Indian private equity firm ChrysCapital has announced a significant investment of $100 million in Lenskart, an Indian eyewear startup. This latest funding round pushes Lenskart’s total capital infusion in the past year to an impressive $850 million, as it continues to expand its product offerings and international presence.
The investment from ChrysCapital will be made through a combination of primary and secondary transactions. It follows the recent announcement by Abu Dhabi Investment Authority to invest $500 million in Lenskart, extending the previous funding round. Approximately $450 million of the $600 million raised this year constitutes secondary transactions.
Lenskart, founded twelve years ago and backed by notable investors like SoftBank and Alpha Wave Global, has quickly become one of the largest players in the eyewear industry in India. The startup’s success can be attributed to its strategy of offering premium glasses at affordable prices, thereby undercutting the competition.
Peyush Bansal, the founder and CEO of Lenskart, expressed his privilege to have ChrysCapital as a partner, stating, “ChrysCapital is one of the most esteemed Indian equity partners, and it is my privilege to have them by our side.” He further emphasized the growing global incidence of myopia, particularly in Asia, including India, and highlighted the pressing issues of access, affordability, and awareness in vision correction.
Lenskart has achieved its affordability by introducing efficiency into the eyewear sector. Bansal explained that the company has developed expertise in manufacturing its own eyeglasses and contact lenses, and also holds exclusive licensing partnerships with global firms for various technologies in India.
Operating in India, Southeast Asia, and the Middle East, Lenskart sells eyeglasses, sunglasses, contact lenses, and eyewear accessories through its online platform and a network of over 2,000 stores. The startup plans to manufacture 20 million pairs of glasses next year and is currently opening more than seven stores per week.
Bansal highlighted the untapped potential in the Indian market, where hundreds of millions of people require vision correction but only a fraction currently wear glasses or contact lenses. He emphasized that Lenskart will continue scaling operations in India and its existing international markets due to the significantly underserved population.
In addition to its expansion efforts, Lenskart has also ventured into the premium eyewear market through acquisitions like Japanese eyewear brand OwnDays and the launch of in-house brands such as John Jacobs.
