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Lenskart Store | Image Source - Lenskart
Lenskart CEO Peyush Bansal, who is also the Shark Tank India judge, said on April 9 that the company is looking to establish a new 'mega factory' by acquiring 25 acres of land within a 60-kilometer radius of Kempegowda International Airport in Bengaluru.
The new factory will bolster the company's manufacturing capabilities and support its mission to cater to a billion eyes globally by 2025.
Peyush Bansal's LinkedIn post
"Lenskart is looking for 25 acres of land within 60 kms of Kempegowda Bengaluru International Airport to build its next Mega Factory. If any company is looking to sell factory land near the Bengaluru airport, please send an email to: megafactory@lenskart.in," Bansal wrote in a LinkedIn post.
Minutes after Bansal's post, Karnataka Industries Minister MB Patil took to X (formerly Twitter) and assured Lenskart of the state's support, highlighting Karnataka as the ideal location for the new facility.
"Karnataka is the place to be! @peyushbansal @Lenskart_com Industries Department is here to support you, and facilitate all your needs. Concerned officials will reach out, immediately," the Minister wrote on X.
Karnataka is the place to be! @peyushbansal @Lenskart_com Industries Department is here to support you, and facilitate all your needs.
— M B Patil (@MBPatil) April 9, 2024
Concerned officials will reach out, immediately. pic.twitter.com/9KTikkx8GJ
Besides publicly showing support, Patil has also reportedly directed state officials to provide all necessary assistance to Lenskart.
Planning for an IPO launch?
Amidst these developments, Reports have been circulating about Lenskart's potential plans for an Initial Public Offering (IPO).
Navneet Govil, the Managing Partner and Chief Financial Officer of SoftBank Vision Fund, one of Lenskart's backers, hinted at preparations for an IPO. Although there is no rush, the move towards a public offering is seen as a step towards achieving Lenskart's expansion goals.
Founded in 2008, Lenskart has emerged as a leading eyewear retailer in India, with an extensive presence across 1,500 omnichannel stores in 175 cities, including international locations in Singapore and Dubai.