Eyewear startup Lenskart has raised $100 million (₹821.76 crore) in funding from private equity firm ChrysCapital, through primary and secondary share sales.
What Happened? The latest funding brings the total investment in the SoftBank-backed omnichannel eyewear firm to $850 million (₹6,984.32 crore) in the last year, according to a statement.
Lenskart’s future plans include the establishment of a new factory to manufacture and ship 20 million pairs of eyewear next year, further boosting its production capacity. Despite reporting losses in FY22, Lenskart remains confident in its growth prospects.
“This investment aligns with ChrysCapital's strategy of backing founders that are category creators and who leverage technology to offer an outstanding customer experience,” said Rajiv Batra, senior vice president at ChrysCapital Advisors.
The latest fundraise comes after Lenskart recently raised $500 million (₹4,108.02 crore) from a subsidiary of Abu Dhabi Investment Authority (ADIA) at its current valuation of $4.5 billion (₹36,975.82 crore), solidifying its position as one of the most well-funded startups in India’s eyewear industry. At the time, the company had said its revenue grew by 60% for the second year in a row and it was profitable.
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Lenskart currently competes with Tata’s Titan Eyeplus and is set to face a challenge from Reliance Retail‘s entry into the eyewear space.
India’s eyewear market is highly competitive, with players like Coolwinks, Lawrence & Mayo, GKB Lens, and Ray-Ban vying for market share alongside Lenskart. However, with its substantial funding, Lenskart is well-positioned to scale its operations and expand its offline presence.
Lenskart has a customer base of 20 million users across India and is also exploring international markets in Asia, the Middle East, and other regions.
Founded in 2008, Lenskart became a unicorn in 2019 and has attracted investments from prominent firms such as SoftBank, Alpha Wave Global, Temasek, KKR, and TPG.
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