Lenskart is an Indian-origin eye wear brand founded by Peyush Bansal is also the CEO of the company, Amit Chaudhary is the COO of the company, and Sumeet Kapahi in the year 2010.
The company has its headquarters in New Delhi. The company has now spread all over India through its online business and the company also launching its own stores in the country currently there are over 500 stores and above in India. The parent organization of the company is Valyoo Technologies which was founded by Peyush Bansal with the aim to add value to life.
The company overall has raised about 774 million dollars in funding from external investors spread over 11 rounds all over. The last round of the company was of Series H round which the company closed for an amount of 220 Million Dollars in July 2021 at a valuation of 2.5 Billion Dollars the company.
This round of funding was led by Temasek Holdings and Falcon Edge Capital. The company had its 1st round of funding which was Series A in October 2011 which was of 4 Million Dollars and was led by Chiratae Ventures in the beginning. During the course of its business in India, it has invested in some companies as well.
The last investment made by the company was in Tango Eye of 500 Thousand Dollars as a seed round in October 2020. The company has also acquired a sole and only business over these years which was of DailyJoy in April 2021.
Lenskart Expand the Business
The main difficulty for the business in the beginning was of the online store, as the customers in India were more inclined towards the shopping of lens in offline market only. Over the course of the business running, the company has shifted not only from providing the frame but also now the company has started providing the lens as well.
It is one of the first companies in India, which started delivering the frames directly on the basis of orders provided by the consumer, through the internet. The major competitors of the business are Titan Eyeplus, Coolwinks.com, Specsmakers, etc.
The company plans to spread in other countries which include Singapore in which the company had already set up 25 stores and planning to spread in Southeast Asia Market, in which the countries include Vietnam, Thailand, Indonesia, Malaysia, and the Philippines.
The company has plans to spread its business in the Middle East and Southeast Asia, as both the investing companies in the latest round had a high knowledge of these markets, as Falcon knows the Middle East market and Temasek has good knowledge of Southeast Asia Markets.
The shareholding pattern of the Lenskart is not only by Peyush Bansal, but it has various investors. Mr. Peyush Bansal holds an 8.21% stake in the company while Neha Bansal holds an 8.18% stake. The largest stakeholder in the business is SoftBank which holds 20.12% of the company, Premji holds 11.15%, Kedaara Capital has 9.55% and TR Capital has 8.28% as these stakeholders of the company are having more shares in the company than its founders. Other holders include UNILAZER about 6.59%, with International Finance Corporation of 5.36%, Steadview has 5.32% and others stakeholders in the company hold 17.24% stake in the company.
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Recently, Mr. Peyush Bansal was seen as a Shark on Shark Tank India show, which is the same show based on the Shark Tank in the USA. Mr. Bansal got into the limelight much more due to the deal given by him to Jugadu Kamlesh who came on the show with his nephew Naru, as the deal was given as Rs. 10 lakhs for 40% in the company KG Agrotech and Rs. 40 lakhs given as a loan at 0 percent interest. As the main focus of the business is to help the farmers, the product which was pitched was a hand-drawn cart for farmers.