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Lenskart

Lenskart Solutions Limited is an multinational company that operates as a vertically integrated retailer, designing, manufacturing, and selling prescription eyeglasses, , contact lenses, and related accessories. Founded in 2010 by along with co-founders Amit Chaudhary, Sumeet Kapahi, Neha Bansal, and Ramneek Khurana—though originally incorporated as Valyoo Technologies Private Limited in 2008—the company is headquartered in Gurugram, , . Lenskart began as an online optical platform in 2010, offering over 5,000 styles at competitive prices compared to traditional opticians, and expanded into physical retail with its first store in in 2013. As of June 2025, it operates 2,806 stores globally, including over 2,100 in focusing on tier-2 and tier-3 cities, while employing approximately 15,000 people and serving millions of customers annually. Its proprietary brands, such as , emphasize affordable, stylish, and innovative designs, including features like air-flex frames and prism lenses. The company's international expansion accelerated in 2019 with its entry into , followed by markets in and other parts of , and the acquisition of Japanese brand OwnDays in 2022 to bolster its Asian presence. International operations contribute approximately 40% of revenue as of fiscal year 2025, with plans for further growth in and other regions. In FY2025, Lenskart reported net profit of ₹297 (approximately $36 million), driven by strong sales of 4.29 million units internationally alone. Financially, Lenskart has raised over $1.08 billion in funding from investors including SoftBank, TPG, and Chiratae Ventures, achieving unicorn status and a pre-IPO valuation of $7.7 billion in 2025. The company completed its initial public offering (IPO) in November 2025, raising $821 million at a valuation of approximately $8 billion, marking one of India's largest startup listings and enabling further global ambitions. Following its listing on November 10, 2025, shares closed slightly above the IPO price, maintaining a market capitalization of around $8 billion. Notable achievements include participation in New York Fashion Week and features on Shark Tank India, where founder Peyush Bansal serves as a prominent investor.

Company overview

Founding and leadership

Lenskart traces its origins to Valyoo Technologies Private Limited, which was incorporated on May 19, 2008, by , his sister Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, with an initial focus on multiple consumer tech ventures such as online classifieds for college students. The company evolved its operations toward in 2010, launching the Lenskart brand as a dedicated online platform for affordable eyeglasses and contact lenses, marking a pivot from Valyoo's broader experiments. In 2015, Valyoo Technologies was renamed Lenskart Solutions Private Limited to reflect its consolidated emphasis on the eyewear sector, streamlining the business around vision care products and services. The founding team played pivotal roles in this transformation: Peyush Bansal, the primary visionary and an alumnus of McGill University and the Indian Institute of Management Bangalore, serves as Chairman, Managing Director, and CEO, driving strategic growth and innovation in the eyewear industry. Amit Chaudhary, an engineering graduate from Birla Institute of Technology Mesra, acts as Co-founder, Chief Operating Officer, and Executive Director, overseeing technology, analytics, and operational scalability. Neha Bansal, a chartered accountant with expertise in financial consultancy, contributes as Co-founder and Executive Director, focusing on backend financial and administrative functions. Sumeet Kapahi, who brings prior experience from global eyewear brands like Fila and Lee Cooper, functions as Co-founder, Global Head of Sourcing, and Executive Director, managing supply chain and product procurement. Ramneek Khurana serves as Co-founder and Head of Product and Technology, leading development for mobile and web applications. As of 2025, Lenskart's comprises a balanced mix of promoters, executive directors, independent professionals, and investor representatives to guide governance ahead of its public listing. Key members include the founders—Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi, and Ramneek Khurana—alongside independent directors such as Bijou Kurien (appointed January 2025), Ashish Kashyap (Founder of INDmoney, appointed July 2025), and Sayali Karanjkar (Co-founder of PaySense, appointed July 2025), with additional representation from investors like TPG and SoftBank through nominees such as Jayesh Merchant. The company is headquartered in Gurugram, , , and employs 17,607 permanent employees as of March 31, 2025, supporting its operations.

