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Lenskart

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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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