Latest news with #AmitChaudhary
Time of India
29-07-2025
- Business
- Time of India
ETtech explainer: What is Lenskart's DRHP for Rs 8,000 crore IPO all about?
Academy Empower your mind, elevate your skills It will use Rs 272 crore to set up new company owned and company operated stores in India. It will use Rs 591 crore from the fresh capital to meet leasing, rental and other expenses for its existing store footprint. Currently, Lenskart has over 2,700 stores across all its geographies. It will use Rs 213 crore to enhance its technology and cloud infrastructure. It will use Rs 320 crore for brand marketing and business promotion Omnichannel eyewear retailer Lenskart on Tuesday filed a draft red herring prospectus ( DRHP ) for its initial public offering (IPO) with market regulator Securities and Exchange Board of India (Sebi), seeking to raise Rs 2,150 crore in fresh IPO will be the biggest among new-age companies — others include Groww, Meesho and PhysicsWallah — going public this year. However, unlike the other companies, Lenskart has not opted for a confidential filing process. Instead, it has filed a 761-page long put, the DRHP is the preliminary registration document prepared by merchant bankers for prospective IPO-making companies. This document typically contains information about the company, its business operations, promoters, financials , products, and more to ensure its potential retail investors make an informed takes you through the details of Lenskart's by Peyush Bansal in 2010, Lenskart has today become India's biggest eyewear retailer, with an online as well as an offline presence. Amit Chaudhary and Sumeet Kapahi are the other company primarily sells prescription eyeglasses and sunglasses and other products such as contact lenses and eyewear accessories. The products are sold under multiple sub-brands, including Vincent Chase and John India, Lenskart's key operating markets include Southeast Asia, Japan, and the Middle EastLenskart has manufacturing facilities at two locations in India as well as in Singapore and the United Arab DRHP also revealed that the eyewear company has acquired an 80% stake in Spanish fashion eyewear brand Meller through its Singapore-based subsidiary, as part of a strategic expansion into Europe and Gen Z-focused product paid Rs 406.93 crore (approx €41.5 million) for the stake in Stellio Ventures S.L., which owns the Meller brand, as per a share purchase agreement dated July 12, to the DRHP, Lenskart's IPO will comprise a fresh issue of shares worth Rs 2,150 crore and an offer-for-sale (OFS) of up to 132.3 million shares by existing investors. The selling shareholders include SoftBank, Alpha Wave and Kedaara is aiming for a Rs 7,500–8,000 crore ($850–900 million) IPO — making it among the biggest public offerings this year after the likes of Tata Capital and LG Electronics — according to people briefed on the company is targeting a valuation of Rs 70,000-75,000 crore ($8-9 billion), one of the persons told ET, speaking on condition of anonymity, adding that these figures could change at the time of listing, depending on market has said in the DRHP that it plans to utilise the net proceeds of the IPO as follows:According to the DRHP, Lenskart turned profitable in the financial year that ended March 31, 2025. It reported a net profit of Rs 297 crore in FY25 against a net loss of Rs 10 crore reported the year before. In FY23, it reported a net loss of Rs 64 revenue during FY25 increased 22% to Rs 6,625 crore, from Rs 5,428 crore in FY24 . Meanwhile, its listed rival Titan EyeCare reported a 10% increase in its revenue for FY25, at Rs 796 40% of Lenkart's total revenue for FY25 came from international markets, including Taiwan, Australia, Japan, South Korea, Thailand and the Middle East. The company's standalone international revenue rose 17% to Rs 2,638 crore in FY25 from Rs 2,265 crore in fiscal year expenses rose to Rs 6,619 crore in FY25 from 5,549 crore in FY24, led by raw material costs and employee benefits.
