How an Indian eyewear startup grew into a multi-billion dollar global retail powerhouse
In short: Lenskart began as a college classifieds site before pivoting to become a vertically integrated eyewear giant. Today, the company operates over 2,000 stores and manages a massive manufacturing facility in Rajasthan. Its journey from a small e-commerce experiment to a multi-billion dollar enterprise reveals the complexities of rapid scaling.
Founded in May 2008 by Peyush Bansal, the company initially operated under the name Valyoo Technologies, focusing on a campus classifieds platform. By 2010, the leadership shifted its focus entirely to the eyewear market, launching Lenskart.com. This transition was heavily influenced by early investor IDG Ventures India, which encouraged the founders to replicate the business model of Titan. This strategy led to a brief period of diversification into watches, bags, and jewelry, but by 2014, the company consolidated its efforts to focus exclusively on prescription and regular eyewear.
The company's growth has been fueled by significant international investment and strategic acquisitions. In 2022, Lenskart acquired a majority stake in the Japanese brand Owndays, a move that bolstered its annual revenue to $650 million. Further expansion occurred in 2025 with the acquisition of an 80% stake in the Spanish brand Meller. These moves have been supported by massive capital injections from firms like SoftBank, KKR, and the Abu Dhabi Investment Authority, pushing the company's valuation to $5 billion by June 2024.
Despite its commercial success, Lenskart has faced significant challenges. In 2024, franchise owners alleged unfair business practices, including the opening of company-operated stores in direct competition with their own outlets. Legal disputes followed, including allegations of financial fraud, though the company secured a stay order on investigations in early 2025. Additionally, in April 2026, the company faced public backlash regarding its internal workplace dress code, which sparked accusations of religious bias. As of October 2025, the company has moved toward public markets, launching an initial public offering with the aim of raising up to $828 million.
The scale of Lenskart's operations is anchored by its manufacturing facility in Bhiwadi, Rajasthan, which boasts an annual production capacity of 50 million units. This vertical integration allows the company to control the design, manufacturing, and distribution of its products across its extensive retail network. As it transitions into a publicly traded entity, the company remains a central player in the global eyewear industry, balancing rapid international expansion with ongoing scrutiny regarding its internal policies and franchise relationships.
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Sources
- Summary by Intellect · source: Lenskart
- Also: Wikidata — Lenskart · CC0
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