KKR invests $95 mn in Lenskart, says will help eyewear firm's growth

TPG Growth and TR Capital will each divest a portion of their holding in Lenskart.

KKR, a global investment firm, said on Monday it would invest $95 million in Lenskart, an online eyewear seller, through a secondary stake acquisition.

TPG Growth and TR Capital, which first invested in Lenskart in late 2014, will each divest a portion of their holding in the company, KKR said about the transaction. KKR said it would use its experience working with leading companies to help Lenskart grow in India and abroad.

“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” said Peyush Bansal, chief executive officer of Lenskart. “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.”

Gaurav Trehan, a 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.”

KKR is making its investment from its Asian private equity fund. Avendus Capital advised Lenskart on the transaction. Mode details of the transaction were not disclosed.