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<ul><li>Lenskart had much to cheer in 2019. It grew at 50% year-on-year, launched its 500th store and its total operating revenue grew by 24% in 2019 to Rs 474.31 crore. </li><li>Amit Chaudhary, Co-founder, Lenskart.com tells us how it plans to grow further in the country by increasing its retail presence, investing more in advertising, and lastly, experimenting with newer technologies.</li></ul>
 <div type="Video" msid="74641251" hostid="261" title="Lenskart to launch 500 stores in 2020 and increase its focus on AI and digital marketing" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=74641251"></div>



 It was after Peyush Bansal, the founder of Lenskart found a huge gap in the eyewear segment that he decided to start his own company in India. He realised that a third of India’s total population needs to wear spectacles and only 25% of them actually wear it; quality and affordability were the two critical barriers here. Amit Chaudhary and Sumeet Kapahi later joined Bansal and decided to change the perception of glasses from being ‘nerdy’ to a ‘cool-status’ symbol for millennials. Therefore, Lenskart started as a pure e-commerce company, with a promise of being ‘fashionable’ and to break through the existing clutter, it offered the lazy millennials an option of 3D try-on. To establish its unique proposition further, Lenskart recently on-boarded social media influencer Bhuvan Bam, and tried to destigmatise wearing spectacles. Lenskart’s mantra seems to have worked as it had much to cheer in 2019. It saw an almost 50% year-on-year growth, launched 500 stores in over 70 cities and ended the year on a perfect note by raising $275 million in a financing round from SoftBank Vision Fund. According to Ministry of Corporate Affairs (MCA), its total operating revenue grew by 24% in 2019 to Rs 474.31 crore. However, the Indian eyewear industry is a potential $10 billion market, which is growing more than 30% on a Y-o-Y basis, so there is a lot more ground that Lenskart is aiming to cover this year. Amit Chaudhary, Co-founder, Lenskart.com told us that it plans to grow in the country by increasing its retail presence, investing more in advertising, and lastly, experimenting with newer technologies. Expansion Plan After its latest investment round, Lenskart is planning to launch 500 stores by the end of this fiscal and another 5,000 stores over the next five years. “This year we want to open 500 stores across the country but we now want to focus on few cities first and capture them. While we continue to do what we are doing in the Tier III and Tier IV markets at the same pace, we will increase our pace in the top metros,” says Chaudhary. Growing on digital Lenskart took the bet to launch as an online-only platform and has grown exponentially. It would continue to invest 80% of its budget on digital media and being erstwhile computer engineers, Chaudhary says it comes naturally to them. Telling us why its budget is skewed towards digital, Chaudhary said, “If I want to reach somebody today, there is no better way to do that than through digital. Digital, as a medium, gives you a one-to-one access to the consumer, unlike a big board outside somewhere where you don't even know who is seeing it. So to bring focus to whom you want to show your product and get the access to them -- I think digital plays a very important role and you can measure that. So I think that is one of the reasons we will keep on continuing, embracing this way (virtual and digital way) of marketing and communication to consumers.” However, Lenskart also uses other platforms like TV and Outdoor just to encourage its audience to embrace digital mediums. Chaudhary explains, “We have only done digital marketing. We also do TV but it's not part of the significant budget. The idea of using TV is also to embrace digital. So all our TV ads also show that you should go digital and use our 3D try-on. We are also improving the technologies there to make those trials be as fast and accessible as possible. When you look at things like Facebook, Instagram and Snapchat filters, we are hoping to create a very real-time thing there. When you see how the glasses are looking on you in the social filters, you should be able to make a transaction right away.” When asked if Lenskart is planning to increase its marketing budget this year, Chaudhary said, “Yes. We also have some product brands, Aqua Lens and John Jacobs. So we'll try to grow those parallely and some of the extra money will go there.” A peek in Lenskart’s future Chaudhary says Lenskart’s prime objective in 2020 is to make eyewear more and more accessible. He indicated that Lenskart is working on a new technology mode that will help to do 1,00,000 eye check ups on a daily-basis. Sharing what else is on its agenda, Chaudhary added, “Lenskart of the future would be a global company where we serve consumers keeping India's manufacturing in focus -- make sure that India generates a lot of employment. Lenskart already helps generate a lot of employment in the country, both in terms of manufacturing and retail. We are a full stack business -- manufacturing to retailers, we will continue to embrace this and make it as big as possible.”

