Lenskart secures shareholder nod to raise Rs 2,150 crore via IPO
One of the sources said the company is set to file its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) in the coming days. With this, Lenskart will join other large new-age firms like Groww, Meesho, PhysicsWallah, and Pine Labs that are filing IPO documents this year. In total, nearly 14 venture-backed new-age companies are aiming to raise over Rs 20,000 crore from the public markets in 2025. Filings also showed that Lenskart's shareholders, including SoftBank, Kedaara Capital, Abu Dhabi Investment Authority, Fidelity and Temasek, have approved a new employee stock option plan, Esop 2025, comprising 7.2 million shares. Data from Tracxn shows that about 19% of Lenskart's shares are currently earmarked for its Esop pool.
ET had reported on July 10 that Lenskart plans to issue additional shares to founder and CEO Peyush Bansal through a structured payout, which may increase his holding by 1.5-2%. Bansal and his sister Neha Bansal, also a cofounder, together own 14-15% of the company. Lenskart, which won The ET Startup Awards 2024 in the Startup of the Year category, operates in India and other markets such as the Middle East, Southeast Asia, Australia, Japan and South Korea.
In FY24, Lenskart's operating revenue grew 43% year-on-year to Rs 5,428 crore, while its net loss narrowed to Rs 10 crore from Rs 64 crore in FY23. In an October interview with ET, Peyush Bansal said the company is investing $200 million in a new manufacturing plant in southern India. Currently, Lenskart makes frames and lenses at its facility in Rajasthan.
Lenskart's last round of funding in June 2024 valued the company at $5 billion. US-based Fidelity marked up the valuation of the omnichannel eyewear retailer by more than a fifth to $6.1 billion at the end of April. The company's omnichannel strategy, combining its website with more than 2,500 retail outlets, has been a major growth driver. While online sales have outpaced store sales growth in the past two to three years, Lenskart continues to expand its offline footprint aggressively.Filings also showed that Lenskart has appointed PaySense cofounder Sayali Karanjkar and IndMoney founder Ashish Kashyap as independent directors on its board.Peyush Bansal has been named chairman, managing director and CEO of Lenskart, while Neha Bansal has been appointed executive director. Cofounder Amit Chaudhary has been named an executive director on the board.
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Indian Express
6 minutes ago
- Indian Express
Could kiwi be the next apple? In Uttarakhand, farmers finally taste success
When Pitambar Digari of Palleta village in Uttarakhand's Pithoragarh first decided to experiment with growing kiwi 15 years ago, locals rejected the fruit's tangy taste, prompting him to abandon it. But when he took it up again five years ago, he was better prepared. With help from training sessions, YouTube videos and expert advice, he went from growing two vines then to 80 this year. It paid off – the first harvest gave him 250 kg of fruit, and this year, he's eyeing an additional 150 kg. According to experts, the returns on kiwi are even better than apples – the staple hill cash crop. 'Kiwi could be the next big crop of Uttarakhand since it is suited to most regions of the state,' Narendra Yadav, the CEO of the state Horticulture Board, told The Indian Express. Kiwi is a relatively new fruit in Uttarakhand, with an area of 682.66 hectares under cultivation and a production of 381.80 metric tonnes as of 2022–23. In May this year, Uttarakhand's horticulture department introduced the Kiwi Policy – a scheme under which the state aims to increase its cultivation to 3,500 hectares and production to over 33,000 metric tonnes in 2031 by roping in 20,000 farmers and offering subsidies. According to Horticulture Board's Yadav, farmers with land between 0.04 and 1 hectare (or 2.4 acres) and farmer groups with up to five hectares will be eligible for a 70 per cent subsidy while individual beneficiaries with above one hectare and groups with over five hectares will be eligible for a 50 per cent subsidy. For farmers like Pitambar, subsidies would mean better margins for an already profitable fruit. At his orchard, Pitambar explains the economics: input costs such as preparing the land, setting up the trellis and the irrigation system, and purchasing vines and fertilizers costs up to Rs 12 lakh/acre. Each acre can hold up to 70 such vines, each with a capacity of producing up to 100 kg. Grade A variety of the fruit, weighing between 80 to 100 grams, can fetch up to Rs 300/kg, Grade B between 60-80 grams, up to Rs 200/kg and Grade C below 60 grams up to Rs 80/kg. 'One vine can last up to 50 years. If we apply the law of averages – that is 50 kg/vine going for Rs 200/kg — one plant will give us at least Rs 10,000 worth of fruits. That's 17 lakh/acre,' Pitambar says as he turns the slightly elongated and sweet Allison variety of kiwi in his palm. 