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{{Short description|Indian optical retail company}} | {{Short description| Indian optical retail company}} | ||
{{Use dmy dates|date=September 2020}} | {{Use dmy dates|date=September 2020}} | ||
{{Use Indian English|date=September 2020}} | {{Use Indian English|date=September 2020}} | ||
| Line 6: | Line 6: | ||
| logo = Lenskart logo.svg | | logo = Lenskart logo.svg | ||
| logo_size = 200 | | logo_size = 200 | ||
| type = [[Private company|Private]] | |||
| industry = {{plainlist| | | industry = {{plainlist| | ||
*[[Glasses|Prescription eyewear]] | *[[Glasses|Prescription eyewear]] | ||
*[[Optician]]s}} | *[[Optician]]s}} | ||
| founded = {{start date and age|2010}} | | founded = {{start date and age|2010}} | ||
| | | founders = {{plainlist| | ||
*Peyush Bansal | *Peyush Bansal | ||
*Amit Chaudhary | *Amit Chaudhari<ref name="Business Insider">{{cite web|title=Lenskart to launch 500 stores in 2020 and increase its focus on AI and digital marketing, says Co-founder, Amit Chaudhary |url= https://www.businessinsider.in/advertising/brands/article/lenskart-to-launch-500-stores-in-2020-and-increase-its-focus-on-ai-and-digital-marketing-says-co-founder-amit-chaudhary/articleshow/74640870.cms |access-date=2 July 2021}}</ref> | ||
*Sumeet Kapahi}} | *Sumeet Kapahi}} | ||
| num_locations_year = | | num_locations_year = 2022 | ||
| area_served | | area_served = {{plainlist| | ||
*India | |||
*Peyush Bansal ( | *Singapore | ||
*United Arab Emirates | |||
| revenue = {{up}} {{INRconvert| | *United States}} | ||
| net_income = {{ | | key_people = Peyush Bansal {{Smaller|(Chairman; MD & CEO)}} | ||
| revenue = {{up}} {{INRconvert|1503|c|lk=on}} (FY 2022)<ref name="FY20"/> | |||
| net_income = {{down}} {{INRconvert|-102|c}} (FY 2022)<ref name="FY20">{{cite news |title=Lenskart scale surpasses Rs 1,500 Cr in FY22, slips into losses |url=https://entrackr.com/2022/11/lenskart-scale-surpasses-rs-1500-cr-in-fy22-slips-into-losses/ |access-date=29 November 2022 |work=Entrackr|date=10 November 2022}}</ref> | |||
| num_employees = 5,000+ | | num_employees = 5,000+ | ||
| num_employees_year = 2020 | | num_employees_year = 2020 | ||
| website = {{ | | website = {{URL|https://www.lenskart.com/|lenskart.com}} | ||
| hq_location_city = [[Faridabad]], [[Haryana]] | | hq_location_city = [[Faridabad]], [[Haryana]] | ||
| location_country = India | | location_country = India | ||
| num_locations = | | num_locations = 1000+ stores | ||
| subsid = {{plainlist| | |||
*Owndays | |||
*Neso Brands<ref>{{cite news |title=Lenskart-backed Neso Brands raises $100 million, appoints Bjorn Bergstrom CEO |url=https://www.financialexpress.com/industry/lenskart-backed-neso-brands-raises-100-million-appoints-bjorn-bergstrom-ceo/2528578/ |access-date=22 June 2022 |work=Financial Express |language=en}}</ref>}} | |||
}} | }} | ||
'''Lenskart''' is an Indian optical [[Glasses|prescription eyewear]] [[retail chain]], based in [[Faridabad]].<ref>{{cite news |title=Lenskart plans to hire over 2,000 employees in India by next year |url=https://www.livemint.com/companies/news/lenskart-plans-to-hire-over-2-000-employees-in-india-by-next-year-11628679429872.html |access-date=16 February 2022 |work=mint |date=11 August 2021 |language=en}}</ref> As of | '''Lenskart''' is an Indian multinational optical [[Glasses|prescription eyewear]] [[retail chain]], based in [[Faridabad]].<ref>{{cite news |title=Lenskart plans to hire over 2,000 employees in India by next year |url=https://www.livemint.com/companies/news/lenskart-plans-to-hire-over-2-000-employees-in-india-by-next-year-11628679429872.html |access-date=16 February 2022 |work=mint |date=11 August 2021 |language=en}}</ref> {{As of|May 2022|post=,}} Lenskart has 1,000 stores across 223 cities in India.