Lenskart to launch 500 stores in 2020 and increase its focus on AI and digital marketing, says Co-founder, Amit Chaudhary

<ul><li>Additionally, it will hire 300 employees to expand its operations in Singapore, Middle East and USA.</li><li>About 1,500 of the new appointees will be retail employees to manage <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword>’s increasing offline stores network.</li><li>Lenskart’s workforce currently includes over 200 engineers, data scientists and product designers.</li></ul>Direct-to-consumer (D2C) eyewear brand Lenskart will be <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> 2,000 employees by next year to increase its customer base over the next few years. Besides this, it will also be hiring another 300 employees to expand its operations in international markets like Singapore, Middle East and the United States of America (USA). The firm is hiring across tech and non-tech verticals, but retail employees would make the largest chunk of it. The company recently hired over 100 employees for its Hyderabad hub. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hiring </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Verticals </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">More retail employees to manage Lenskart’s increasing offline stores </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100+ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Engineers for technology teams across Bengaluru, Delhi-NCR and Hyderabad </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Supply chain and manufacturing operations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Corporate functions across finance, consumer insights, human resources, merchandising </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">To expand internationally in Singapore, Middle East and the USA </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Lenskart’s workforce currently includes over 200 engineers, data scientists and product designers. “We have continued to grow exponentially, in international markets as well as in India, and we are building a strong presence in regional markets as well through our stores and e-commerce. This has opened up several job opportunities across Lenskart to serve and delight our customers at a huge scale. So, hiring is a key aspect in our growth journey and we are looking at actively hiring skilled talent across verticals for regions like Hyderabad, Bengaluru, Mumbai, and Delhi among others,” Lenskart’s chief executive officer (CEO) and founder <keyword id="824423" type="PERSON" weightage="20" keywordseo="Peyush-Bansal">Peyush Bansal</keyword> said in a statement. Founded in 2010 by Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart is one of the largest omnichannel retailers and manufacturers of eyewear in India. The company says that it serves over 400,000 customers on a monthly basis and claims to account for nearly 30% of India’s organised eyewear market. SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms" data-type="tilCustomLink">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/investment/news/these-are-the-top-ten-most-popular-cryptocurrencies-in-the-world/slidelist/85174407.cms" data-type="tilCustomLink">Top 10 cryptocurrencies in the world — the story behind Bitcoin and other altcoins</a>

Lenskart aims to hire over 2000 employees to ramp up its operations

<ul><li>Eyewear unicorn <keyword id="1518229" type="General" weightage="100" keywordseo="lenskart" source="Orion">Lenskart</keyword> has signed a definitive agreement with <keyword id="126284" type="General" weightage="80" keywordseo="abu-dhabi-investment-authority" source="Orion">Abu Dhabi Investment Authority</keyword> (ADIA).</li><li>Abu Dhabi Investment Authority invests $500 mn.</li></ul><keyword id="2552077" type="General" weightage="50" keywordseo="omnichannel" source="Orion">Omnichannel</keyword> eyewear unicorn Lenskart has signed a definitive agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million from the authority. The investment is an extension to last year's funding round, helping Lenskart maintain its $4.5 billion valuation. The company said that the capital will be deployed to deepen its presence in Asia and the Middle East. ADIA's investment includes some secondary purchase of shares from some early backers of Lenskart. The eyewear company has so far raised $1.5 billion in primary and secondary rounds, according to reports. Founded in 2010, Lenskart ships over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Singapore, and Dubai, the company said last year. Lenskart is backed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword>, <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>, KKR, Temasek, Premji Invest and Kedaara Capital, among others. In June last year, the eyewear unicorn took a majority stake in Japanese eyewear brand Owndays in a deal that was reportedly around $400 million. This took the merged firm to reach 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan. The company said it will continue its rapid expansion in India and South East Asia to serve the mass to mid-premium segments. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/innovative-ai-powered-applications-and-websites-that-are-revolutionizing-the-way-we-live-and-work/articleshow/98607475.cms">Innovative AI-powered applications and websites that are revolutionizing the way we live and work</a> <a href="https://www.businessinsider.in/tech/news/apples-airpods-to-offer-health-tracking-features-in-future-releases/articleshow/98624577.cms">Apple's AirPods to offer health tracking features in future releases</a>