'For comparison, the value of the average apple yield is pegged at Rs 14 lakh/acre.' The game of averages India produces five types of kiwis: Hayward, Allison, Bruno, Monty, and Abbot. One plant takes over four years to mature, and can give 50-100 kg/plant. Cultivation is possible in mid- to high-altitude regions between 900 and 1,500 metres above sea level with a temperature not exceeding 35 degrees Celsius. Uttarakhand's kiwi production – currently limited to the districts of Uttarkashi, Bageshwar, and Nainital — is significantly lower than states such as Arunachal Pradesh, Manipur, and Himachal Pradesh. Apart from profit margins, one major reason for its popularity in Uttarakhand could be its exterior –according to farmers and experts, its fuzzy brown exterior and 'tough-looking' skin looks intimidating, and keeps out animals. 'Earlier, boars and monkeys would raid crops and destroy most of it. But kiwi's hard exterior and hairy texture makes it difficult for animals to swallow,' says Pitambar. Another could be the potential for intercropping. For the fruit to grow, vines need to be six metres apart with four metres between rows. For farmers such as Pitambar, it would help them grow other crops – such as turmeric and ginger. In Kanalichina's Pali village, a few kilometres away from Pitambar's farm, Narendra Digari is waiting for his first harvest. An ex-serviceman and the village headman, Narendra was encouraged to grow kiwi after he heard about his friend's successes with the fruit in Himachal. Their first attempts, too, were met with mixed results. 'In 2021, we got 300 plants, and it started showing results in two years. But when we ordered Allison vines in 2023, most of them did not grow well,' he says. Not discouraged, the group brought another 1,200 vines and are now waiting for the third harvest of a whopping 800 kg of the fruit. To get a better sense of how to scale, Narendra and his fellow village residents visited the 'Kiwiman of Bageshwar', Bhawan Singh Koranga, last year. Considered one of the pioneers of kiwi cultivation in the once barren and mountainous terrains of Bageshwar, Koranga, a former principal of a local school, began a kiwi orchard with 550 fruit-bearing vines. 'To avoid purchasing from outside, we decided to open a polyhouse nursery for kiwi vine. We have also sought 500 more vines from the horticulture department for the next season,' Narendra says Despite its potential scalability and profits, there are also significant challenges. The first is the lack of a farmer producer organisation (FPO) that could not only help them bargain for a better price but also help them access markets such as Delhi. The second is the pricing – with packaging material and transport significantly adding to costs, farmers find it difficult to access bigger markets. Another challenge could be the availability of water during the summer months. Although not typically a water-guzzler, kiwi requires at least 15 litres of water every other day from April to mid-June – a potential complication in rainfall or snow-deficient years. Given these problems, Chinmaya Shah of the state-based Institute of Himalayan Environmental Research and Education believes that the state government should reconsider its subsidy policy. 'Although 70 percent is a substantial support as compared to other horticultural subsidies, 30 percent needs to be further examined. Most farmers in the hill regions are small and marginal, with an average land holding of around 1 acre. Also, 30 per cent cost may reach up to Rs 1.5 lakh or more, which is still a significant amount for those with limited access to credit and capital,' he says. Still, experts believe the upsides of kiwi production – such as higher returns and relatively longer shelf – outweigh the drawbacks. According to Vishal Rana, a professor of fruit science at Dr. Yashwant Singh Parmar University of Horticulture & Forestry in Himachal's Nauni, the production of fruits such as apples, peaches, plums, and apricots has been already been affected over the years. 'So, the expansion of area under kiwi will not affect farmers (significantly). Apple has reached a saturation point and can be replaced partly by kiwi,' he says. 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Although the initial cost could make it challenging for small and medium farmers, he believes the fruit could be the answer to the problem of migration in the hills. 'I'm going back to my village for this, and if people are well-informed, this could help farming become sustainable,' he says. Aiswarya Raj is a correspondent with The Indian Express who covers South Haryana. An alumna of Asian College of Journalism and the University of Kerala, she started her career at The Indian Express as a sub-editor in the Delhi city team. In her current position, she reports from Gurgaon and covers the neighbouring districts. She likes to tell stories of people and hopes to find moorings in narrative journalism. ... Read More
Hans India
6 minutes ago
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Hans India
6 minutes ago
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India's first bullet train to start soon: Vaishnaw
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