Lenskart Explained

Lenskart
Type:Private
Industry:
Founders:
Hq Location City:Gurugram, Haryana
Hq Location Country:India
Num Locations Year:2022
Area Served:
Revenue: (FY23)
Operating Income: (FY23)
Net Income: (FY23)[1]
Num Employees:5,000+
Num Employees Year:2020
Num Locations:2,000+ retail stores
Brands:John Jacobs
Subsid:
  • Owndays
  • Neso Brands[2]

Lenskart is an Indian multinational eyewear company, based in Gurugram. As a vertically integrated company, it designs, manufactures, distributes, and retails prescription and regular eyewear.[3] It sells its products through website, mobile app and 2,000+ physical stores

Its manufacturing facility is located Bhiwadi, Rajasthan, with an annual production capacity of 5 crore glasses.[4]

History

Peyush Bansal, a former Microsoft employee, founded Lenskart.com in 2010 along with Amit Chaudhary and Sumeet Kapahi.[5] In 2011, early investor IDG Ventures India directed the company to also sell wristwatches, bags and jewellery online to replicate Titan Company's business.[6] [7] In 2011, the company launched Watchkart.com and Bagskart.com, and the following year, it started Jewelskart.com.[8] By the end of 2014, only Lenskart.com remained operative as the company shut down its other three websites to focus on the eyewear segment.[9]

Lenskart launched the eyewear brand John Jacobs in 2017.[10] [11] In October 2017, Lenskart signed up its first brand ambassador Katrina Kaif.[12] [13] In 2018, the company became profitable, EBITDA positive.[14] In March 2019, the company hired Bhuvan Bam as its first male brand ambassador.[15]

In June 2022, Lenskart announced the acquisition of a majority stake in the Japanese eyewear brand Owndays in a cash-and-stock deal which valued Owndays at around 400 million.[16]

Funding

In 2011, IDG Ventures India invested $4 million in the company. In January 2015, the company raised 135 crore from TPG Growth, TR Capital and IDG Ventures India.[17] In May 2016, International Finance Corporation, Adveq Management, TPG Growth and IDG Ventures India invested a total of $60 million in Lenskart. The company also saw investments from Ratan Tata and Kris Gopalakrishnan.[18] In September 2016, Wipro's Chairman Azim Premji invested around ₹200 crore in Lenskart through his family office PremjiInvest.[19]

Lenskart was valued at over $1 billion in December 2019 after SoftBank Vision Fund invested $275 million.[20] [21] In May 2021, KKR invested $95 million,[22] and in July 2021, Temasek and Falcon Edge Capital (Alpha Wave Global) led a $220 million investment round at a valuation of $2.5 billion.[23] In July 2022, Lenskart was valued at $4.5 billion following a $200 million funding round led by Alpha Wave Global.[24]

In March 2023, the Abu Dhabi Investment Authority invested $500 million in Lenskart at a valuation of $4.5 billion.[25] In June 2023, the company raised $100 million from ChrysCapital.[26]

In June 2024, Lenskart secured $200 Million from Temasek and Fidelity in a secondary deal at $5 billion valuation.[27] [28]

Notes and References

  1. News: Lenskart revenue jumps to Rs 3,788 crore in FY23; trims losses to Rs 102 crore . 27 May 2024 . The Economic Times . 26 April 2024.
  2. News: Lenskart-backed Neso Brands raises $100 million, appoints Bjorn Bergstrom CEO . 22 June 2022 . Financial Express . en.
  3. News: Lenskart plans to hire over 2,000 employees in India by next year . 16 February 2022 . mint . 11 August 2021 . en.
  4. News: Lenskart may shift SE Asia manufacturing to India plant . 15 January 2023 . mint . 29 August 2022. en.
  5. News: Peyush Bansal, founder of Lenskart in India, selling eyewear talks about his business journey. Poduwal. Sunanda. 6 November 2011. The Economic Times. 2019-08-31.
  6. Web site: Valyoo Technologies raises $4M from IDG Ventures India. 1 November 2011. Reuters. 15 January 2023.
  7. Web site: Adjust focus: How Peyush Bansal built Lenskart into a profitable unicorn. 19 September 2022. Forbes India. 15 January 2023.
  8. Web site: After Lenskart, Watchkart & Bagskart, Valyoo Technologies' Jewelskart.com Goes Live. 16 February 2012. TechCircle. 15 January 2023.
  9. Web site: Lenskart's Peyush Bansal on new funding, why he shut down three other e-com sites & more. 8 January 2015. VCCircle. 15 January 2023.
  10. Web site: John Jacobs to clock ₹500 cr revenue by March 2021. PTI. 13 January 2019. The Hindu Business Line. en. 2019-08-31.
  11. Web site: Lenskart invests $4 million to expand John Jacobs brand stores. PTI. 4 February 2018. Livemint. 2019-08-31.
  12. Web site: Lenskart ropes in Katrina Kaif as brand ambassador. 9 October 2017. Moneycontrol. 2019-08-31.
  13. News: Katrina Kaif is Lenskart's first-ever ambassador. 10 October 2017. The Economic Times. 2019-08-31.
  14. Web site: Bali. Shinmin. 4 November 2018. Expansion Plan: Lenskart eyes 50% market share. 2019-08-31. The Financial Express. en-US.
  15. Web site: Lenskart announces Bhuvan Bam as its new brand ambassador. 29 March 2019. Economic Times Brand Equity. en. 2019-08-31.
  16. Web site: Lenskart acquires majority stake in eyewear brand Owndays in $400 million deal. Singh. Manish. 30 June 2022. TechCrunch. 30 June 2022.
  17. Web site: Updated: Lenskart Is Raising INR 135 Cr. From TPG, TR Capital & IDG In Series C. 2 January 2015. Inc42. en. 15 January 2023.
  18. Web site: How Lenskart is defying the start-up trend. Sarkar. Ranju. 23 May 2016. Rediff. en. Business Standard. 2019-08-31.
  19. News: Chanchani . Madhav . Gooptu . Biswarup . PremjiInvest invests about Rs 200 crore in eyewear portal Lenskart . 27 May 2024 . The Economic Times . 7 September 2016.
  20. Web site: SoftBank Vision Fund invests $275M in India's Lenskart. TechCrunch. 20 December 2019 .
  21. Web site: Lenskart raises another $25 million in series I round; announces opening of 1,000th store in the country. 4 May 2022. Economic Times. 15 January 2023.
  22. News: Bhalla . Tarush . KKR invests $95 million in Lenskart . 27 May 2024 . mint . 17 May 2021 . en.
  23. News: Singh . Manish . Lenskart valued at $2.5 billion following $220 million investment from Temasek and Falcon Edge Capital . 27 May 2024 . TechCrunch . 19 July 2021.
  24. News: Mishra . Digbijay . Lenskart valued at $4.5 billion after new financing . 27 May 2024 . The Economic Times . 4 July 2022.
  25. News: Singh . Manish . ADIA invests $500 million in Lenskart . 12 April 2023 . TechCrunch . 15 March 2023.
  26. News: Lenskart raises $100-mn in funding from private equity firm ChrysCapital . 17 December 2023 . Business Line . 15 June 2023 . en.
  27. Web site: Lenskart Secures $200 Million, Poised for Billionaire Dollar IPO . Bru Times News . en.
  28. News: 2024-06-03 . Temasek, Fidelity pick up $200 million stake in Lenskart secondary deal at $5 billion valuation . 2024-09-14 . The Economic Times . 0013-0389.

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