With the help of primary and secondary share purchases, Lenskart, a multi-channel eyewear company, has acquired $100 million from ChrysCapital. With this most recent investment, Lenskart has received close to $850 million in capital over the past year.
The Abu Dhabi Investment Authority (ADIA) invested $500 million in the business, according to a March announcement.
In Lenskart, the ADIA reportedly paid $4.2 billion for a 10% stake, according to reports. It was impossible to determine the Peyush Bansal-led company’s most recent valuation.
This long-term investment strengthens Lenskart’s position as the industry leader in eyewear and supports the company’s growth plans, according to a statement from the company. With 20 million customers, Lenskart will keep expanding its presence throughout India. The business is also growing internationally, into Asia and the Middle East.
With a new plant recently starting operations, the company is gradually moving a sizable portion of its manufacturing to India. One of the top direct-to-consumer eyewear brands in Japan, Singapore, and other South-East Asian markets is Owndays, a subsidiary of the company. With Owndays, the company asserts that it is present in about 2,000 stores across more than 10 nations, serving a TAM of about $20 billion globally.
In June 2022, the company acquired the majority of Owndays, a Japanese company. The majority shareholders of Owndays, L Catterton Asia and Mitsui & Co., Principal Investments, sold their shares to Lenskart as part of the agreement. Neso Brands, another subsidiary of Lenskart, raised $100 million in a seed round led by KKR, Softbank, Alpha Wave Global, and Temasek during the same time period.
One of the few unicorns, Lenskart, experienced losses in FY22. The company’s annual financial statement submitted to the Registrar of Companies (RoC) shows that operating income increased 66% to Rs 1,503 crore in FY22. In FY22, the company suffered a loss of Rs 102 crore. A profit of Rs 29 crore was made by Lenskart in the fiscal year FY21.