Products and brands

Lenskart's core product offerings encompass prescription eyeglasses, , contact lenses, and eye care accessories such as lens cleaning sprays and solutions. The company has developed several in-house brands to cater to diverse customer segments. focuses on trendy, functional designs suitable for everyday wear, featuring collections like Air Wrap made from pliable TR-90 material for comfort. John Jacobs targets the premium segment with luxury frames in various styles, including full-rim and rimless options for men and women. Lenskart Air specializes in lightweight frames, such as the Air Fusion series, emphasizing durability and ease of use. Hustlr appeals to younger consumers with vibrant, contemporary designs. For contact lenses, Aqualens serves as an in-house brand offering daily, monthly, and disposable options. Customization is facilitated through digital and service-based features, including a virtual try-on tool available on the website and app, allowing users to preview frames on their face. Additionally, Lenskart provides home eye-check services via certified professionals who conduct comprehensive examinations and frame trials at the customer's doorstep, available in select markets like . A 14-day return policy applies to all purchases, ensuring . Lenskart employs a strategy, offering starting from as low as ₹499 for entry-level frames to premium options exceeding ₹13,000, making quality products accessible across income levels. Product innovations include Lenskart BLU lenses, which block up to 98% of harmful from digital screens to reduce , available in prescription and zero-power variants. As of 2025, select lines incorporate sustainable materials, such as biodegradable components and recyclable packaging, aligning with eco-friendly production practices.

History

Early development

Valyoo Technologies, founded in 2008 by along with co-founders Neha Bansal, Amit Chaudhary, Sumeet Kapahi, and Ramneek Khurana, initially diversified into online search and classifieds through its platform SearchMyCampus.com, targeting college students, before expanding into deals and ventures. In 2010, Lenskart emerged as Valyoo's eyewear-focused arm, launching as an online sales platform specializing in contact lenses, followed by eyeglasses and , marking a shift toward the market in after an earlier U.S.-based experiment with Flyrr.com. The early years were marked by bootstrapped operations, with significant challenges including skepticism from family and the market about selling online, compounded by competition from established traditional opticians who dominated the fragmented, unorganized sector. To address trust issues and logistical hurdles like delayed shipments, the company pivoted in 2011 to a stronger model, emphasizing standardized pricing, quick delivery, and a well-stocked to ensure availability of diverse lens powers. Key innovations during this period included the introduction of the Lenskart@Home service in 2013, allowing customers to try frames at home with professional assistance to build confidence in online purchases, followed by the opening of the first physical store in that same year to blend digital and offline experiences. These steps were crucial in overcoming consumer reluctance in a market wary of virtual buying. played a pivotal role in steering these early pivots from diversified ventures to a focused strategy. In the pre-unicorn phase, Lenskart achieved organic growth primarily through and , leveraging targeted online campaigns to expand its reach without heavy reliance on paid initially. By 2015, the company had served a substantial customer base, reflecting steady traction in the online space. That year, Valyoo underwent renaming and restructuring to Lenskart Solutions Private Limited, closing non-core ventures like Watchkart, Bagskart, and Jewelskart to concentrate exclusively on .

Growth and milestones

Lenskart achieved status in December 2019 following a $275 million investment from , which valued the company at over $1 billion. The company rapidly expanded its domestic retail presence, growing from approximately 100 stores in 2016 to over 1,400 outlets by fiscal year 2023, supported by the rollout of a franchise-led model that included rent-sharing and operational assistance for partners. Technological advancements marked key milestones, including the introduction of AI-driven personalization for customer recommendations around 2020 and enhancing user engagement through features like virtual try-ons. During the in 2020-2021, Lenskart adapted by emphasizing its approach, with a notable surge in online sales contributing to sustained operations amid store closures, though overall remained flat year-over-year at approximately ₹905 . In 2022, Lenskart acquired a stake in Japan's Owndays for around $400 million, bolstering its presence across Asian markets with an additional 800 stores. The company further expanded into in 2025 by acquiring an 80% stake in eyewear brand Meller for over €40 million, incorporating design influences from the sunglasses specialist. For fiscal year 2025, Lenskart reported revenue of ₹6,652 crore and a net profit of ₹297 crore, reflecting its first full year of profitability.

