Investment firm KKR is to invest US$95 million in Indian omnichannel eyewear brand Lenskart via a secondary stake acquisition.
As part of the deal, existing investors TPG Growth and TR Capital will each divest a portion of their holding in Lenskart. Under the partnership, KKR will support Lenskart to expand its presence in India and overseas together with enhancing its digital offerings.
“I feel we are still scratching the surface and have a lot of work to do over the next 10 years in India and globally,” said Peyush Bansal, CEO of Lenskart. “In the next five years, we aspire to have 50 per cent of India wearing our specs.
“We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”
As a tech-driven company, Lenskart’s offerings include a virtual 3D try-on tool, AI-powered facial mapping and frame recommendations features and smart physical stores with omni-channel experience. Lenskart is KKR’s latest investment from its Asian private equity fund with focus on technology.
Founded in 2010, Lenskart is India’s largest eyewear retailer with 730 omni-channel stores across the country. The brand expanded into Southeast Asia with its first store in Singapore in 2019.