Lenskart on Monday said global investment firm KKR would invest $95 million in the company via a secondary stake acquisition.
As part of the transaction, 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.
“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,” the two firms said in a joint statement.
Founded in 2010, Lenskart claims to serve over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across the country. In 2019, the company had also expanded to Singapore, marking its foray into Southeast Asia.
KKR is making its investment from its Asian private equity fund. Avendus Capital advised Lenskart on the transaction.