Abu Dhabi Investment Authority invests $500 mn in eyewear unicorn Lenskart

Private equity fund Chryscapital on Thursday announced a USD 100 million investment in eyewear company <keyword id="1518229" type="General" weightage="100" keywordseo="lenskart" source="Orion">Lenskart</keyword>. The investment at an undisclosed valuation is through a mix of primary and secondary share purchases, a statement said. It takes the overall investments or commitments by the PE fund into India to USD 850 million, the statement added. Lenskart, which has 20 million customers, is also expanding internationally across Asia and the Middle East, it said. The company is undergoing a "vertical integration" exercise with a new manufacturing facility that will help it keep prices competitive and aid in delivery time, it said. "Incidences of myopia are rapidly growing globally, especially in Asia, including India, with big unsolved problems of access, affordability, and awareness," Lenskart's founder and chief executive <keyword id="824423" type="General" weightage="50" keywordseo="peyush-bansal" source="Orion">Peyush Bansal</keyword> said. With the help of technology, customer centricity, and big investments in supply chain and talent, the company can help eradicate the problem of vision correction, he claimed. <keyword id="6526855" type="General" weightage="50" keywordseo="chryscapital-advisors" source="Orion">Chryscapital Advisors</keyword>' senior vice president <keyword id="168962" type="General" weightage="50" keywordseo="rajiv-batra" source="Orion">Rajiv Batra</keyword> said Lenskart has a strong execution-focused management team. "With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10+ Asian countries in addition to the already large Indian market," Batra added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/automotive-digital-marketplace-truecar-lays-off-24-of-workforce/articleshow/101013596.cms">Automotive digital marketplace TrueCar lays off 24% of workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/sonam-kapoor-plans-to-return-to-bollywood-with-2-yrf-films/articleshow/101014785.cms">Sonam Kapoor plans to return to Bollywood with 2 YRF films</a>

Chryscapital invests $100 million in Lenskart

<ul><li>PE firm <keyword id="6460966" type="UNKNOWN" weightage="20" keywordseo="kedaara-capital">Kedaara Capital</keyword> is in talks to invest in Lenskart, say reports, at a valuation of $1 billion.</li><li>Softbank too was in talks to fund the company.</li><li>Lenskart has over 500 stores in India.</li></ul>Eyewear retailer Lenskart is all set to turn into a unicorn, nine years after it was founded. Homegrown PE firm <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/kedaara-eyes-lenskart-stake-at-1b-valuation/articleshow/70941194.cms">Kedaara</a> Capital is in talks to invest in Lenskart, says an ET report. The latest funding would take Lenskart’s valuation up to $1 billion. The report also says that Kedaara’s <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> could be a secondary deal as Premji Invest (Azim Premji’s investment arm) and Chiratae Ventures will sell a part of their shares. Earlier too, there were also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/softbank-may-lead-funding-in-lenskart-back-dailyhunt/articleshow/70836332.cms">reports</a> of Japanese investment firm Softbank showing interest in the eyewear retailer and invest as much as $400 million. Scripting a turnaround story Lenskart is often the centre of many memes for its multiple offers messages it sends to customers, with offers and discounts. In May, it opened its 500th store in the country. However, it hasn’t had a smooth ride. Lenskart had rapidly expanded with multiple stores. However, these huge investments didn’t pay off, leaving it with mounting losses. In 2015-16, Lenskart’s losses were at ₹113 crore. The very next year, they doubled to be ₹262.87 crore. After this, the company took an active step to turn things around. Lenskart turned its focus to Tier 2 and 3 cities. As a result, its revenues jumped by 70% to ₹118.04 crore in 2018, while cutting its losses by 55% losses. It’s own brand – John Jacobs – which seems to have done well for the company will touch ₹500 crore in revenue by 2021, say <a href="https://www.thehindubusinessline.com/companies/john-jacobs-to-clock-500-cr-revenue-by-march-2021/article25985375.ece">reports.</a> In February 2019, Lenskart announced YouTuber Bhuvan Bam as its brand ambassador along with Bollywood actor Katrina Kaif.

9 years later, Lenskart set to be a unicorn having fought off losses and welcomed investors

In an effort to widen its e-tailing portfolio, World Bank’s International Finance Corporation (IFC) is mulling to invest at least Rs 170 crore, or $25 million in <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> Solutions. 
 
After investing in BigBasket, IFC is looking to buy minority stake in the online eyewear retailer. 
 
Lenskart raised Rs 60 crore from existing investor, TPG Growth, last year in November taking the valuation of the company to Rs 1,000 crore from Rs 634 crore in December 2014. 
 
