We didn't have much tech news yesterday barring one – Lenskart apparently has raised $100 million as per Entrackr. They're getting closer to our famous 'Paanchacorn' club with their rumoured valuation at around $4.3 billion.
Lenskart, as you all probably know, sells spectacle lenses and frames online through their own platform. But now they've also decided to start listing products on Nykaa, Myntra etc.
In addition to online sales, Lenskart also has over 1,000 franchise stores and is now looking to add another 400 outlets!
As you'd expect in pandemic times, Lenskart’s sales haven't grown much. But even with almost flat revenue growth in FY21 (Rs 900 crores), annual profits were up by nearly 4.6x to Rs 28.92 crore.
We don't know yet, but our guess would be that FY22 sales would be better, considering everyone's screen time has gone through the roof since Covid!
Lenskart is one of the Indian startups that was supposed to go public this year. We're not sure what the progress on that front is like, but chief Peyush Bansal has said they're still considering whether to list in India or abroad.
But don't worry, we'll let you know the latest on this once they make a decision.
PS: For new readers, we've been trying to get the word 'Paanchacorn' ($5 billion valuation) into the Indian startup dictionary. The word hasn't quite caught on, but we'll keep trying!