NEW DELHI: Private equity fund Chyrscapital on Thursday announced a $100 million investment in eyewear company Lenskart.
The investment at an undisclosed valuation is through a mix of primary and secondary share purchases, a statement said. This latest investment from Chryscapital brings Lenskart’s total capital infusion to nearly $850 million within the past year, the statement added.
Lenskart, which has 20 million customers, is also expanding internationally across Asia and the Middle East, it said.
The company is undergoing a “vertical integration” exercise with a new manufacturing facility that will help it keep prices competitive and aid in delivery time, it said.
“Incidences of myopia are rapidly growing globally, especially in Asia, including India, with big unsolved problems of access, affordability, and awareness,” Lenskart’s founder and chief executive Peyush Bansal said.
With the help of technology, customer centricity, and big investments in supply chain and talent, the company can help eradicate the problem of vision correction, he claimed.
Chryscapital Advisors’ senior vice president Rajiv Batra said Lenskart has a strong execution-focused management team.
“With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10+ Asian countries in addition to the already large Indian market,” Batra added.