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== History ==
== History ==
Peyush Bansal, a former [[Microsoft]] employee, founded Lenskart in 2010 along with Amit Chaudhary and Sumeet Kapahi.<ref>{{Cite news|url=https://economictimes.indiatimes.com/jobs/peyush-bansal-founder-of-lenskart-in-india-selling-eyewear-talks-about-his-business-journey/articleshow/10621495.cms?from=mdr|title=Peyush Bansal, founder of Lenskart in India, selling eyewear talks about his business journey|last=Poduwal|first=Sunanda|date=6 November 2011|work=The Economic Times|access-date=2019-08-31}}</ref>
Peyush Bansal, a former [[Microsoft]] employee, founded Lenskart.com in 2010 along with Amit Chaudhary and Sumeet Kapahi.<ref>{{Cite news|url=https://economictimes.indiatimes.com/jobs/peyush-bansal-founder-of-lenskart-in-india-selling-eyewear-talks-about-his-business-journey/articleshow/10621495.cms?from=mdr|title=Peyush Bansal, founder of Lenskart in India, selling eyewear talks about his business journey|last=Poduwal|first=Sunanda|date=6 November 2011|work=The Economic Times|access-date=2019-08-31}}</ref> The next year, the company launched Watchkart.com and Bagskart.com, for selling wristwatches and bags of other brands. In 2011, [[IDG Ventures]] invested $4 million in the company.<ref>{{Cite web|url=https://www.reuters.com/article/idINIndia-60244020111101|title=Valyoo Technologies raises $4M from IDG Ventures India|date=1 November 2011|website=Reuters|access-date=15 January 2023}}</ref>


In January 2015, it was reported that the company raised {{INR}}135 crore from [[TPG Growth]], TR Capital and IDG Ventures.<ref>{{Cite web|url=https://inc42.com/buzz/lenskart-raising-inr-135-cr-tpg-tr-capital-idg-series-c/|title=Updated: Lenskart Is Raising INR 135 Cr. From TPG, TR Capital & IDG In Series C|date=2 January 2015|website=Inc42|language=en|access-date=15 January 2023}}</ref> In 2016, [[International Finance Corporation]], Adveq Management, TPG Growth and IDG Ventures invested a total of $60 million in Lenskart. The company also saw investments from [[Ratan Tata]] and [[S Gopalakrishnan|Kris Gopalakrishnan]].<ref name=":2">{{Cite web|url=https://www.rediff.com/business/report/how-lenskart-is-defying-the-start-up-trend/20160523.htm|title=How Lenskart is defying the start-up trend|last=Sarkar|first=Ranju|date=23 May 2016|website=[[Rediff]]|language=en|others=Business Standard|access-date=2019-08-31}}</ref>
[[Ratan Tata]] and [[S Gopalakrishnan|Kris Gopalakrishnan]] invested in Lenskart.<ref name=":2">{{Cite web|url=https://www.rediff.com/business/report/how-lenskart-is-defying-the-start-up-trend/20160523.htm|title=How Lenskart is defying the start-up trend|last=Sarkar|first=Ranju|date=23 May 2016|website=[[Rediff]]|language=en|others=Business Standard|access-date=2019-08-31}}</ref> In March 2018, [[Wipro]]’s Chairman [[Azim Premji]] invested ₹4 crore in the group, taking the valuation of the company to ₹3,000 crore.<ref>{{Cite web|url=https://tech.economictimes.indiatimes.com/news/startups/lenskart-valuation-touches-rs-3000-cr-after-a-secondary-transaction/63134057|title=Lenskart valuation touches Rs 3,000 Cr after a secondary transaction - ETtech|last1=Gooptu|first1=Biswarup|last2=Srinivasan|first2=Supraja|date=2 March 2018|website=Economic Times Tech|access-date=2019-08-31}}</ref><ref name=":2" /> Other investors of Lenskart include [[TPG Growth]], [[International Finance Corporation]] and Adveq Management.<ref name=":0">{{Cite web|url=https://tech.economictimes.indiatimes.com/news/startups/lenskart-set-to-turn-unicorn-with-likely-350m-softbank-funding/69511398|title=Lenskart set to turn unicorn with likely $350M SoftBank funding - ETtech|last1=Sharma|first1=Samidha|last2=Gooptu|first2=Biswarup|date=27 May 2019|website=Economic Times ETtech.com|access-date=2019-08-31}}</ref>


