- Lenskart is the latest to join the unicorn club since, according to data analytics company paper.VC, it received a Series G round of funding from the SoftBank Vision Fund.
- Founded in 2008 by Peyush Bansal, Sumeet Kapahi, Amit Chaudhary, with multiple stores, Lenskart had expanded rapidly. It has more than 535 stores throughout the country.
Eyewear retailer Lenskart is the latest to join the unicorn club since, according to data analytics company paper.VC, it received a Series G round of funding from the SoftBank Vision Fund.
SoftBank is investing in the company in $231 million, up to $1.5 billion in its valuation.
Three months ago, Lenskart also earned more than $55 million from Kedaara Capital. Reports also said Kedaara’s investment might be a secondary deal as Premji Invest and Chiratae Ventures are going to sell some of their shares.
Lenskart is often the focus of many memes with deals and discounts for the multiple messages it sends to customers.
Founded in 2008 by Peyush Bansal, Sumeet Kapahi, Amit Chaudhary, with multiple stores, Lenskart had expanded rapidly. It has more than 535 stores throughout the country.
Such huge investments, however, have not paid off, leaving it with growing losses. Lenskart’s losses were at about $113 in 2015-16. They doubled to approximately 263 crores the very next year.
The business has turned things around, though, and how. Its revenues increased by 70% in 2018, while its losses were reduced by 55%. It’s own brand–John Jacobs–that seems to have done well because by 2021 the company will be touching some 500 crores in sales.
Lenskart reported revenue of as many as 4486 crores in FY19, while reducing its losses to as many as 0.27.8 crores, according to estimates.
Founded in 2010, Lenskart is India’s fastest growing eyewear business today by an ex-Microsoft’ techie’ with no money but truckloads of relentless passion to make a difference in this world.
With a rapidly growing company reaching over 1,00,000 customers a month through a unique combination of a strong online business such as www.lenskart.com, uniquely designed physical stores, and a first-of-a-kind’ home eye check-up’ service, Lenskart is revolutionizing the Indian eyewear industry.
Indian Unicorns
The first eight months of the year saw the birth of seven unicorns in India’s startup ecosystem, Nasscom’s software industry body said in a survey, even as 52 others who have earned over $50 million are waiting to join the list.
India’s newest unicorns include Delhivery, a logistics start-up; Icertis, providing cloud-based contract management; Dream11, a gaming start-up; Druva, offering cloud data security and management; Ola Electric, the cab-hailing company’s electric vehicle arm; and Rivigo, a logistics company.