Lenskart presently has 90 franchisees in over 50 cities. 
 
(Image: Indiatimes)

After BigBasket, World Bank’s IFC is going to pump in Rs 170 crore in Lenskart

<keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> on Monday said global investment firm <keyword id="6354544" type="COMPANY" weightage="20" keywordseo="kkr">KKR</keyword> will invest <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 95 million (about Rs 695.8 crore) in the omni-channel eyewear retailer via a secondary stake acquisition. As part of the transaction, existing <keyword id="6359051" type="UNKNOWN" weightage="20" keywordseo="investors">investors</keyword> - TPG Growth and TR Capital - will each divest a portion of their holding in Lenskart, a statement said. These entities had invested in Lenskart in late 2014. Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers' virtual and omni-store experience, the statement said. According to reports, KKR's investment is part of a larger USD 300-million round. However, the companies did not comment on the report and if other investors have participated in the round. KKR said it is making its investment from its Asian private equity fund. Some of the recent technology-focused investments for KKR in Asia include Adopt A Cow (a digitalised, direct-to-consumer dairy company in China), NetStars (the operator of Japan's largest QR code payment gateway), and Walnut Programming (a children's programming education company in China). In 2019, Lenskart had announced raising over USD 275 million (nearly ₹1,956 crore) from Softbank Vision Fund. In the past, it has received funding from investors' like Ratan Tata, PremjiInvest, <keyword id="85860" type="COMPANY" weightage="20" keywordseo="IFC">IFC</keyword> (venture capital arm of the <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword>), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq. Established in 2010, Lenskart currently serves over 7 million customers annually through its omni-channel presence that spans online, mobile application, and 730 stores in 175 cities across the country. In 2019, Lenskart had also expanded to Singapore, marking its foray into Southeast Asia. Lenskart integrates technology into all aspects of its operations, to the browsing, shopping and purchasing experience, in addition to manufacturing and supply-chain optimisation. Among Lenskart's digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions, Lenskart CEO Peyush Bansal said. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone - first in India, and now worldwide, he added. "In the next five years, we aspire to have 50 per cent of India wearing our specs... We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally," he said. KKR Partner Gaurav Trehan said as a technology-driven business, Lenskart is a strong, homegrown disruptor in India's rapidly expanding eyewear industry. "We are truly excited to work with Peyush and Lenskart's impressive management team to support Lenskart's growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone," he added. Avendus Capital advised Lenskart on the transaction. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms">Ratan Tata-backed Moglix is the 13th unicorn from India this year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a>

Lenskart gets funding of $95 million from global investment firm KKR

Eyewear retailer <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> on Monday announced it has raised $220 million in fresh funding led by Temasek and <keyword id="4675626" type="PERSON" weightage="20" keywordseo="Falcon-Edge-Capital">Falcon Edge Capital</keyword>, taking its valuation to nearly $2.5 billion. The company recently raised $95 million from <keyword id="2527060" type="PERSON" weightage="20" keywordseo="Global-Investment-Fund">global investment fund</keyword> <keyword id="6354544" type="UNKNOWN" weightage="20" keywordseo="kkr">KKR</keyword>, taking the total transaction size to $315 million to date. The current round also saw participation from Bay Capital and <keyword id="6947922" type="UNKNOWN" weightage="20" keywordseo="chiratae">Chiratae</keyword>, the company said in a statement. "We're already the largest eyewear player in India and in the top 3 in Singapore. Lenskart envisions to have 50 per cent of India wearing its specs over the next five years and become the #1 eyewear platform in Southeast Asia and Middle East over the next 18 to 24 months through organic and inorganic expansion," Founder and CEO Peyush Bansal said. The company said that fresh funds will help it expand its presence in India as well as scaling its growing operations in Southeast Asia and Middle East. "Lenskart has built a world-class fully backward-integrated omnichannel eyewear retail experience with extreme customer centricity," Falcon Edge Capital co-Founder and <keyword id="11674262" type="UNKNOWN" weightage="20" keywordseo="partner-navroz-udwadia">Partner Navroz Udwadia</keyword> said. The market opportunity for Lenskart in target geographies is expected to be over $15 billion by 2025. Along with the expansion, Lenskart is also planning to use the capital to deepen its investments in technology and AI-driven innovations to create a personalised experience for its customers. Founded in 2010, Lenskart is currently serving over seven million customers annually through its <keyword id="2535292" type="PERSON" weightage="20" keywordseo="Omni-channel">omni-channel</keyword> shopping experience with more than 750 omni-channel stores in 175 cities. In 2019, Lenskart expanded to Singapore -- marking its foray into Southeast Asia -- where it is now a key service provider for opticals. In May, Lenskart and KKR, a global investment firm, announced the signing of definitive agreements under which KKR invested $95 million in Lenskart via a secondary stake acquisition. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Lenskart raises $220 million to launch in Middle East, Southeast Asia

