Lenskart Opens Its Multimedia Account For Agency Pitches

Peyush Bansal-promoted eyewear retailer Lenskart has called for a multimedia pitch for its account, according to sources. The account size is estimated to be between Rs 100-150 crore. Starcom, the incumbent agency, has held the media duties since 2017 when it succeeded Maxus.

Lenskart, known for its strong presence across traditional and digital media, has run prominent campaigns such as ‘Glasses Badlo, Vibe Badlo’ featuring Karan Johar and Kiara Advani. Co-founder Peyush Bansal is also active in media, further boosting the brand's visibility.

According to Bansal, the brand is also looking for ‘3 Entrepreneurs in Residence’ to build the next generation of direct-to-consumer eyewear brands.

“These eyewear brands will be serving specific consumer segments solving a specific use case / building a unique design proposition for customers,” read his recent social media post calling out ex-entrepreneurs who have built D2C brands.

Lenskart recently appointed Jaimit Doshi as the global head of marketing and CEO of its subsidiary, Hustlr. This follows a strong FY23 performance, with revenue surging 152 per cent to Rs 3,788 crore and net losses narrowing to Rs 64 crore.

Earlier this year, Lenskart raised $200 million in secondary investments from Temasek and Fidelity. In June 2023, the company secured $600 million in two rounds, providing significant exits to investors like SoftBank, Chiratae Ventures, and KKR. Also, the company is expected to go public next year or so.

The growing eyewear market in India presents a significant opportunity for brands like Lenskart. As per market intelligence platform Statista, the eyewear market in India is projected to generate revenue of US$5.90 billion in 2024, with an annual growth rate of 5.36 per cent from 2024 to 2029. Spectacle lenses, the largest segment, are expected to reach US$2.68 billion in 2024.