Business operations

Retail and distribution

Lenskart employs an omni-channel retail strategy in India, integrating online sales through its website and mobile app with offline sales via company-owned and franchise stores to provide a seamless customer experience. This approach allows customers to browse products digitally, try them virtually using augmented reality tools, and complete purchases either online or in physical locations. As of June 2025, the company operated 2,137 stores across India, including 1,831 company-owned outlets and 306 franchisee-operated stores. The distribution network supports pan-India delivery through partnerships with multiple courier services, including , Blue Dart, , XpressBees, and Ecom Express, enabling coverage of over 20,000 pin codes. Delivery timelines typically range from 3 to 8 days depending on the region, with same-day or next-day options available in major metropolitan areas via quick-commerce platforms like , which offers powered eyeglasses in as little as 10 minutes in select cities such as , , and . Customer service enhancements include free eye examinations at physical stores and home visits by certified optometrists for a nominal fee of ₹99, facilitating personalized fittings and prescriptions without requiring a store visit. Lenskart provides a on frames and lenses for select brands, covering manufacturing defects and ensuring product durability. The Lenskart Gold rewards repeat customers with benefits such as buy-one-get-one-free offers on eyeglasses and (up to 12 times per year), on purchases, and priority services like free eye tests. In the franchise model, partners with local entrepreneurs to expand its footprint, particularly in tier-2 and tier-3 cities, under revenue-sharing agreements, while benefiting from brand support, inventory supply, and operational training. This structure has enabled rapid store growth while maintaining through centralized supply. For , Lenskart primarily drives sales through its proprietary platform, which accounts for a significant portion of domestic revenue due to features like virtual try-on and customized recommendations. The company also integrates with marketplaces such as , where select products like blue-light blocking glasses and are available, though direct channels remain the core focus to control pricing and customer data.

Manufacturing and supply chain

Lenskart operates in-house manufacturing facilities primarily in , with its key plant in , , spanning 10.69 acres and featuring 75% automation for frame and lens production. This facility, operational since 2023, contributes significantly to the company's overall installed capacity of 27.45 million eyeglass units annually as of 2025, ranking among the top two globally for vertically integrated prescription eyeglass . Additional facilities include a leased site in Gurugram, , and international operations through a in , a smaller plant in , and one in , supporting localized production needs. The company maintains a high degree of , controlling the end-to-end from design and to lens production, frame assembly, and final packaging, with 69.87% of prescription eyeglasses manufactured in-house in 2025. This model enables average production costs 35-40% lower than the average by minimizing intermediary dependencies and leveraging centralized , where 75.37% of stock is held at manufacturing sites. Such integration facilitates efficient , with frame production reaching 6.44 million units and lens production 4.06 million units in 2025, at 47.93% utilization of installed capacity. Supplier partnerships emphasize diversified sourcing, with 42.21% of purchases imported from via a 51%-owned with Baofeng Framekart Technology Limited, established in 2017 for frame components. High-end frames incorporate materials from to meet premium quality standards, complemented by 69.87% local assembly in for customization and cost efficiency. No single supplier exceeds 10% of total procurement, relying on spot purchases and short-term contracts to mitigate risks. Sustainability initiatives in manufacturing include systems and installations—2,300 KW at and 455 KW at Gurugram—along with capacities of 1,060 KLD and 110 KLD, respectively, implemented by 2024. The company pilots the use of recycled plastics in cases and promotes eco-acetate collections under its John Jacobs brand, focusing on waste reduction and material repurposing to minimize environmental impact. Supply chain technology incorporates systems, including the NexS platform rolled out phase-wise from July 2024, for tracking and trails, enhancing operational efficiency across facilities. This technological backbone supports rapid fulfillment, enabling next-day delivery in 40 Indian cities and three-day delivery in 69 others, which underpins the company's .