Eyeware retailer <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> has raised Rs 135 crore in fresh capital in its third round of funding. The company has in its Series C (final rounding of early funding cycle) raised the funds as co-investment from <keyword id="141646" type="COMPANY" weightage="20" keywordseo="TPG-Growth">TPG Growth</keyword> along with Hong Kong-based TR Capital and its existing investor IDF Ventures. 
	 Interestingly, the company has raised a total of Rs 200 crore in three rounds of funding that has happened so far. In February 2013, the company had received an investment of Rs 53 crore from <keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>’s Unilazer Ventures along with IDG Ventures India. 
	 
	“In TPG, we found strategic partners and advisors with proven capability to build a large consumer-centric enterprise. The TPG brand is another feather in our cap. With this new investment, we will be hiring the best talent and give them a world-class environment to innovate and solve India’s eyewear problems at a very large scale,” said Peyush Bansal, CEO &amp; Founder of Lenskart. 
	 
	Commenting on the same, Manas Tandon, Director, TPG Growth said, “TPG globally is an active investor in the Internet sector. We are excited about the evolution of Internet in India and are delighted to partner with Lenskart as our first investment in this space. The Lenskart team brings to the table an impressive focus on customer service and keen commercial instincts, thereby building a dominant position in the eyewear space, while maintaining attractive unit economics.” 
	 Currently, the company clocked in revenues of nearly Rs 100 crore and has been growing at 15% every month. Lenskart was founded in 2010 by <keyword id="2674246" type="UNKNOWN" weightage="20" keywordseo="Peeyush-Bansal">Peeyush Bansal</keyword> along with Amit Chaudhary and Sumeet Kapahi. The company claims to have grown by over 200% year on year.

Lenskart
Raises Rs 135 Crore As Fresh Capital

Lenskart to launch 500 stores in 2020 and increase its focus on AI and digital marketing

BANGALORE|NEW DELHI: Even a decade ago, the name "Bansal" would have brought in images of coaching classes in Rajasthan's Kota, but today it is the common factor binding the who's who of India's fledgling e-commerce sector. 
 Five young men who answer to that name have emerged as trailblazers of Indian e-commerce, taking on global biggies like <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> and eBay for top honours in the country's exploding market for online retail. 
 Online marketplaces <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, apparel retailer <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> and eyewear retailer <keyword id="1518229" type="PERSON" weightage="80" keywordseo="Lenskart">LensKart</keyword> all have Bansals at the helm. Such is their clout that they account for nearly Rs 10,000 crore of the total online retail pie of about $2 billion. 
 
But their adeptness at trade and commerce is not a state secret. As a sub-sect of the Aggarwal community, the Bansals are known for running a tight ship when it comes to business and entrepreneurship. 
 "We (Bansals) have the math, <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> and data skills that are extremely important for e-commerce," said Rohit Bansal who teamed up with schoolmate and Wharton alumnus Kunal Bahl to set up online marketplace Snapdeal in 2010. 
 
 
 
The Bansals of the new economy also sport degrees from IIT and IIMs. The five Bansals with their four companies - Flipkart, Myntra, Snapdeal and LensKart - set up shop within the last seven years and control about 85% of India's entire e-tailing industry. 
 
But they have to contend with the might of $75-billion (Rs 4.5 lakh crore) Amazon, which entered India last year and is investing heavily. Heading the fightback are <keyword id="225032" type="PERSON" weightage="40" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, 32, and Binny Bansal, 31- founders of Bangalore-based Flipkart - who met each other while studying at IIT-Delhi. Their company today generates about Rs 6,100 crore in sales, half the industry total.Flipkart is also the biggest challenge for Amazon, a company where both the Bansals honed their skills before setting up on their own in 2007. Coming second is Snapdeal, whose Rohit Bansal, 31, graduated ahead of Sachin and Binny from IIT Delhi. <div style="page-break-after: always;">
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 "My ancestors from my paternal and maternal sides have all been <keyword id="80597" type="POSITION" weightage="40" keywordseo="Businessmen">businessmen</keyword>," said Rohit Bansal, who is from Malout, a small town in Punjab, just four hours from Chandigarh where the Bansals from Flipkart grew up. 
 