Lenskart launched the eyewear brand John Jacobs in 2017.<ref>{{Cite web|url=https://www.thehindubusinessline.com/companies/john-jacobs-to-clock-500-cr-revenue-by-march-2021/article25985375.ece|title=John Jacobs to clock ₹500 cr revenue by March 2021|last=PTI|date=13 January 2019|website=The Hindu Business Line|language=en|access-date=2019-08-31}}</ref><ref>{{Cite web|url=https://www.livemint.com/Companies/9SgDbvAPg4TIqX01DdMA6H/Lenskart-invests-4-million-to-expand-John-Jacobs-brand-stor.html|title=Lenskart invests $4 million to expand John Jacobs brand stores|last=PTI|date=4 February 2018|website=Livemint|access-date=2019-08-31}}</ref> In October 2017, Lenskart's first brand ambassador was [[Katrina Kaif]].<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/lenskart-ropes-in-katrina-kaif-as-brand-ambassador-2408223.html|title=Lenskart ropes in Katrina Kaif as brand ambassador|date=9 October 2017|website=Moneycontrol|access-date=2019-08-31}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/katrina-kaif-is-lenskarts-first-ever-ambassador/articleshow/61015339.cms|title=Katrina Kaif is Lenskart's first-ever ambassador|date=10 October 2017|work=The Economic Times|access-date=2019-08-31}}</ref>
Lenskart launched the eyewear brand John Jacobs in 2017.<ref>{{Cite web|url=https://www.thehindubusinessline.com/companies/john-jacobs-to-clock-500-cr-revenue-by-march-2021/article25985375.ece|title=John Jacobs to clock ₹500 cr revenue by March 2021|last=PTI|date=13 January 2019|website=The Hindu Business Line|language=en|access-date=2019-08-31}}</ref><ref>{{Cite web|url=https://www.livemint.com/Companies/9SgDbvAPg4TIqX01DdMA6H/Lenskart-invests-4-million-to-expand-John-Jacobs-brand-stor.html|title=Lenskart invests $4 million to expand John Jacobs brand stores|last=PTI|date=4 February 2018|website=Livemint|access-date=2019-08-31}}</ref> In October 2017, Lenskart's first brand ambassador was [[Katrina Kaif]].<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/lenskart-ropes-in-katrina-kaif-as-brand-ambassador-2408223.html|title=Lenskart ropes in Katrina Kaif as brand ambassador|date=9 October 2017|website=Moneycontrol|access-date=2019-08-31}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/katrina-kaif-is-lenskarts-first-ever-ambassador/articleshow/61015339.cms|title=Katrina Kaif is Lenskart's first-ever ambassador|date=10 October 2017|work=The Economic Times|access-date=2019-08-31}}</ref>


In March 2018, [[Wipro]]’s Chairman [[Azim Premji]] invested ₹4 crore in the group, taking the valuation of the company to ₹3,000 crore.<ref>{{Cite web|url=https://tech.economictimes.indiatimes.com/news/startups/lenskart-valuation-touches-rs-3000-cr-after-a-secondary-transaction/63134057|title=Lenskart valuation touches Rs 3,000 Cr after a secondary transaction - ETtech|last1=Gooptu|first1=Biswarup|last2=Srinivasan|first2=Supraja|date=2 March 2018|website=Economic Times Tech|access-date=2019-08-31}}</ref><ref name=":2" />
⚫
In 2018, the company became profitable, [[Earnings before interest, taxes, depreciation, and amortization|EBITDA]] positive.<ref name=":3" /> In March 2019, the company hired [[Bhuvan Bam]] as their first male brand ambassador.<ref>{{Cite web|url=https://brandequity.economictimes.indiatimes.com/news/marketing/lenskart-announces-bhuvan-bam-as-its-new-brand-ambassador/68624930|title=Lenskart announces Bhuvan Bam as its new brand ambassador|date=29 March 2019|website=Economic Times Brand Equity|language=en|access-date=2019-08-31}}</ref> The company had a valuation of $1 billion by December 2019 after [[SoftBank Group|SoftBank]] invested around $275 million.<ref>{{Cite web|title=SoftBank Vision Fund invests $275M in India's Lenskart|url=https://techcrunch.com/2019/12/20/softbank-lenskart-india/|website=TechCrunch}}</ref><ref>{{Cite web|url=https://www.businesstoday.in/current/corporate/lenskart-eyes-softbank-funding-to-enter-unicorn-club/story/350853.html|title=Lenskart to become the next unicorn! Softbank to invest $350m at $1.3bn valuation|date=27 May 2019|website=Business Today|access-date=2019-08-31}}</ref><ref name=":4" />

