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Lenskart to build ₹1,500 cr eyewear manufacturing plant in T'gana

Inshorts · 8m ago

Lenskart to build ₹1,500 cr eyewear manufacturing plant in T'gana

Telangana's Industries Minister Sridhar Babu Duddilla said Lenskart has signed an MoU to build the world's largest eyewear manufacturing facility in the state. The facility, expected to create 2,100 jobs, will be set up with an investment of around ₹1,500 crore. "Land has already been identified and will be handed over to the company this week," Sridhar said.

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Lenskart to set up world’s largest eyewear plant in Telangana signs MoU

Economic Times

Economic Times · 8m ago

Lenskart to set up world’s largest eyewear plant in Telangana signs MoU

Lenskart has entered into an agreement with the Telangana government to establish a major eyewear manufacturing facility in Fab City, Telangana. With an investment of approximately Rs 1,500 crore, this facility aims to become the world's largest eyewear manufacturing plant. The plant will produce a wide range of eyewear products, including lenses, sunglasses, and accessories, catering to both domestic and international markets. This project is expected to create around 2,100 job opportunities and support Lenskart's growth in becoming a global eyewear maker.

ET Startup Awards 2024: Lenskart eyes $200 million factory as revenue run rate hits $1 billion

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Economic Times · 10m ago

ET Startup Awards 2024: Lenskart eyes $200 million factory as revenue run rate hits $1 billion

- Lenskart plans to invest $200 million in a new manufacturing plant in southern India, which will be 10 times the size of its existing plant in Rajasthan. - Lenskart's local manufacturing has become a backbone for its online operations, allowing for next-day delivery in eight Indian cities and enabling the company to sell India-made products in global markets. - The new facility is expected to be operational within 18 months and will strengthen Lenskart's position as a global hub for eyewear manufacturing. - Lenskart has more than doubled its FY23 revenue and is on track to close over $1 billion in revenue for FY25. - The company's omnichannel strategy, with online and physical stores, has been a key driver of its growth, and it plans to add another 400 stores this year. - Lenskart remains focused on delivering a great customer experience, investing in technology, and expanding into new consumer segments, such as kids' eyewear.

Lenskart sharpens focus on IPO at $10 billion valuation

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Economic Times · 5m ago

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Lenskart plans to seek a $10 billion valuation for its upcoming IPO, doubling its previous funding round valuation. The omnichannel eyewear retailer aims to file draft papers by May, contingent on market conditions. With profitable Indian operations, Lenskart is expanding in Thailand and focusing on local manufacturing. They recorded a $1 billion revenue run rate, improving operational efficiencies, and reduced net loss to Rs 10 crore in FY24. Backed by SoftBank and Temasek, Lenskart is leading India's eyewear market.

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Business Today

Business Today · 1y ago

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Eyewear company Lenskart is searching for a large land parcel near Bengaluru airport to build its upcoming 'mega factory'. CEO Peyush Bansal announced the company's need for 25 acres of land and received a swift response from the Karnataka government, assuring their support. Lenskart is also reportedly preparing for an initial public offering, according to SoftBank Vision Fund CFO Navneet Govil. The company, founded in 2008, specializes in eyewear and aims to serve 1 billion eyes globally by 2025.

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Economic Times

Economic Times · 8m ago

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Aarin Capital chairman TV Mohandas Pai has appealed to Industries & Infrastructure Minister MB Patil to intervene and prevent eyewear chain Lenskart from shifting its planned investment from Karnataka to Telangana. Telangana's IT & Industries Minister announced that Lenskart has signed a Memorandum of Understanding to establish the world's largest eyewear manufacturing facility in the state. Pai called it a "blow for Karnataka" and urged Patil to take immediate action to retain the investment. Patil defended the government's stance, stating that incentives were meant to enhance project viability and some investors sought higher incentives than their investment warranted.

Fidelity marks up Lenskart valuation by 12% to $5.6 billion

Economic Times

Economic Times · 9m ago

Fidelity marks up Lenskart valuation by 12% to $5.6 billion

Fidelity, a US-based financial services company, has increased the valuation of eyewear retailer Lenskart to $5.6 billion, reflecting a 12% increase. The valuation update, as of September 30, was published in Fidelity's monthly portfolio holdings. Lenskart achieved an annual revenue run rate of $1 billion this financial year. In June, Fidelity and Temasek invested $200 million in Lenskart, valuing the company at $5 billion. Lenskart had previously raised $600 million in total from Abu Dhabi Investment Authority and ChrysCapital in March 2023. The company's founder, Peyush Bansal, mentioned plans to invest $200 million in a new manufacturing unit in India.

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Economic Times

Economic Times · 1y ago

Temasek, Fidelity may invest $200 million in Lenskart at $5 billion valuation

Singapore's Temasek and US-based Fidelity are reportedly in advanced discussions to invest around $200 million in Indian eyewear company Lenskart. The investment would be made through a secondary share sale, valuing Lenskart at approximately $5 billion. The round would take Lenskart's valuation to over three times that of Warby Parker, a New York-based online retailer for eyewear. Other early investors in Lenskart, including TR Capital, KKR, and Avendus, may also divest a portion of their holdings in the latest round. Lenskart closed FY23 with revenue of Rs 3,780 crore and a profit of Rs 260 crore.

Lenskart eyes SEA market expansion, likely to open up to 400 stores

Inc42 · 1y ago

Lenskart eyes SEA market expansion, likely to open up to 400 stores

Eyewear brand Lenskart plans to expand its presence in Southeast Asia by opening 300-400 stores in the region over the next two years. With around 70 stores already operating in Singapore, the company aims to enter Thailand and the Philippines. Lenskart acquired a majority stake in Japanese eyewear brand OWNDAYS last year in a deal worth approximately $400 million, as part of its strategy to become the largest eyewear brand in the Asian market. The company received $100 million funding from private equity firm ChrysCapital in June to support its expansion plans.

Bottomline: Lenskart reaps benefits of new stores, FY24 revenue up over 30%

VCCircle

VCCircle · 11m ago

Bottomline: Lenskart reaps benefits of new stores, FY24 revenue up over 30%

Eyewear retailer Lenskart Solutions Pvt. Ltd has reported a significant increase in revenue for fiscal year 2024. The company, backed by investors including PremjiInvest and KKR, saw a 34% rise in revenue due to the success of its new stores. Lenskart, an omnichannel retailer based in India, successfully turned around its operational business. The company is known for selling eyewear, including glasses and contact lenses.

Lenskart Invests In AjnaLens To Develop AI-Powered Smart Glasses Lenskart Invests In AjnaLens To Develop AI-Powered Smart Glasses

Inc42 · 1m ago

Lenskart Invests In AjnaLens To Develop AI-Powered Smart Glasses Lenskart Invests In AjnaLens To Develop AI-Powered Smart Glasses

Lenskart has invested in Mumbai-based deeptech startup AjnaLens to develop AI-powered smart glasses. This partnership aims to leverage Lenskart's frame design expertise alongside AjnaLens' advanced XR technology. Founded in 2014, AjnaLens specializes in hardware and software solutions for various sectors, including defense and enterprises. Lenskart cofounder Peyush Bansal emphasized the company's commitment to innovation in eyewear, building on their recent launch of audio eyewear named ‘Phonic’. Financial details of the deal were not disclosed.

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