ChrysCapital has directed investments in the amount of $100 million for the development of the Indian startup Lenskart, which specializes in the production of glasses.
The revenue of this startup has increased to $850 million over the past year. Currently, the company is expanding its offerings and increasing its reach in international markets.
ChrysCapital is a private investment company. In addition to financial injections into Lenskart, the firm also buys $100 million worth of the startup’s shares as part of primary and secondary transactions. This news followed the announcement that the Abu Dhabi Investment Authority intends to direct $500 million to the development of the eyewear manufacturer. These investments and financing from ChrysCapital are a continuation of last year’s round, in which the startup was valued at about $ 4.5 billion.
Peyush Bansal, founder, and CEO of Lenskart, stated that ChrysCapital is one of the most respected Indian equity partners, and noted that it is a great honor for him to interact with this company. He stated that the problem of myopia, a visual defect in which a person sees objects placed far away poorly, is spreading all over the world, especially in Asia.
Separately, Bansal noted that the solution to this problem is associated with difficulties in accessing vision improvement tools and the lack of acceptable affordability. He expressed confidence that technology, customer focus, and large investments in the supply chain and talents will help to cope with the difficulties associated with vision correction.
The Indian startup, which is already 12 years old and whose sponsors include SoftBank and Alpha Wave Global, sells glasses, sunglasses, contact lenses, and other accessories of the appropriate category. The company is one of the largest manufacturers of these products in India. The startup has identified competitors in terms of market positions, starting to offer premium products at affordable prices.
Bansal said that the price range available to consumers increases the company’s efficiency in the eyewear sector. He stated that the startup has accumulated experience in the production of its own glasses and contact lenses, and is also an exclusive licensing partner for global firms in India for many technologies. Bansal announced the company’s intention to expand its activities in India and in international markets.
The firm currently operates in India, Southeast Asia, and the Middle East. The company sells special eye cosmetics online and through a network consisting of more than 2,000 stores, three-quarters of which are located in India. The startup opens more than seven outlets a week and plans to release 20 million pairs of glasses next year.
Currently, several hundred million locals in India have vision problems, but few of them wear glasses or contact lenses.
Despite the fact that a significant part of the Indian population has not yet solved vision problems, those residents of the country who wear glasses purchase up to four pairs of goods every two years.
Lenskart is also expanding its premium offerings as a result of the acquisition of the Japanese eyewear brand OwnDays and the launch of new in-house brands such as John Jacobs.
As we have reported earlier, Barclays Bank Invests £3 Million in Trade Ledger.
