Investment Firm KKR Invests $95 million in Eyewear Retailer Lenskart
Lenskart, India's largest omni-channel eyewear retailer, and KKR, a global investment firm has announced the signing of definitive agreements under which KKR would purchase a secondary stake in Lenskart ("the Company") for US$95 million.
KKR will use its experience working with leading technology and eyewear companies around the world to help Lenskart extend its footprint in India, scale its growing operations overseas, and improve its digital services to enhance customers' virtual and omni-store experiences after the transaction closes.
Existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holdings in the company as part of the deal.
Lenskart incorporates technology into every area of its business to improve the browsing, shopping, and buying experiences of its customers, as well as manufacturing and supply chain performance.
A virtual 3D try-on tool, AI-powered facial mapping and frame recommendation features, smart physical stores with seamless omni-channel experience, footfall monitoring beacons, heat maps, and demographic analytics, and intelligent supply-chain and inventory-management solutions are all available via Lenskart's digital offerings.
Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making the world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”
“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Mr. Bansal added. “In the next five years, we aspire to have 50% of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”
Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”
The investment comes from KKR's Asian private equity fund. KKR's new investment, Lenskart, is a technology-enabled consumer company that funds industry-leading consumer companies. Recent technology-focused investments for KKR in Asia include Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, NetStars, the operator of Japan's largest QR code payment gateway, and Walnut Programming, a children’s programming education company in China.
KKR will use its experience working with leading technology and eyewear companies around the world to help Lenskart extend its footprint in India, scale its growing operations overseas, and improve its digital services to enhance customers' virtual and omni-store experiences after the transaction closes.
Existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holdings in the company as part of the deal.
Lenskart incorporates technology into every area of its business to improve the browsing, shopping, and buying experiences of its customers, as well as manufacturing and supply chain performance.
A virtual 3D try-on tool, AI-powered facial mapping and frame recommendation features, smart physical stores with seamless omni-channel experience, footfall monitoring beacons, heat maps, and demographic analytics, and intelligent supply-chain and inventory-management solutions are all available via Lenskart's digital offerings.
Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making the world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”
“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Mr. Bansal added. “In the next five years, we aspire to have 50% of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”
Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”
The investment comes from KKR's Asian private equity fund. KKR's new investment, Lenskart, is a technology-enabled consumer company that funds industry-leading consumer companies. Recent technology-focused investments for KKR in Asia include Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, NetStars, the operator of Japan's largest QR code payment gateway, and Walnut Programming, a children’s programming education company in China.
