The ten-member jury chose Lenskart, which is currently valued at $ 5 billion, over publicly listed general insurer Go Digit in a keenly contested round where the relative merits of both companies were discussed in detail.
ETtechQuick commerce major Zepto, also valued at $5 billion, drew significant interest from jury members for the speed at which it has grown over the past year, signaling the rapid expansion of the sunrise sector.
“It is still day 1 for us at Lenskart,” Peyush Bansal, CEO, Lenskart told ET on being informed of the jury’s decision to award the SOTY prize to his company.
“Our purpose of transforming the way people see, coupled with a very unique team and culture is the backbone of Lenskart. 2.5 billion people globally, including 500 million people in India, alone need vision correction but don’t have access to a good quality pair of glasses,” he noted.
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After a first round of discussions, the jury whittled down the to two companies—Lenskart and Go Digit. In the end, it was a unanimous vote in favour of the Bansal -led company.
Jury member Sumer Juneja, managing partner at SoftBank, recused himself from voting in this category as the Japanese company is an investor in Lenskart with Juneja also serving on its board.
Other jurors noted the “massive” revenue growth posted by the Gurugram- based company in the previous two years.
“It’s remarkable that (Lenskart) has been able to do this in such a highly unorganised market, which no other new-age firm has been able to do, while leaving incumbents behind,” said one person.
The eyewear retail industry is estimated to be worth Rs 15,000-20,000 crore.
Lauding the jury process followed at The Economic Times Startup Awards (ETSA), jury member Ritesh Arora, CEO of Browserstack, said, “ the Startup of the Year winner Lenskart stood out for me. The growth they’ve shown while disrupting the whole market, creating a category while keeping the Tatas at bay.
Besides its operational excellence, the jury also noted the strong (secondary) exits of over $ 600 million provided by Lenskart to its investors in the last one year. In June, Temasek and US financial services major Fidelity together invested $200 million in the Peyush Bansal-led firm through a secondary share sale at a valuation of $5 billion.
Pointing to a public listing as a “rite of passage” for a startup, jurors noted Lenskart’ s ambition to float an IPO over the next two years, following in the wake of previous SOTY winners like Zomato and Freshworks.
Launched in 2010, Lenskart, which counts Premji Invest and Alpha Wave Global as investors, has raised nearly $2 billion in total, including secondary share sales. It has over 2,000 stores in India along with 500 others across Southeast Asia.
It acquired Japan’s Owndays in 2022 to expand in Southeast Asia. In September 2023, subsidiary Neso Brands invested $4 million for a “significant stake” in Paris-based omnichannel eyewear brand Le Petit Lunetier.
Other contenders
Zepto
ETtechZepto, through its dark stores, makes rapid delivery of goods. It has emerged as the busiest consumer internet startup in recent years. Currently, it is present in over a dozen cities, and has expanded in places like Ahmedabad, Chandigarh and Panvel.
Meesho
ETtechMeesho is an ecommerce marketplace that specialises in selling low-priced products. The firm sells apparel, accessories, footwear, home and kitchen goods and electronics.
Innovaccer
ETtechHealthcare-focused software-as-a-service (SaaS) firm Innovaccer helps US healthcare firms digitise patient data records and unifies previously unorganised data to help them offer better quality care at lower cost.
Ola Electric
ETtechOla Electric is an equipment manufacturer for electric scooters, started as a subsidiary of Bhavish Aggarwal’s ride-hailing business ANI Technologies.
Go Digit
ETtechGo Digit offers general insurance products like vehicle insurance and two-wheeler insurance and provides fire and marine cover to business establishments. It works with a large distributor and agent network to sell policies.