Delhi-based eyewear retailer unicorn Lenskart acquired Hyderabad-based essentials delivery startup DailyJoy to enhance its technology and innovation capabilities as the eyewear brand looks forward to expanding its manufacturing and customer experience.
DailyJoy is a grocery and essentials delivery startup that has operations in most Tier-I and Tier-II Indian cities. Lenskart, which turned a Unicorn last year, looks to utilize the tech expertise of DailyJoy and strengthen its tech operations by recruiting across roles of engineering, product and data science concentrated at its recently inaugurated Hyderbad Hub.
Expressing his joy of joining hands with Lenskart, Satish Sharma, the former CEO of DailyJoy, said ” Very much looking forward to add value to Lenskart’s journey in the ever-evolving eye-wear industry.”
“We are immensely excited to inaugurate the new tech-centre in Hyderabad, and have Satish and his team onboard. The Hyderabad team will be at the forefront of engineering, new initiatives, and innovation, and form a base for quality and consistent engineering to support the high-growth phase of the company,” Said, Ramneek Khurana, Co-founder of Lenskart, While commenting on the investment.
The brand aims at leveraging technologies like augmented reality (AR), Machine Learning (ML), and computer vision to improvise the offline buying experience as it wants to expand its footprint and trying out various locations to be its regional hubs across the nation. It is also looking forward to improving its footprint in the Middle East and the US while tapping new international geographies.
Lenskart is founded in 2010 by Bansal, Amit Chaudhary and Sumeet Kapahi. It is positioned as an eyewear and eye-protection product brand that deals in eyeglasses, powered sunglasses, and contact lenses. The company manufactures, assembles, distributes, and supplies its products to its stores.
Lenskart operates more than 600 stores across India. It managed to make its 550 stores out of 600 to be operational even during the pandemic. It is also operational in Singapore with a significant footprint in the country’s market. Lenskart currently sources its material from a plant in China and its factory in Gurugram. With an investment of $50 Mn, Lenskart announced its second manufacturing unit last year.
Lenskart has turned unicorn in 2020 after a $321 million worth series-G round and claims to have grown 200 per cent in the last two years. In January 2021, the startup has entered into a collaboration with the Ministry of Road Transport and Highways to promote the importance of vision for road safety and offered free eye tests, eyeglasses at subsidy to driver-partners.