A Unicorn in the rising
Online eyewear store Lenskart is inching closer towards Unicorn status. To reach the milestone, the eyewear retailer is waiting for funding from private equity firm Kedara Capital. Talks to invest in Lenskart are ongoing between both the parties.
During the funding round held in 2018, Lenskart was valuated at 495.5 Mn dollar. It is expected that investment worth $100 Mn will happen through the secondary deal. If it happens, the value of the Lenskart will double and might cross the $1 Bn mark to enter Unicorn Club. This will be the first investment by Kedara in the consumer internet sector. Other than them, Ratan Tata and Chiratae Ventures have already invested in Lenskart.
Meet the captains
Lenskart was founded by Sumeet Kapahi and Amit Chaudhary in 2010. Lenskart has expertise in assembling, manufacturing supply and distribution of a wide variety of eye-wear including power glasses, contact lenses and sunglasses. Currently, Lenskart has 500 stores all over India.
Setbacks and Bounce-backs
Lenskart witnessed rapid growth in the online sector piggybacking on offers and discounts. Later on, the firm stepped up its success by opening various offline stores. But in spite of all these, the firm faced a huge loss. During the period 2015-2016, Lenskart incurred a loss of up to Rs 113 Cr. In the next year, loss doubled to Rs 262.87 Cr. The multiplying loss made the company to take preventive actions. They increased their focus to Tier II and Tier III cities and it helped. Their profit increased 70% in 2018. By 2021, the company hopes to generate Rs 500 Cr income from its flagship brand, John Jacobs.
On February this year, Lenskart announced actress Katrina Kaif and YouTube Sensation Bhuvan Bam as their brand ambassadors. The massive appeal for Bhuvan’s digital content will promote the brand image of the company. From mounting losses, Lenskart is rising like the Phoenix again and is flying farther to become a Unicorn.