KKR to invest $95 million in Lenskart as existing investors divest portions of holding
KKR will make the investment in Lenskart through its Asian private equity fund.
May 17, 2021 / 09:53 AM IST
Lenskart claims to serve over seven million customers every year
KKR will invest $95 million in Lenskart through a secondary stake acquisition through its Asian private equity fund. Avendus Capital will be advising on the transaction.
Existing investors in Lenskart - TPG Growth and TR Capital - which first invested in Lenskart in late 2014, will each divest a portion of their holding in the company.
After the completion of the transaction, KKR will also support Lenskart by helping it to scale its operations overseas and enhance its digital offerings to augment customers’ virtual and omni-store experience.
“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Lenskart CEO Peyush Bansal said in a statement.
“In the next five years, we aspire to have 50 percent 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," he added.
The eyewear company claims to serve over seven million customers every year and is backed by Softbank, Kedaara Capital, Premji Invest, Steadview Capital among other key investors.
"As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry," Gaurav Trehan, Partner at KKR, said.
"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," he added.