International expansion

Entry into new markets

Lenskart's first foray into international markets occurred in in 2019, initially through physical retail stores that introduced its model to the region. This entry was followed by rapid expansion, reaching 20 stores by 2021 and over 70 by 2023, emphasizing affordable and accessible vision care in a competitive urban market. The company expanded into the with its entry into , UAE, in 2021, opening its inaugural store in at Dubai Festival City Mall as part of a $50 million investment commitment to the region. By mid-2024, Lenskart operated 16 stores in the UAE and 11 in , with projections to exceed 100 stores across the by the end of 2025 through organic growth in key cities. In , Lenskart targeted emerging consumer bases by entering markets such as the and planning expansions into , , and others starting around 2023, with a focus on providing budget-friendly options amid rising demand for vision correction. The company aimed to add 300-400 stores across the region by 2025, building on its base to capture underserved segments in countries with growing middle-class populations. To adapt to diverse markets, Lenskart employed localized marketing strategies, such as tailoring campaigns to regional festivals and cultural preferences, including promotions aligned with in the UAE to resonate with local consumers. Pricing was adjusted to reflect higher operational costs abroad, often commanding a premium of around 20-30% compared to markets while maintaining affordability for entry-level products. International growth presented challenges, including regulatory hurdles related to eye health testing and certification standards that varied by country, requiring compliance with local laws and import regulations. Additionally, Lenskart faced competition from established global and local brands, such as outlets, necessitating differentiated offerings like virtual try-on technology to build market share.

Acquisitions and partnerships

In 2022, Lenskart acquired the eyewear retailer OWNDAYS for $400 million, securing full ownership of the brand and its network of over 300 stores across , which significantly bolstered the company's regional presence in markets like , , and . This move transformed an initial announced earlier that year into a full acquisition, enabling Lenskart to integrate OWNDAYS' model and expand its footprint in the Asian eyewear sector. Building on this inorganic growth strategy, Lenskart acquired an 80% stake in the Spanish sunglasses brand Meller in August 2025, advised by Arcano Partners, to leverage its design expertise and gain entry into the market through an established online platform. The acquisition allowed Lenskart to incorporate Meller's trendy, affordable lines into its portfolio, accelerating global brand diversification and enhancing its appeal to younger demographics in . Beyond full acquisitions, Lenskart pursued strategic alliances to support expansion and innovation. In July 2025, it formed a with Mumbai-based deeptech startup AjnaLens through a strategic investment, aiming to co-develop AI-powered (XR) smart glasses that integrate advanced optics with features. Additionally, Lenskart collaborated with digital agency ETML for performance marketing to enhance in the . These alliances complemented Lenskart's initiatives, including a 2025 with for next-generation AI-powered smart glasses with capabilities, building on models like the Bluetooth-enabled "Phonic" launched earlier in 2025. The acquisitions and partnerships have notably impacted Lenskart's performance, with international operations—largely driven by these deals—accounting for approximately 40% of its FY25 revenue of ₹6,653 , up 22.6% year-over-year. Following its October 2025 IPO, Lenskart's shares debuted on November 10, 2025, but fell below the issue price, amid broader concerns over startup valuations. However, posed challenges, including aligning operational models between franchise-owned (FOFO) and company-owned (COCO) stores post-OWNDAYS acquisition, as well as cultural and supply chain adjustments in diverse like and the . Despite these hurdles, the strategies have positioned Lenskart for sustained global scaling, contributing to its transition from losses in FY24 to a net profit of ₹297 in FY25.