Snapdeal’s turnover is now half of Flipkart, and it is expected to cross the $1 billion mark next year. The Bansals are making a mark not just in horizontal marketplaces, but also single-category retail. Bangalore-based Myntra Designs, founded by another IITian Mukesh Bansal, is giving stiff competition to Flipkart in apparel, one of the highest-margin categories, where profits range from 30% to 50%. 
 “It has come full circle with me getting in fashion retail online,” said Mukesh Bansal, <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> at Myntra, who hails from Haridwar. His father had opted for a public sector job over joining the family business — ironically, clothes trading. “No family influence made me think of entrepreneurship. But the startup bug bit me in Silicon Valley,” said Myntra’s Bansal, 38, who moved to India to start Myntra in 2007. His venture is targeting sales of Rs 1,500 crore next fiscal from apparel sales, the largest in its category. 
 
LensKart, founded by another Peyush Bansal, 30, is considering selling his other portals such as WatchKart, BagsKart and JewelKart to a horizontal player at the ‘right price’ to focus on the eyewear market. “My parents didn’t understand while I was starting up. But they came around later. You have to understand that they are products of their generation,” said Bansal, who is targeting revenue of Rs 100 crore from LensKart next fiscal. 
 
RBI Chair Professor for Economics &amp; Social Sciences at IIM Bangalore Charan Singh says that a community’s dominance over a certain trade is a factor of its social interactions. “It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry.” Ashish Jhalani, head of retail advisory firm eTailing India, agrees. “Certain communities in India do encourage entrepreneurship. The Bansals and Aggarwals have definitely dominated businesses in India, particularly retail trading, for centuries.”

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

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In an exclusive chat with Advertising and Media Insider, digital Influencer Bhuvan Bam, who is known for his YouTube channel - BB Ki Vines, shares his thoughts on the state of advertising today and the advantages brands can draw from working with an influencer. </li><li>He further puts light on the pressure of making something 'viral and funny,’ his brand endorsements philosophy, favourite jingle growing up, and much more. </li><li>The YouTube influencer has worked with brands such as Beardo, Lenskart, Tasty Treats, Vivo, Mivi, Tapzo, and will soon be starring in a commercial for Pizza Hut. </li></ul>Bhuvan Bam, who is known for his YouTube channel BB Ki Vines, is also a youth icon, an entertainer, content creator, an actor and also a singer. Bam’s YouTube Channel now has over 15 million subscribers and he’s coming up with yet another single called ‘Ajnabee.’He has worked with brands such as Beardo, Lenskart, Tasty Treats, Vivo, Mivi, Tapzo, and will soon be starring in a commercial for Pizza Hut. In an exclusive chat with Advertising and Media Insider, Bam got candid about his experience of working with brands. ‘One out of 10 brands come and say ‘Hume kuch viral chahiye’, he says, breaking into a chuckle. “Creators cannot make your content go viral. He can give his best to the content he offers, but it is your job to make it viral,” he adds. Bam revisited his childhood days when he got really excited every time ‘Chubti galti garmi’, Dermi Cool’s jingle came on TV. He says he never skipped that advertisement and would love to record the jingle for the brand again. From the latest advertisements, he says Fevicol’s Sofa ad is a masterpiece. "Fevicol's latest ad is simply genius. If we start making ads like those, nothing like it! Although they don't need to advertise because the adhesive glue category is now synonymous with Fevicol, I think all brands should learn from them." Bam says he works for brands that he truly resonates with and enters into a partnership only if he would use the brand himself. That’s how he selected Mivi and Lenskart. Being a shoe-collector, he says he would love to work with a shoe brand next. Talking about the state of advertisements today, he says, ‘advertisements in today’s age are too in your face.’On the other hand, when a brand works with an influencer, the digital medium promises ‘conversion rate '. “Influencers have a really transparent relationship with their followers. It is all about tuning; if a person is attached to an influencer (is a keen follower), he/she would buy a coupon and take some action. As long as influencers are honest and not selling everything, it is better for the brand,” says Bam. Bam further put light on the pressure of making something 'viral and funny,’ his brand endorsements philosophy, his favourite jingle growing up, and much more. Catch the interview here: 
 
