KKR will invest $95 million in Lenskart via secondary stake acquisition. It making its investment from its Asian private equity fund. Avendus Capital advised Lenskart on the transaction. 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.
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.
Peyush Bansal, CEO of Lenskart, said, “I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally. In the next five years, we aspire to have 50 percent of India wearing our specs.” He said KKR’s investment 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, 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.”
Established in 2010, Lenskart serves customers through its omni-channel channel. In 2019, it expanded to Singapore where it is now a key service provider for optical.