Chryscapital invests USD 100 mn in Lenskart; valuation unchanged since last fundraise

Mumbai, Jun 15 (PTI) Private equity fund Chryscapital on Thursday announced a USD 100 million (over Rs 819 crore) investment in eyewear company Lenskart.

The company has been valued at the same level as it was during the last fundraise in March this year. Reports had pegged the valuation at over USD 4.2 billion after the fundraise from ADIA.

The investment from Chryscapital is through a mix of primary and secondary share purchases, a statement said.

No existing investor has completely exited, as per those in the know.

This latest investment from Chryscapital brings Lenskart's total capital infusion to nearly USD 850 million within the past year, the statement added.

Lenskart, which has 20 million customers, is also expanding internationally across Asia and the Middle East, it said.

The company is undergoing a vertical integration exercise with a new manufacturing facility that will help it keep prices competitive and aid in delivery time, it said.

Incidences of myopia are rapidly growing globally, especially in Asia, including India, with big unsolved problems of access, affordability and awareness, Lenskart's founder and chief executive Peyush Bansal said.

With the help of technology, customer centricity, and big investments in supply chain and talent, the company can help eradicate the problem of vision correction, he claimed.

Chryscapital Advisors' senior vice president Rajiv Batra said Lenskart has a strong execution-focused management team.

With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10-plus Asian countries in addition to the large Indian market, Batra added.

Avendus Capital acted as the exclusive financial advisor to Lenskart and its shareholders on the deal.

The 1999-established Chryscapital manages USD 5 billion across nine funds and has done over 100 investments. PTI AA SHW BAL BAL