In a significant leadership transition within India’s startup ecosystem, Abhishek Gupta, former Chief Financial Officer of hospitality giant OYO, has joined Lenskart as its new CFO. The appointment, announced on October 22, marks a crucial development for the eyewear retailer as it accelerates its expansion plans and strengthens its corporate governance framework.
Gupta brings nearly a decade of experience from OYO, where he played a pivotal role in the company’s financial growth and IPO preparations. His transition to Lenskart comes at a strategic time as the company achieves a significant milestone with a $1 billion revenue run rate for the current fiscal year.
Strategic Timing and Growth Plans
The appointment aligns with Lenskart’s ambitious expansion plans, including a $200 million investment in a new manufacturing facility in southern India. The planned facility is set to be ten times larger than the company’s existing Rajasthan plant, signifying a major scale-up in production capabilities. Currently, Lenskart produces 25 million spectacle frames and 30-40 million lenses annually.
Financial Performance and Market Presence
Lenskart has demonstrated remarkable financial growth, with revenue from operations surging to Rs 3,788 crore in FY23, up from Rs 1,502 crore in FY22. The company has also improved its financial efficiency, reducing losses by 37.3% to Rs 64 crore in FY23. With over 2,500 stores globally, including 2,000 in India, the company derives 60% of its revenue from the domestic market.
Leadership Transition and Corporate Strategy
Gupta replaces Mukti Hariharan, who departed in September to join Coca-Cola India as Vice President of Finance. In his new role, Gupta will focus on long-term strategic planning, financial governance, and driving continued growth. His extensive experience, including stints at Philips and GE, coupled with his education from Harvard University and the Indian School of Business, positions him well to lead Lenskart’s financial strategy.
Market Expansion and Innovation
The company is actively diversifying its product portfolio, recently launching Cooper, a kids’ eyewear brand, and Creator, a specialized product for children with myopia. These initiatives demonstrate Lenskart’s commitment to capturing new market segments while maintaining its strong presence in the core eyewear market.
Implications for Indian Startup Ecosystem
This high-profile executive movement between two major Indian startups signifies the maturing of India’s startup ecosystem, where experienced leaders are increasingly moving between established players to drive growth and professionalization. Backed by prominent investors including SoftBank, Temasek, and KKR, Lenskart’s ability to attract top talent reinforces its position as a leading player in India’s startup landscape.
The appointment of Abhishek Gupta as Lenskart’s CFO marks a significant milestone in the company’s journey, particularly as it eyes aggressive expansion and market leadership. With his extensive experience and the company’s strong financial performance, this strategic move positions Lenskart well for its next phase of growth in the competitive eyewear market.
