ChrysCapital is one of the most esteemed Indian equity partners, and it is my privilege to have them by our side.”
The brand operates eight outlets in the UAE, aiming to bring the total number of its locations in the region to 200 by 2024.
In July 2022, to reinforce its e-commerce operations, Lenskart partnered with the region’s leading online shopping destination Noon.com.
Last year, the company acquired a majority stake in Japanese eyewear brand Owndays from L Catterton and Mitsui & Co, to become one of the largest omnichannel retailers in Asia.
“With the acquisition of Owndays, there is an opportunity for Lenskart to expand across more than 10 Asian countries in addition to the already large Indian market,” added Mr Batra.