Financial performance

Funding history

Lenskart secured its first institutional of $4 million from IDG Ventures in October 2011, marking the company's early venture backing shortly after its founding. This seed round supported initial platform development and operations for the online retailer. In December 2012, Lenskart raised an additional $10 million in a follow-on early-stage round from investors including Unilazer Ventures and IDG Ventures. The company continued its funding trajectory with a $22 million Series C round in January 2015, led by TPG Growth and TR Capital, which valued Lenskart at $100 million post-money. Subsequent rounds in 2016 included a $60 million Series D investment from the (IFC), Adveq Management, and individual investors such as and , aimed at scaling retail presence and supply chain enhancements. Lenskart achieved status in December 2019 with a $275 million Series G round led by , pushing its valuation above $1 billion and providing capital for aggressive store expansions and technology investments in and . In May 2021, led a $300 million growth round at a $2.5 billion valuation, with participation from existing backers, to fuel further growth and international forays. In 2023, Lenskart raised approximately $600 million across multiple late-stage transactions, including a $500 million primary investment from the () in March at a $4.2 billion valuation, marking 's largest commitment to an consumer firm at the time, and $100 million from ChrysCapital in June through primary and secondary shares; these infusions targeted manufacturing scale-up, inventory, R&D in eyewear innovation, and in new regions. In June 2024, Lenskart completed a $200 million secondary round led by and at a $5 billion valuation, allowing partial exits for early stakeholders while supporting ongoing global expansion. By April 2025, marked up its valuation of Lenskart by 21% to $6.1 billion, reflecting strong operational performance ahead of public market plans. Overall, Lenskart had amassed approximately $1.08 billion in total private funding across 19 rounds by late 2025 from a diverse investor base including TPG, , , , and ChrysCapital, with proceeds primarily directed toward retail network growth, technological advancements, and fortification.

Initial public offering and valuation

Lenskart launched its initial public offering (IPO) in October 2025, marking a significant milestone for the eyewear retailer as it transitioned to a publicly traded company. The IPO, valued at approximately ₹7,278 crore (about US$865 million), comprised a fresh issue of ₹2,150 crore to fund business expansion and an offer for sale of ₹5,128 crore by promoters and early investors. Priced in the band of ₹382 to ₹402 per share, the offering opened on October 31, 2025, and closed on November 4, 2025, oversubscribed about 15 times overall. Ahead of the public tranche, Lenskart secured strong anchor investment, raising ₹3,268 from 147 institutional investors, including ₹100 from , at a pre-IPO valuation of $7.7 billion. This built on the company's recent private funding rounds, which had valued it at around $5 billion prior to the IPO preparations. For 2025 (FY25), Lenskart reported of ₹6,653 (approximately $790 million), reflecting 23% year-over-year growth, alongside a net profit of ₹297 ($35 million), achieving profitability for the first time. Approximately 60% of this originated from , underscoring the company's heavy reliance on its domestic market. Shares listed on the (BSE) and National Stock Exchange (NSE) on November 10, 2025, at ₹395 per share on the NSE and ₹390 on the BSE, representing discounts of 1.7% and 3% to the upper issue price of ₹402, respectively. The recovered during the debut session to close at ₹404.55 on the NSE, a 0.63% over the issue price, amid market volatility and valuation concerns. As of November 14, 2025, shares traded at ₹409.05, giving the company a of approximately ₹70,965 (US$8.3 billion). The IPO targeted a post-issue market capitalization of around US$8 billion at the upper end of the price band, representing a premium over its pre-IPO valuation and highlighting investor confidence in Lenskart's growth trajectory despite market volatility. However, the offering faced scrutiny over potential risks, including ongoing franchise disputes from 2024 and 2025, where former partners alleged unfair practices and disclosure lapses in regulatory filings. These issues, combined with the company's geographic concentration—with 60% of revenue from India—could expose it to domestic economic fluctuations and operational challenges post-listing.

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