With millions of people in India in need of vision correction, and only a fraction of this population with access to glasses Lenskart, the Indian eyewear retailer is on a mission to transform the way people see – literally.
And on this mission, the company itself is seeing its fortunes shine colourfully as it secures another round of investment, a $100 million funding from private equity firm ChrysCapital.
Earlier this year, the Abu Dhabi Investment Authority injected a jaw-dropping $500 million into the company, propelling the company's valuation to a staggering $4 billion. In one year, Lenskart's capital investment has soared to a staggering $850 million, a testament to its rapid growth and undeniable potential. Overall, it has raised $1.6 billion to date in primary and secondary raises from investors including SoftBank and Alpha Wave, according to data from Tracxn.
With these eye-popping numbers, it's clear that the eyewear unicorn has caught the attention of big players in the investment world who likely do not need eyewear to recognize its potential for global expansion.
In addition to securing investments, Lenskart has also been actively pursuing acquisitions to fuel its international growth. Last year, it acquired a majority stake in Japanese eyewear brand Owndays in a deal worth $ 400 million.
This move positioned Lenskart as one of the leading omnichannel players in Asia, opening up opportunities to expand across multiple Asian countries alongside its already significant presence in India. The 12-year-old company now boasts a customer base of 20 million in India.