<ref name=":4">{{Cite web|url=https://retail.economictimes.indiatimes.com/news/apparel-fashion/accessories/lenskart-raises-another-25-million-in-series-i-round-announces-opening-of-1000th-store-in-the-country/91304528|title=Lenskart raises another $25 million in series I round; announces opening of 1,000th store in the country|date=4 May 2022|website=Economic Times|access-date=15 January 2023}}</ref><ref name=":1">{{Cite news|url=https://www.business-standard.com/article/companies/lenskart-sees-more-scope-of-growth-in-non-metros-ceo-peyush-bansal-119030400015_1.html|title=Lenskart sees more scope of growth in non-metros: CEO Peyush Bansal|last=Sikdar|first=Shubhomoy|date=4 March 2019|work=Business Standard India|access-date=2019-08-31}}</ref> Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month.<ref name=":3">{{Cite web|last=Bali|first=Shinmin|date=4 November 2018|title=Expansion Plan: Lenskart eyes 50% market share|url=https://www.financialexpress.com/market/expansion-strategy-lenskart-eyes-50-market-share/1371767/|access-date=2019-08-31|website=The Financial Express|language=en-US}}</ref> | ||
Lenskart is building an automated factory in [[Bhiwadi]], [[Rajasthan]], with a production capacity of 5 crore glasses annually.<ref>{{cite news |title=Lenskart may shift SE Asia manufacturing to India plant |url=https://www.livemint.com/industry/manufacturing/lenskart-may-shift-se-asia-manufacturing-to-india-plant-11661706547231.html |access-date=15 January 2023 |work=mint |date=29 August 2022|language=en}}</ref> | |||
[[ | == History == | ||
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> In 2011, [[Chiratae Ventures|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.<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><ref>{{Cite web|url=https://www.forbesindia.com/article/unicorn-tracker/adjust-focus-how-peyush-bansal-built-lenskart-into-a-profitable-unicorn/79911/1|title=Adjust focus: How Peyush Bansal built Lenskart into a profitable unicorn|date=19 September 2022|website=Forbes India|access-date=15 January 2023}}</ref> In 2011, the company launched Watchkart.com and Bagskart.com, and the following year, it started Jewelskart.com.<ref>{{Cite web|url=https://www.techcircle.in/2012/02/16/after-lenskart-watchkart-bagskart-valyoo-technologies-jewelskart-com-goes-live|title=After Lenskart, Watchkart & Bagskart, Valyoo Technologies' Jewelskart.com Goes Live|date=16 February 2012|website=TechCircle|access-date=15 January 2023}}</ref> By the end of 2014, only Lenskart.com remained operative as the company shut down its other three websites.<ref>{{Cite web|url=https://www.vccircle.com/lenskarts-peyush-bansal-new-funding-why-he-shut-down-three-other-e-com?amp=1|title=Lenskart’s Peyush Bansal on new funding, why he shut down three other e-com sites & more|date=8 January 2015|website=VCCircle|access-date=15 January 2023}}</ref> | |||
In | [[File:Piyush Bansal of Lenskart239.JPG|thumb|Co-founder and CEO of Lenskart, Peyush Bansal]] | ||
In January 2015, the company raised {{INR}}135 crore from [[TPG Growth]], TR Capital and IDG Ventures India.<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 India 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> | |||
In June 2022, Lenskart announced | 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 signed up its first brand ambassador [[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 its 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 reached a valuation of $1 billion in 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 in a cash-and-stock deal which 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=TechCrunch|access-date=30 June 2022}}</ref> | |||
== References == | == References == | ||
Latest revision as of 00:37, 6 March 2023
| File:Lenskart logo.svg | |
| Industry | |
|---|---|
| Founded | 2010 |
| Founder(s)s |
|
| Headquarters | , India |
Number of locations | 1000+ stores (2022) |
Area served |
|
Key people | Peyush Bansal (Chairman; MD & CEO) |
| Revenue |  ₹1,503 crore (US$210 million) (FY 2022)[2] |
