StartupSuperb

Tag: Lenskart

  • Lenskart Backs Innovative Deep-Tech XR Startup Ajna Lens

    Lenskart Backs Innovative Deep-Tech XR Startup Ajna Lens



    AI-Powered Smart Glasses: Lenskart Invests in Ajna Lens

    AI-Powered Smart Glasses: Lenskart Invests in Ajna Lens

    Lenskart has made a strategic investment in Ajna Lens, a Mumbai-based deep-tech firm focused on creating AI-powered XR glasses. This startup received the CES Innovation Award in 2023 for its advanced mixed reality headset, AjnaXR.

    Investment Highlights in AI-Powered Smart Glasses

    According to Lenskart, this partnership enhances the advancement of AI-powered Smart Glasses. The company intends to leverage its frame design and engineering expertise, along with a technology-first approach, to develop smart glasses that are accessible to everyone and better align with consumer lifestyle requirements.

    Lenskart’s Global Market Presence

    Lenskart possesses an omnichannel presence across 14 countries, enabling it to utilise customer insights effectively in its product development and innovation strategy.

    CEO’s Insight on the Strategic Move

    Commenting on this announcement, Peyush Bansal, Co-Founder & CEO, remarked that the company has been employing technology to deliver distinctive and meaningful eyewear solutions. This investment signifies a new chapter in their smart glass venture, which commenced with the launch of Phonic, the audio glasses, in December 2024. With the Smart Glasses category growing rapidly, the partnership with Ajna Lens strategically positions Lenskart to fast-track product innovation in this sector.

    About Ajna Lens

    Founded in 2014, Ajna Lens is a deep-tech startup dedicated to developing immersive technologies driven by spatial computing, AI vision, and an XR stack. The firm’s mission is to enhance human intelligence via immersive technology, serving various sectors including defence, education, and enterprise. Ajna Lens aspires to bridge the divide between the physical and digital realms, offering innovative and efficient methods for interacting with digital content.


  • Fidelity Elevates Lenskart’s Valuation to .1 Billion Ahead of IPO

    Fidelity Elevates Lenskart’s Valuation to $6.1 Billion Ahead of IPO

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    Lenskart’s Valuation Update: Fidelity Sets It at $6.1 Billion

    Lenskart’s valuation has seen a significant update, now standing at $6.1 billion according to the latest monthly portfolio holdings from Fidelity. This development was first highlighted by the Economic Times, indicating that the valuation reflects data as of April 30. In a prior update from November, Fidelity had valued the company, led by Peyush Bansal, at $5.6 billion.

    Recent Funding and Financial Highlights

    In June 2024, Lenskart successfully raised $200 million through a secondary funding round, which was followed by an additional $20 million investment led by Bansal. To date, the company has accumulated nearly $1 billion and achieved a valuation of $5 billion during the secondary deal, which also included Fidelity’s participation.

    Initial Public Offering Plans

    The latest developments come as Lenskart gears up for its initial public offering (IPO), aiming to raise $1 billion with a targeted valuation of $10 billion. Recently, the company transitioned its holding structure from a private limited company to a public limited company, a move that was exclusively reported by Startup Superb.

    Further media reports indicate that Lenskart plans to confidentially submit its draft red herring prospectus (DRHP) to the markets regulator by the close of this month.

    Financial Performance Analysis

    In FY24, Lenskart made strides towards profitability, with losses decreasing by an impressive 84%, dropping to Rs 10 crore from Rs 63 crore in FY23. The company’s operational revenue saw a remarkable increase of 43%, amounting to Rs 5,427.7 crore in FY24. The financial results for FY25 are still pending.

    Exploration of Acquisition

    Additionally, Lenskart is looking into the potential acquisition of the location intelligence startup GeoIQ, with this development initially reported by Startup Superb earlier this week.

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  • Lenskart Poised to Acquire GeoIQ, an Innovator in Location-Based AI Technology

    Lenskart Poised to Acquire GeoIQ, an Innovator in Location-Based AI Technology


    Omnichannel Eyewear Retailer Lenskart to Acquire GeoIQ

    Omnichannel eyewear retailer Lenskart is on the verge of acquiring GeoIQ, a startup focused on location artificial intelligence, according to sources familiar with the situation as reported by Startup Superb. The acquisition is expected to consolidate Lenskart’s majority stake in GeoIQ, with many current investors set to exit as part of the transaction.

