Omni-channel eyewear retailer Lenskart on Monday announced the signing of definitive agreements with global investment firm KKR, under which the latter will invest $95 million in Lenskart via a secondary stake acquisition. Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers' virtual and omni-store experience.
As part of the transaction, existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in the company.
Lenskart was launched with a vision to revolutionise eyewear in India and now globally. Established in 2010, the company today is the largest service provider for eyewear in India, serving over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across the country.
In 2019, Lenskart also expanded to Singapore - marking its foray into Southeast Asia - where it is now a key service provider for opticals.
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.”
KKR is making its investment 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 digitalised, 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.
Gaurav Trehan, Partner at KKR, said: "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."
Avendus Capital advised Lenskart on the transaction. Additional details of the transaction were not disclosed.