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An in-depth examination of founders in the Indian startup ecosystem

Writer's picture: RISHI KORDERISHI KORDE

Updated: Dec 31, 2023




According to Inc42's analysis, Lenskart's CEO, Peyush Bansal, received an annual remuneration of INR 3.68 Cr in FY23, establishing him as one of the highest-paid startup founders. Lenskart's noteworthy developments in 2023 include a strategic focus on expanding its presence in the Southeast Asia (SEA) region. The company acquired a majority stake in the Japanese eyewear brand owndays_india for approximately $400 Mn, signaling its commitment to the international market.

Furthermore, Lenskart plans an extensive expansion in the SEA market by opening 300-400 stores in the next two years. In June, the company secured $100 Mn in funding from ChrysCapital, a private equity player, to accelerate its growth initiatives and reinforce its global leadership in the eyewear industry. Additionally, Kedaara Capital, an existing investor, received approval from the Competition Commission of India (CCI) to acquire a 1.74% equity stake in Lenskart.

Lenskart is not only focused on market expansion but also on enhancing its product offerings. The company recently acquired Tango Eye, an AI-powered computer vision startup, for an undisclosed amount. This acquisition aims to automate quality testing processes at Lenskart's manufacturing plants, showcasing its commitment to innovation and efficiency in production.


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