    Lenskart previously backed GeoIQ by leading a $2.25 million investment round in May 2022, alongside 9Unicorns (now known as 100Unicorns) and Ecosystem Ventures. Additionally, in November 2020, GeoIQ raised Rs 2.5 crore from various investors, including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture.

    About GeoIQ’s Innovative Technology

    GeoIQ was founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur. The startup employs exclusive algorithms to amalgamate government data, trusted public sources, and satellite images into 100m x 100m geospatial grids. This technology aids businesses in deriving actionable consumer insights to harness offline demand and expedite growth.

    Clientele and Market Presence

    GeoIQ is recognised for collaborating with esteemed brands such as Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit. As per various sources from startup data intelligence platforms, GeoIQ holds an estimated valuation of around Rs 90 crore (over $10 million). Lenskart is the primary shareholder, owning a 17.11% stake, while the three co-founders maintain a 16.57% stake each.

    Financial Performance

    For the fiscal year concluding in March 2024, GeoIQ disclosed operating revenue of Rs 6.7 crore, slightly lower than Rs 7.1 crore in FY23. The company’s net loss also expanded to Rs 6.1 crore, increasing from Rs 4.2 crore year-on-year.

    The source mentioned earlier indicated, “The terms of the deal are finalised, with GeoIQ anticipated to be valued between $15–20 million.”

    Startup Superb has approached Lenskart, GeoIQ, 100Unicorns, and Ecosystem Ventures for their comments and will update the article upon receiving any responses.

    Lenskart’s Recent Acquisitions

    This acquisition represents Lenskart’s second purchase in the past two years. In October 2023, the company, led by Peyush Bansal, acquired TangoEye, an AI-focused computer vision startup in which Lenskart was already a stakeholder. In June 2022, Lenskart gained a majority stake in Japan’s Owndays. Three months later, its subsidiary Neso Brands acquired a minority stake in the Paris-based omnichannel eyewear brand Le Petit Lunetier.

    The latest developments occur as Lenskart readies itself for an initial public offering (IPO), with plans to raise $1 billion and achieve a valuation of $10 billion. Last week, the company transitioned its holding entity from a private limited to a public limited company, a move initially reported by Startup Superb.

  • Lenskart Poised for IPO as It Transforms into Public Company

    Lenskart Poised for IPO as It Transforms into Public Company



    Lenskart: Transitioning to a Public Company and IPO Aspirations

    Lenskart Aims for IPO with $1 Billion Target

    Lenskart, the omnichannel eyewear retailer, is poised for significant developments as its draft red herring prospectus (DRHP) is imminent. The company has officially transitioned from a private to a public entity following pivotal board approval.

    The board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, as detailed in the company’s filings.

    IPO Aspirations and Capital Goals

    Reports indicate that Lenskart is looking to raise $1 billion through a blend of primary and secondary capital, with a valuation goal of $10 billion for its Initial Public Offering (IPO).

    Notably, in June 2024, Lenskart secured $200 million in a secondary funding round, followed by a $20 million investment that included founder Peyush Bansal’s participation, as exclusively reported by Startup Superb. Over the last 18 months, the company has successfully raised close to $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity adjusted Lenskart’s valuation to $5.6 billion.

    Global Presence and Financial Growth

    As of last year, Lenskart operated over 2,500 stores globally, with approximately 2,000 located in India. During the fiscal year 2024, the company derived 42% of its revenue from international markets, which include Japan, Singapore, Taiwan (province of China), and Thailand.

    Lenskart reported a revenue increase of 43%, reaching Rs 5,427.7 crore in FY24, up from Rs 3,788 crore in FY23. Additionally, the company significantly reduced its losses by 84%, with losses decreasing to Rs 10 crore in FY24 from Rs 63 crore in FY23. Results for FY25 are yet to be disclosed.