Through primary and secondary purchases, private equity firm ChrysCapital invested $100 million in funding for eyewear company Lenskart.
The funding, according to the business, will support Lenskart’s expansion plans and help to fortify its position in the global eyewear market, as per reported by Entrepreneur.com.
“We believe that with the help of technology, customer centricity, and big investments in supply chain and talent, we can eradicate the problem of vision correction. Eyewear as a lifestyle category is at a very early stage in its evolution, and there is a lot of opportunity to make glasses that can uplift our quality of life significantly as seen in shoes, apparel, and watches,” said Peyush Bansal, founder and CEO, Lenskart, in a statement.
With its omni-channel strategy, it revolutionized the country’s eyewear market. Lenskart caters to every customer with a variety of deals and offers, including an ever-increasing number of offline stores in the country’s major cities and innovative technology integration when shopping online.
“With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10+ Asian countries in addition to the already large Indian market. This investment aligns with ChrysCapital’s strategy of backing founders that are category creators and who leverage technology to offer an outstanding customer experience,” Rajiv Batra, senior vice-president, ChrysCapital Advisors, added in the statement.
Established in 2010 Lenskart is one of the fastest-growing eyewear companies. It was founded by an ex-Microsoft “techie” with no money but tonnes of unwavering passion to change the world. ‘VALYOO technologies’ was founded by Peyush and his two co-founders, Amit Chaudhary, and Sumeet Kapahi.