 ₹−102 crore (US$−14 million) (FY 2022)[2] | |
Number of employees | 5,000+ (2020) |
| Subsidiaries |
|
| Website | lenskart.com |
Lenskart is an Indian multinational optical prescription eyewear retail chain, based in Faridabad.[4] As of May 2022,[update] Lenskart has 1,000 stores across 223 cities in India.[5][6] Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month.[7]
Lenskart is building an automated factory in Bhiwadi, Rajasthan, with a production capacity of 5 crore glasses annually.[8]
History[edit | edit source]
Peyush Bansal, a former Microsoft employee, founded Lenskart.com in 2010 along with Amit Chaudhary and Sumeet Kapahi.[9] 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.[10][11] In 2011, the company launched Watchkart.com and Bagskart.com, and the following year, it started Jewelskart.com.[12] By the end of 2014, only Lenskart.com remained operative as the company shut down its other three websites.[13]
In January 2015, the company raised ₹135 crore from TPG Growth, TR Capital and IDG Ventures India.[14] 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.[15]
Lenskart launched the eyewear brand John Jacobs in 2017.[16][17] In October 2017, Lenskart signed up its first brand ambassador Katrina Kaif.[18][19]
In March 2018, Wipro’s Chairman Azim Premji invested ₹4 crore in the group, taking the valuation of the company to ₹3,000 crore.[20][15] In 2018, the company became profitable, EBITDA positive.[7] In March 2019, the company hired Bhuvan Bam as its first male brand ambassador.[21] The company reached a valuation of $1 billion in December 2019 after SoftBank invested around $275 million.[22][23][5][24]
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 US$400 million.[25]
References[edit | edit source]
- ↑ "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.
- ↑ 2.0 2.1 "Lenskart scale surpasses Rs 1,500 Cr in FY22, slips into losses". Entrackr. 10 November 2022. Retrieved 29 November 2022.
- ↑ "Lenskart-backed Neso Brands raises $100 million, appoints Bjorn Bergstrom CEO". Financial Express. Retrieved 22 June 2022.
- ↑ "Lenskart plans to hire over 2,000 employees in India by next year". mint. 11 August 2021. Retrieved 16 February 2022.
- ↑ 5.0 5.1 "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.
- ↑ Sikdar, Shubhomoy (4 March 2019). "Lenskart sees more scope of growth in non-metros: CEO Peyush Bansal". Business Standard India. Retrieved 31 August 2019.
- ↑ 7.0 7.1 Bali, Shinmin (4 November 2018). "Expansion Plan: Lenskart eyes 50% market share". The Financial Express. Retrieved 31 August 2019.
- ↑ "Lenskart may shift SE Asia manufacturing to India plant". mint. 29 August 2022. Retrieved 15 January 2023.
- ↑ 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.
- ↑ "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.
- ↑ 15.0 15.1 Sarkar, Ranju (23 May 2016). "How Lenskart is defying the start-up trend". Rediff. Business Standard. Retrieved 31 August 2019.
- ↑ PTI (13 January 2019). "John Jacobs to clock ₹500 cr revenue by March 2021". The Hindu Business Line. Retrieved 31 August 2019.
- ↑ PTI (4 February 2018). "Lenskart invests $4 million to expand John Jacobs brand stores". Livemint. Retrieved 31 August 2019.
- ↑ "Lenskart ropes in Katrina Kaif as brand ambassador". Moneycontrol. 9 October 2017. Retrieved 31 August 2019.
- ↑ "Katrina Kaif is Lenskart's first-ever ambassador". The Economic Times. 10 October 2017. Retrieved 31 August 2019.
- ↑ 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.
- ↑ "Lenskart announces Bhuvan Bam as its new brand ambassador". Economic Times Brand Equity. 29 March 2019. Retrieved 31 August 2019.
- ↑ "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 31 August 2019.
- ↑ 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.
- ↑ Singh, Manish (30 June 2022). "Lenskart acquires majority stake in eyewear brand Owndays in $400 million deal". TechCrunch. Retrieved 30 June 2022.