Lenskart gets $95 million investment from KKR
India’s leading eyewear retailer Lenskart has received $95 million ($696 crore) funding from global investment firm KKR in a secondary stake sale at an estimated valuation of $2.5 billion.
As part of the transaction, existing investors TPG Growth and TR Capital will each divest a portion of their holdings in the company.
The company will utilise the funds to strengthen its presence in the Indian market, scaling operations overseas, and enhancement of its digital offerings.
Commenting on the funding, Peyush Bansal, CEO of Lenskart, in a statement said: “In the next five years, we aspire to have 50 percent 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.”
Gaurav Trehan, partner at KKR, added: “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.”
Lenskart is funded by Softbank, Kedaara Capital, TPG, IFC, Premji Invest, and other marquee investors. The start-up is described as a unicorn as its valuation has crossed $1 billion.
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