Omni-channel eyewear retailer Lenskart and global investment firm KKR have announced the signing of agreements under which the latter will invest $95 million in Lenskart via a secondary stake acquisition.
Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omni-store experience.
As part of the transaction, early-stage investors TPG Growth and TR Capital will each divest a portion of their holding in the company.
Launched in 2010, Lenskart is currently the largest eyewear retailer in India, serving over 7 million customers annually through multiple channels, including online, mobile application and 700-plus stores in 175 cities across the country. its flagship retail entity — Lenskart Solutions Pvt Ltd — turned profitable in FY20 with a profit of Rs 18 crore on revenues of Rs 964 crore.