Two Sharp with ET: Goyal becomes billionaire on Blinkit boost; Court finds Kochhar guilty
Show more
Show less
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
Lenskart secures shareholder nod to raise Rs 2,150 crore via IPO
Shareholders of omnichannel eyewear brand Lenskart have approved its initial public offering (IPO) plans, according to regulatory filings sourced from the Registrar of Companies (RoC).At its annual general meeting on Saturday, Lenskart's shareholders cleared the proposal to raise Rs 2,150 crore ($250 million) through the IPO. The total issue size is likely to be as much as $1 billion, according to people aware of the matter. One of the sources said the company is set to file its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) in the coming days. With this, Lenskart will join other large new-age firms like Groww, Meesho, PhysicsWallah, and Pine Labs that are filing IPO documents this year. In total, nearly 14 venture-backed new-age companies are aiming to raise over Rs 20,000 crore from the public markets in 2025. Filings also showed that Lenskart's shareholders, including SoftBank, Kedaara Capital, Abu Dhabi Investment Authority, Fidelity and Temasek, have approved a new employee stock option plan, Esop 2025, comprising 7.2 million shares. Data from Tracxn shows that about 19% of Lenskart's shares are currently earmarked for its Esop pool. ET had reported on July 10 that Lenskart plans to issue additional shares to founder and CEO Peyush Bansal through a structured payout, which may increase his holding by 1.5-2%. Bansal and his sister Neha Bansal, also a cofounder, together own 14-15% of the company. Lenskart, which won The ET Startup Awards 2024 in the Startup of the Year category, operates in India and other markets such as the Middle East, Southeast Asia, Australia, Japan and South Korea. In FY24, Lenskart's operating revenue grew 43% year-on-year to Rs 5,428 crore, while its net loss narrowed to Rs 10 crore from Rs 64 crore in FY23. In an October interview with ET, Peyush Bansal said the company is investing $200 million in a new manufacturing plant in southern India. Currently, Lenskart makes frames and lenses at its facility in Rajasthan. Lenskart's last round of funding in June 2024 valued the company at $5 billion. US-based Fidelity marked up the valuation of the omnichannel eyewear retailer by more than a fifth to $6.1 billion at the end of April. The company's omnichannel strategy, combining its website with more than 2,500 retail outlets, has been a major growth driver. While online sales have outpaced store sales growth in the past two to three years, Lenskart continues to expand its offline footprint also showed that Lenskart has appointed PaySense cofounder Sayali Karanjkar and IndMoney founder Ashish Kashyap as independent directors on its Bansal has been named chairman, managing director and CEO of Lenskart, while Neha Bansal has been appointed executive director. Cofounder Amit Chaudhary has been named an executive director on the board.
Economic Times
6 hours ago
- Economic Times
TCS to cut 2% of workforce, affecting around 12,000 jobs
Reuters India's largest IT exporter, Tata Consultancy Services (TCS), has decided to lay off around 2% of its workforce, or roughly over 12,000 employees, over the year as macro uncertainties and AI-led technology disruptions continue to hit business of June end, the Mumbai-headquartered Tata subsidiary employed a workforce of 613,069. 'TCS is on a journey to become a future-ready organisation… As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible. This will impact about 2% of our global workforce, primarily in the middle and the senior grades, over the course of the year,' the IT giant said in a statement to ET. 'This transition is being planned with due care to ensure there is no impact on service delivery to our clients… We understand that this is a challenging time for our colleagues likely to be affected. We thank them for their service and we will be making all efforts to provide appropriate benefits, outplacement, counselling, and support as they transition to new opportunities,' the company affected employees will receive payments for their notice periods along with an additional severance package. TCS will also look to extend insurance benefits and offer outplacement opportunities for the impacted layoff decision comes days after several TCS employees filed legal complaints against the company's recently tweaked employee bench policy, which allows employees only 35 annual days without being deployed on a project and to maintain at least 225 billable days software services companies, with a cumulative revenue of over $283 billion, are among the largest private sector employers, with TCS being the Friday, ET reported that job additions at the top six IT majors saw a decline of over 72% with a mere 3,847 employee additions in the April-June quarter, a drop from 13,935 people who were hired by the six firms in the March also stated it is making strategic initiatives on multiple fronts, including investing in new-tech areas, entering new markets, deploying AI at scale for our clients and ourselves, deepening our partnerships, creating next-gen infrastructure and realigning our workforce this, a number of reskilling and redeployment initiatives have been underway. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Can Chyawanprash save Dabur in the age of Shark-Tank startups? Why Air India could loom large on its biggest rival IndiGo's Q1 results Apple has a new Indian-American COO. What it needs might be a new CEO. How India's oil arbitrage has hit the European sanctions wall Central banks' existential crisis — between alchemy and algorithm Short-term valuation headwinds? Yes. Long-term growth potential intact? Yes. Which 'Yes' is more relevant? Stock Radar: This smallcap stock breaks out from Flag pattern to hit fresh record high in July 2025; time to buy or book profits? For long-term investors: A moat of a different kind; 5 large-cap stocks with an upside potential of up to 38%
Economic Times
7 hours ago
- Economic Times
When Smriti Irani was forced to show medical papers to Ekta Kapoor post miscarriage: 'Would have shown her the foetus...'
(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online.
