Lenskart is an Indian multinational optical prescription eyewear retail chain, based in Gurgaon.[5] As of March 2023,[update] Lenskart has more than 2,000 retail stores, three-fourths of which are in India.[2] Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month.[6][7][8] Lenskart is building an automated factory in Bhiwadi, Rajasthan, with an annual production capacity of 5 crore glasses.[1]
 | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2010 |
| Founders |
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| Headquarters | , India |
Number of locations | 2,000+ retail stores (2022) |
Area served | |
Key people | Peyush Bansal (Chairman; MD & CEO) |
| Revenue |  ₹3,788 crore (US$470 million) (FY23)[3] |
| ₹404 crore (US$51 million) (FY23)[3] | |
 ₹−64 crore (US$−8.0 million) (FY23)[3] | |
Number of employees | 5,000+ (2020) |
| Subsidiaries |
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| Website | lenskart.com |
History
Peyush Bansal, a former Microsoft employee, founded Lenskart.com in 2010 along with Amit Chaudhary and Sumeet Kapahi.[9] In 2011, early investor IDG Ventures India directed the company 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 to focus on the eyewear segment.[13]
Lenskart launched the eyewear brand John Jacobs in 2017.[14][15] In October 2017, Lenskart signed up its first brand ambassador Katrina Kaif.[16][17] In 2018, the company became profitable, EBITDA positive.[6] In March 2019, the company hired Bhuvan Bam as its first male brand ambassador.[18]
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.[19]
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.[20] 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.[21] In September 2016, Wipro's Chairman Azim Premji invested around ₹200 crore in Lenskart through his family office PremjiInvest.[22]
Lenskart was valued at over $1 billion in December 2019 after SoftBank Vision Fund invested $275 million.[23][7] In May 2021, KKR invested $95 million,[24] 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.[25] In July 2022, Lenskart was valued at $4.5 billion following a $200 million funding round led by Alpha Wave Global.[26]
In March 2023, the Abu Dhabi Investment Authority invested $500 million in Lenskart at a valuation of $4.5 billion.[2] In June 2023, the company raised $100 million from ChrysCapital.[27]