Lenskart Secures $115 Million Funding From ChrysCapital For Expansion Plans

Eyewear retailer Lenskart has announced plans to raise ₹828 Crore ($115 Million) in funding from private equity firm ChrysCapital, valuing the company at more than $2.5 Billion.

The funding will be used to fuel Lenskart's expansion plans, which include opening new stores and expanding its online presence. The company also plans to invest in research and development to improve its product offerings and enhance the customer experience.

Lenskart was founded in 2010 and has since become one of India's leading online eyewear retailers, offering a wide range of eyeglasses, sunglasses, and contact lenses. The company currently has over 750 stores across more than 175 cities in India and has recently expanded to markets in Southeast Asia and the Middle East.

The latest funding round marks a significant milestone for Lenskart, which has already raised over $1 Billion in funding from investors such as SoftBank, Kedaara Capital, and TPG. The company's valuation has more than doubled since its last funding round in December 2019, when it was valued at $1.5 Billion.

"We are delighted to partner with ChrysCapital as we embark on the next phase of our growth journey," said Peyush Bansal, CEO and founder of Lenskart.

"The funding will help us to further invest in our technology and supply chain, and enable us to continue providing our customers with the best eyewear buying experience."

ChrysCapital, which manages over $4 Billion in assets, has a long history of investing in successful Indian companies such as Infosys, Mphasis, and L&T Finance. The firm is bullish on the Indian consumer market, which it believes has enormous potential for growth in the coming years.

Lenskart's latest funding round comes at a time when the company is experiencing strong demand for its products and services, as consumers increasingly shift towards online shopping in the wake of the COVID-19 pandemic. With the backing of ChrysCapital, Lenskart is well-positioned to capitalize on this trend and accelerate its growth in the years to come.

Piyush Bansal, an Indian entrepreneur and the founder and CEO of Lenskart, one of India's leading online eyewear brands. He founded the company with the aim of providing affordable eyewear to the Indian market.

Bansal, who holds a degree in engineering, began his career in the IT industry before venturing into entrepreneurship. He identified a gap in the Indian eyewear market, where consumers were forced to pay high prices for quality eyewear due to the dominance of a few players.

Under Bansal's leadership, Lenskart has grown rapidly and become one of India's most successful e-commerce companies. The company now has over 750 stores across more than 175 cities in India and has expanded to markets in Southeast Asia and the Middle East.

Bansal is known for his innovative approach to business and his commitment to delivering the best possible customer experience. He has won numerous awards for his entrepreneurship, including the Ernst & Young Entrepreneur of the Year award in 2016 and the Economic Times Entrepreneur of the Year award in 2019.

In addition to his work at Lenskart, Bansal is also an active philanthropist, supporting causes such as education and healthcare in rural India. He is a firm believer in the power of entrepreneurship to drive social change and is a mentor to many young entrepreneurs in India.