Lenskart is an Indian multinational optical prescription eyewear retail chain, based in Faridabad.[1] Template:As of Lenskart has 1,000 stores across 223 cities in India.[2][3] Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month.[4]
Lenskart is building an automated factory in Bhiwadi, Rajasthan, with a production capacity of 5 crore glasses annually.[5]
History
Peyush Bansal, a former Microsoft employee, founded Lenskart.com in 2010 along with Amit Chaudhary and Sumeet Kapahi.[6] In 2011, IDG Ventures India invested $4 million in the company and mandated it to also sell wristwatches, bags and jewellery online to replicate Titan Company's business.[7][8] In 2011, the company launched Watchkart.com and Bagskart.com, and the following year, it started Jewelskart.com.[9] By the end of 2014, only Lenskart.com remained operative as the company shut down its other three websites.[10]
In January 2015, the company raised Template:INR135 crore from TPG Growth, TR Capital and IDG Ventures India.[11] In 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.[12]
Lenskart launched the eyewear brand John Jacobs in 2017.[13][14] In October 2017, Lenskart signed up its first brand ambassador Katrina Kaif.[15][16]
In March 2018, Wipro’s Chairman Azim Premji invested ₹4 crore in the group, taking the valuation of the company to ₹3,000 crore.[17][12] In 2018, the company became profitable, EBITDA positive.[4] In March 2019, the company hired Bhuvan Bam as its first male brand ambassador.[18] The company reached a valuation of $1 billion in December 2019 after SoftBank invested around $275 million.[19][20][2][21]
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 Template:USD400 million.[22]
References
- ↑ Lenskart plans to hire over 2,000 employees in India by next year. mint(11 August 2021). Retrieved 16 February 2022.
- ↑ 2.0 2.1 Lenskart raises another $25 million in series I round; announces opening of 1,000th store in the country. Economic Times(4 May 2022). Retrieved 15 January 2023.
- ↑ Lenskart sees more scope of growth in non-metros: CEO Peyush Bansal. Business Standard India(4 March 2019). Retrieved 2019-08-31.
- ↑ 4.0 4.1 Expansion Plan: Lenskart eyes 50% market share, Bali, Shinmin. The Financial Express(4 November 2018). Retrieved 2019-08-31.
- ↑ Lenskart may shift SE Asia manufacturing to India plant. mint(29 August 2022). Retrieved 15 January 2023.
- ↑ Peyush Bansal, founder of Lenskart in India, selling eyewear talks about his business journey. The Economic Times(6 November 2011). Retrieved 2019-08-31.
- ↑ Valyoo Technologies raises $4M from IDG Ventures India. Reuters(1 November 2011). Retrieved 15 January 2023.
- ↑ Adjust focus: How Peyush Bansal built Lenskart into a profitable unicorn. Forbes India(19 September 2022). Retrieved 15 January 2023.
- ↑ After Lenskart, Watchkart & Bagskart, Valyoo Technologies' Jewelskart.com Goes Live. TechCircle(16 February 2012). Retrieved 15 January 2023.
- ↑ Lenskart’s Peyush Bansal on new funding, why he shut down three other e-com sites & more. VCCircle(8 January 2015). Retrieved 15 January 2023.
- ↑ Updated: Lenskart Is Raising INR 135 Cr. From TPG, TR Capital & IDG In Series C. Inc42(2 January 2015). Retrieved 15 January 2023.
- ↑ 12.0 12.1 How Lenskart is defying the start-up trend, Sarkar, Ranju. Rediff(23 May 2016). Retrieved 2019-08-31.
- ↑ John Jacobs to clock ₹500 cr revenue by March 2021, PTI. The Hindu Business Line(13 January 2019). Retrieved 2019-08-31.
- ↑ Lenskart invests $4 million to expand John Jacobs brand stores, PTI. Livemint(4 February 2018). Retrieved 2019-08-31.
- ↑ Lenskart ropes in Katrina Kaif as brand ambassador. Moneycontrol(9 October 2017). Retrieved 2019-08-31.
- ↑ Katrina Kaif is Lenskart's first-ever ambassador. The Economic Times(10 October 2017). Retrieved 2019-08-31.
- ↑ Lenskart valuation touches Rs 3,000 Cr after a secondary transaction - ETtech. Economic Times Tech(2 March 2018). Retrieved 2019-08-31.
- ↑ Lenskart announces Bhuvan Bam as its new brand ambassador. Economic Times Brand Equity(29 March 2019). Retrieved 2019-08-31.
- ↑ SoftBank Vision Fund invests $275M in India's Lenskart. TechCrunch.
- ↑ Lenskart to become the next unicorn! Softbank to invest $350m at $1.3bn valuation. Business Today(27 May 2019). Retrieved 2019-08-31.
- ↑ Lenskart set to turn unicorn with likely $350M SoftBank funding - ETtech. Economic Times ETtech.com(27 May 2019). Retrieved 2019-08-31.
- ↑ Lenskart acquires majority stake in eyewear brand Owndays in $400 million deal, Singh, Manish. TechCrunch(30 June 2022). Retrieved 30 June 2022.