⚫
In 2018, the company became profitable, [[Earnings before interest, taxes, depreciation, and amortization|EBITDA]] positive.<ref name=":3" /> In March 2019, the company hired [[Bhuvan Bam]] as their first male brand ambassador.<ref>{{Cite web|url=https://brandequity.economictimes.indiatimes.com/news/marketing/lenskart-announces-bhuvan-bam-as-its-new-brand-ambassador/68624930|title=Lenskart announces Bhuvan Bam as its new brand ambassador|date=29 March 2019|website=Economic Times Brand Equity|language=en|access-date=2019-08-31}}</ref> The company had a valuation of $1 billion by December 2019 after [[SoftBank Group|SoftBank]] invested around $275 million.<ref>{{Cite web|title=SoftBank Vision Fund invests $275M in India's Lenskart|url=https://techcrunch.com/2019/12/20/softbank-lenskart-india/|website=TechCrunch}}</ref><ref>{{Cite web|url=https://www.businesstoday.in/current/corporate/lenskart-eyes-softbank-funding-to-enter-unicorn-club/story/350853.html|title=Lenskart to become the next unicorn! Softbank to invest $350m at $1.3bn valuation|date=27 May 2019|website=Business Today|access-date=2019-08-31}}</ref><ref name=":4" /><ref name=":0">{{Cite web|url=https://tech.economictimes.indiatimes.com/news/startups/lenskart-set-to-turn-unicorn-with-likely-350m-softbank-funding/69511398|title=Lenskart set to turn unicorn with likely $350M SoftBank funding - ETtech|last1=Sharma|first1=Samidha|last2=Gooptu|first2=Biswarup|date=27 May 2019|website=Economic Times ETtech.com|access-date=2019-08-31}}</ref>


In June 2022, Lenskart announced the acquisition of a majority stake in the Japanese eyewear brand Owndays. The deal valued Owndays at around {{USD}}400 million.<ref>{{cite web |url= https://techcrunch.com/2022/06/30/lenskart-owndays/|title=Lenskart acquires majority stake in eyewear brand Owndays in $400 million deal|last=Singh|first=Manish|date=30 June 2022|website=Tech Crunch.com|publisher=Tech crunch|access-date=30 June 2022}}</ref>
In June 2022, Lenskart announced the acquisition of a majority stake in the Japanese eyewear brand Owndays. The deal valued Owndays at around {{USD}}400 million.<ref>{{cite web |url= https://techcrunch.com/2022/06/30/lenskart-owndays/|title=Lenskart acquires majority stake in eyewear brand Owndays in $400 million deal|last=Singh|first=Manish|date=30 June 2022|website=Tech Crunch.com|publisher=Tech crunch|access-date=30 June 2022}}</ref>

Revision as of 01:14, 15 January 2023

Lenskart
Company typePrivate
Industry
Founded2010; 15 years ago (2010)
FounderPeyush Bansal

Co founders

Amit Chaudhari

Sumeet Kapahi
Headquarters
Faridabad, Haryana, India
Number of locations
>1050 stores[1] (2020)
Area served
India
Singapore
United Arab Emirates
United States
Key people
Peyush Bansal
(Chairman; MD & CEO)
RevenueIncrease ₹1,503 crore (US$180 million) (FY 2022)[2]
Decrease ₹−102 crore (US$−12 million) (FY 2022)[2]
Number of employees
5,000+ (2020)
SubsidiariesNeso Brands[3]
Websitelenskart.com

Lenskart is an Indian multinational optical prescription eyewear retail chain, based in Faridabad.[4] As of September 2020, Lenskart had 900+ stores in over 46 cities in India.[5][6] Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month.[7]

Lenskart is building a megaunit in Rajasthan, an automated factory which will manufacture 5 crore glasses annually.