 
 
 
 
 













 
 
 <div type="Video" msid="71970891" hostid="261" title="Audiences are smart today and know exactly what they want, and they don't want in-your-face advertising: Bhuvan Bam" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=71970891"></div>

Audiences are smart today and know exactly what they want, and they don't want in-your-face advertising: Bhuvan Bam

Niche online retailers or e-tailers are taking on giants like <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword> through their ‘try and buy’ schemes. As per industry experts, e-tailers—like <keyword id="1518229" type="PERSON" weightage="80" keywordseo="Lenskart">Lenskart</keyword>, BlueStone, <keyword id="686987" type="COMPANY" weightage="80" keywordseo="CaratLane">Caratlane</keyword>, etc—who give customers a lucrative option of trying at home before buying, are hurting country’s largest online market places as the scheme has been able to push through higher value purchases, earn customer loyalty and satisfaction. 
 On an average, 10-12% of products sold online are returned by customers for varied reasons and as per industry estimates every return costs an additional Rs 70 for <keyword id="436047" type="UNKNOWN" weightage="60" keywordseo="Ecommerce">eCommerce</keyword> firms, excluding shipping costs. However, though home trials also cost the same ranging to Rs 70-100 per visit, but they have their eyes trained on potential long-term benefits. 
 
As per Economic Times, this gives them an advantage over eCommerce giants such as Flipkart and Amazon in the specific category they operate, because offering home trials would complicate the inventory-light business models of these electronic marketplaces. 
 
Lenskart, an eye-wear online retailer, has been offering home trials in 42 cities for the past five months. Under the scheme, customers have to choose five frames which the delivery people bring it to their homes. 
 
As per data provided by the financial daily, this practice has translated to over 8% of the company's 150,000 monthly shipments. 
 
"Home trials work for specialised categories where people want to be sure they make a right decision," co-founder and chief executive of Lenskart Peyush Bansal told ET, adding "We have seen that about 60-70% of the user send up placing an order. The conversion rates are higher and results in half of regular return rates of 7% for items ordered online." 
 
The scheme is doing wonders for Ratan Tata founded BlueStone as the company claims the returns have plummeted to zero. The company offers online buyers to try replicas of jewellery pieces at their homes before buying them. 
 
"Since it's a high-value category with the average price of an item sold on our site around Rs 20,000 per piece, a 'home try on' more than covers the cost of bringing the samples to a customer's doorstep," CEO Gaurav Singh Kushwaha told ET. He added that this has boost their transactions. 
 Meanwhile, Bengaluru-based online furniture retailer <keyword id="6368309" type="COMPANY" weightage="60" keywordseo="Urban-Ladder">Urban Ladder</keyword> recently allowed customers to choose colours and fabrics for sofas, charging Rs 299 for the service. Tiger Global-backed Caratlane sends jewellery consultants for home trials on request. 
 However, lingerie e-tailer Zivame stopped the ‘<keyword id="2837317" type="UNKNOWN" weightage="80" keywordseo="try-at-home">try at home</keyword>’ scheme after a three-month period and replaced it with ‘fit assessment’ and call centre, without charging the consumer. 
 
Assistant professor of marketing at the Indian Institute of Management, Bengaluru, Seema Gupta informed that try and buy policies would work for companies that deal in high-value and high-margin products to lock in the customer. “The cost of exchange can be recovered from the high margins in these products. Inventory players have better quality control and hence try and buy is likely to be more successful in them than a marketplace,” she added. 
 
Globally, in a bid to bridge the experiential shopping gap, ‘try and buy’ schemes have long been deployed since eCommerce began. New York-based online eyeglasses retailer Warby Parker, estimated to be valued at $1 billion, lets people choose five eye-frames to be shipped over for a five-day home trial, all free of cost. While in India, industry experts forecast a speedy phase-out of retail stores in several categories like electronics and books, where the touch and feel is not that important. 
 
"Over time, outlets will only be needed to test the look and feel. For products where touch and feel is less important today such as smartphones, tablets and other electronics, the opportunity to phase out large offline locations quickly will be even greater,” said Aamir Jariwala, member at industry body Ecommerce Coalition of India and founder of Karma Recycling, an online seller of refurbished electronic products. 
 
(Image: Reuters)

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