PE firm ChrysCapital to invest US$100 million in India’s Lenskart

PRIVATE equity firm ChrysCapital is set to invest US$100 million in Indian eyewear brand Lenskart, the firms said in a joint statement on Thursday (Jun 15).

The latest investment, which will be via primary and secondary share purchases, brings Lenskart’s total capital infusion to nearly US$850 million in the last 12 months, the statement said.

Sovereign wealth fund Abu Dhabi Investment Authority (Adia) was in advanced talks in December to invest US$350 million to US$400 million in the company, valuing the eyewear retailer at US$4.5 billion.

Started in 2010, Lenskart’s investors include US private equity firm KKR, Japan’s SoftBank Group and Singapore state investor Temasek.

Lenskart, which also operates in the US, Singapore and the United Arab Emirates, had acquired a majority stake in Japanese eyewear brand Owndays last year, turning the Indian company into one of Asia’s largest online retailers in its segment.

“With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10-plus Asian countries in addition to the already large Indian market,” said Rajiv Batra, senior vice-president of ChrysCapital.

Together with Owndays, the company has about 2,000 stores across more than 10 countries, addressing a global market of roughly US$20 billion. REUTERS