History

Peyush Bansal, a former Microsoft employee, founded Lenskart.com in 2010 along with Amit Chaudhary and Sumeet Kapahi.[8] The next year, the company launched Watchkart.com and Bagskart.com, for selling wristwatches and bags of other brands. In 2011, IDG Ventures invested $4 million in the company.[9]

In January 2015, it was reported that the company raised ₹135 crore from TPG Growth, TR Capital and IDG Ventures.[10] In 2016, International Finance Corporation, Adveq Management, TPG Growth and IDG Ventures invested a total of $60 million in Lenskart. The company also saw investments from Ratan Tata and Kris Gopalakrishnan.[11]

Lenskart launched the eyewear brand John Jacobs in 2017.[12][13] In October 2017, Lenskart's first brand ambassador was Katrina Kaif.[14][15]

In March 2018, Wipro’s Chairman Azim Premji invested ₹4 crore in the group, taking the valuation of the company to ₹3,000 crore.[16][11]

In 2018, the company became profitable, EBITDA positive.[7] In March 2019, the company hired Bhuvan Bam as their first male brand ambassador.[17] The company had a valuation of $1 billion by December 2019 after SoftBank invested around $275 million.[18][19][5][20]

In June 2022, Lenskart announced the acquisition of a majority stake in the Japanese eyewear brand Owndays. The deal valued Owndays at around US$400 million.[21]

References

  1. ^ "Lenskart to launch 500 stores in 2020 and increase its focus on AI and digital marketing, says Co-founder, Amit Chaudhary". Retrieved 2 July 2021.
  2. ^ a b "Lenskart scale surpasses Rs 1,500 Cr in FY22, slips into losses". Entrackr. 10 November 2022. Retrieved 29 November 2022.
  3. ^ "Lenskart-backed Neso Brands raises $100 million, appoints Bjorn Bergstrom CEO". Financial Express. Retrieved 22 June 2022.
  4. ^ "Lenskart plans to hire over 2,000 employees in India by next year". mint. 11 August 2021. Retrieved 16 February 2022.
  5. ^ a b Dash (27 January 2022). "Lenskart opens 73 stores in 46 cities in a day". Live Mint. Retrieved 2 November 2022.
  6. ^ Sikdar, Shubhomoy (4 March 2019). "Lenskart sees more scope of growth in non-metros: CEO Peyush Bansal". Business Standard India. Retrieved 31 August 2019.
  7. ^ a b Bali, Shinmin (4 November 2018). "Expansion Plan: Lenskart eyes 50% market share". The Financial Express. Retrieved 31 August 2019.
  8. ^ Poduwal, Sunanda (6 November 2011). "Peyush Bansal, founder of Lenskart in India, selling eyewear talks about his business journey". The Economic Times. Retrieved 31 August 2019.
  9. ^ "Valyoo Technologies raises $4M from IDG Ventures India". Reuters. 1 November 2011. Retrieved 15 January 2023.
  10. ^ "Updated: Lenskart Is Raising INR 135 Cr. From TPG, TR Capital & IDG In Series C". Inc42. 2 January 2015. Retrieved 15 January 2023.
  11. ^ a b Sarkar, Ranju (23 May 2016). "How Lenskart is defying the start-up trend". Rediff. Business Standard. Retrieved 31 August 2019.
  12. ^ PTI (13 January 2019). "John Jacobs to clock ₹500 cr revenue by March 2021". The Hindu Business Line. Retrieved 31 August 2019.
  13. ^ PTI (4 February 2018). "Lenskart invests $4 million to expand John Jacobs brand stores". Livemint. Retrieved 31 August 2019.
  14. ^ "Lenskart ropes in Katrina Kaif as brand ambassador". Moneycontrol. 9 October 2017. Retrieved 31 August 2019.
  15. ^ "Katrina Kaif is Lenskart's first-ever ambassador". The Economic Times. 10 October 2017. Retrieved 31 August 2019.
  16. ^ Gooptu, Biswarup; Srinivasan, Supraja (2 March 2018). "Lenskart valuation touches Rs 3,000 Cr after a secondary transaction - ETtech". Economic Times Tech. Retrieved 31 August 2019.
  17. ^ "Lenskart announces Bhuvan Bam as its new brand ambassador". Economic Times Brand Equity. 29 March 2019. Retrieved 31 August 2019.
  18. ^ "SoftBank Vision Fund invests $275M in India's Lenskart". TechCrunch.
  19. ^ "Lenskart to become the next unicorn! Softbank to invest $350m at $1.3bn valuation". Business Today. 27 May 2019. Retrieved 31 August 2019.
  20. ^ Sharma, Samidha; Gooptu, Biswarup (27 May 2019). "Lenskart set to turn unicorn with likely $350M SoftBank funding - ETtech". Economic Times ETtech.com. Retrieved 31 August 2019.
  21. ^ Singh, Manish (30 June 2022). "Lenskart acquires majority stake in eyewear brand Owndays in $400 million deal". Tech Crunch.com. Tech crunch. Retrieved 30 June 2022.
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