Lenskart, an omnichannel eyewear retailer in India has raised funds to the tune of US$ 95 million from Global investment company KKR via a secondary stake acquisition. The two parties have made the announcement on Monday about the "signing of definitive agreements". The funds will be used to scale up its overseas operations and enhance its digital offerings to augment customers' virtual and omni-store experience.
Existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in Lenskart to make way for KKR.
"More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide," Peyush Bansal, CEO of Lenskart, said.
"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. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth," he added.
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR is making its investment in Lenskart from its Asian private equity fund.
Lenskart is KKR’s latest investment that supports industry-leading consumer companies enabled by technology. Recent technology-focused investments for KKR in Asia include Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, NetStars, the operator of Japan's largest QR code payment gateway, and Walnut Programming, a children’s programming education company in China. In 2020, KKR forayed into investments in the Indian Markets with investment in Reliance Jio followed by Reliance Retail in the same year.