The Herald Scotland
04-07-2025
- Business
- The Herald Scotland
Scottish salmon exporters prepare major drive for Indian market
Scottish salmon currently faces a 33 per cent tariff which severely limits trade, but this is set to be removed next year when the deal struck by the UK Government takes effect. This paves the way for exports worth tens of millions of pounds every year, creating inward investment and well-paid jobs in Scotland. As talks get underway, Indian High Commissioner Vikram K. Doraiswami this week travelled to Scotland to learn more about the scale and quality of Scottish farm-raised salmon during a visit to Rosyth, Fife, which is home to the UK's largest processing plant. READ MORE: Edinburgh-based Vice Consul Amit Chaudhary also joined the tour of Mowi's plant on Thursday, discussing ways to strengthen trade ties as the sector prepares to expand in this fast-growing market. His Excellency Vikram K. Doraiswami, High Commissioner of India to the UK, said: 'This landmark agreement is set to boost bilateral trade, which has already crossed £40 billion, by reducing tariffs and streamlining market access. 'The Scottish salmon industry, a global leader exporting over £800 million in 2024, exemplifies the quality and innovation driving this partnership. 'I am delighted that with the FTA [free trade agreement] reducing trade barriers, India's restauranteurs and consumers will soon be able to affordably access premium Scottish salmon, enhancing consumer choice and fostering economic growth. 'This visit underscores the potential for deepened collaboration, as the FTA is expected to support creating jobs and opportunities in both nations.' (L-R) - Jamie McAldine, Mowi Scotland; Scott Nolan, Mowi Scotland; Ben Hadfield, Mowi Scotland; HE Vikram K. Doraiswami, High Commissioner of India; Vice Consul Amit Chaudhary; and James Park, Salmon Scotland, outside the Mowi plant (Image: Salmon Scotland) Ian Murray, Secretary of State for Scotland, added: 'The UK Government's Brand Scotland initiative is laser focussed on selling the very best of Scotland to the world. "Iconic and globally-renowned Scottish products like salmon — and our support for the sector — is an important part of that. 'The trade deal with India is central to our Plan for Change and great news for Scotland's food and drink sector: Slashing tariffs, increasing exports, growing our economy, securing jobs and putting more money in the pockets of hard working Scots. "I look forward to continuing to work with Scottish businesses and other key partners as we give our country the global platform it deserves.' India is the world's third-largest fish market, with domestic use reaching nearly 12 million tonnes in 2021 — up 120 per cent since 2005. Although most fish eaten is currently locally sourced, imports focus on premium seafood in major cities such as Delhi and Mumbai, where demand for healthy, high-quality produce is rising. Scottish salmon fits well into this high-end market. At present, India does not register on the list of nearly 50 countries where Scottish salmon is exported in significant quantity, but there has been a recent boom in the Asian market. Exports to China were up 60% last year and volumes to Taiwan more than doubled – contributing to record international sales of more than £840 million and confirming Scottish salmon's place as the UK's biggest food export. Ben Hadfield, Mowi's chief operating officer of farming in Scotland, Ireland, the Faroes and Canada East, said: 'Future successes in India will be a further boost for Mowi in Rosyth where we are proud to employ over 1,000 people from the local area. 'With the removal of tariffs in the new trade deal between India and the UK, there is huge potential for Mowi to create a market for Scottish salmon in India, as we have successfully done in other Asian markets.' Tavish Scott, chief executive of Salmon Scotland, added: 'India represents a huge untapped market for our nutritious fish as demand continues to grow across Asia. 'We're working closely with the UK Government and Indian partners to make sure Scottish salmon reaches more tables in India, supporting jobs and coastal communities here at home. 'This deal offers real potential, and we're determined to make the most of it for our farmers and the wider Scottish economy.'
News18
09-06-2025
- Business
- News18
Lenskart Becomes Public Company, Paving Way For $1-Billion IPO
Last Updated: Eyewear retailer Lenskart has officially converted into a public company Eyewear retailer Lenskart has officially converted into a public company, marking a significant milestone as it gears up for its initial public offering (IPO). During an extraordinary general meeting held on May 30, the company's board approved a special resolution to change its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited. This name change aligns with Lenskart's plans to list on one or more Indian stock exchanges, although the size and timing of the IPO have not been disclosed. The move comes after Moneycontrol reported that Lenskart was in advanced discussions to appoint a consortium of bankers, including Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital, to lead the IPO process. According to sources, the company is aiming for a public issue of over $1 billion, potentially making it one of the largest IPOs in India's new-age consumer tech sector. Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart has grown into India's largest omni-channel eyewear brand, boasting a strong online presence and more than 2,000 physical stores. Backed by investors like SoftBank, Temasek, ADIA, Alpha Wave Global, KKR, Kedaara Capital, and TPG, Lenskart entered the unicorn club in 2019. In June 2024, the company raised $200 million from Temasek and Fidelity at a valuation of $5 billion. However, it reported a net loss of Rs 10 crore in FY24 on operating revenue of Rs 5,427 crore, reversing earlier profitability. Lenskart's IPO would be a crucial test of investor sentiment toward consumer brands and may set the tone for other profitable or near-profitable startups eyeing the markets. If successful, it would solidify Lenskart's leadership in India's eyewear industry. Additionally, in December 2024, Lenskart signed an MoU with the Telangana government to establish a manufacturing facility at Fab City with an investment of Rs 1,500 crore. The plant is expected to create around 2,100 jobs.
Time of India
22-05-2025
- Time of India
2 officials pulled up for irregularities in Panchmahal
Vadodara: Two officials in Godhra taluka of Panchmahal district — a talati and an gram rozgar sevak (GRS) — have been pulled up within a week, for irregularities in development projects and NREGA works. Tired of too many ads? go ad free now The action against them came after complaints were made to higher officials about irregularities in projects under NREGA and district mineral foundation (DMF) grants, at Nadisar village. The irregularities in NREGA works came to light around Dec. The GRS, Amit Chaudhary, was found to be filling musters for two dead people. Entries amounting to Rs 19,000 were made, showing the two dead men working at project sites. This illegality by Chaudhary was noticed and payments were withheld. After an inquiry, Chaudhary's services were terminated on Wednesday, Godhra taluka development officer D K Garasiya said. A week ago, the talati of Nadisar village, Mahesh Damor, was suspended after illegalities came to light in the work relating to a compound wall in the village. Officials got complaints about two development works taken up using DMF grants —a cement road and the compound wall of a health centre. While work on the road was completed at acceptable quality, the work carried out on the compound wall was less than what was stipulated. The inquiry found that the irregularities were worth Rs 1.85 lakh, for which Damor was suspended a week ago. The procedure to recover the funds from him has been initiated, Garasiya said.
New Indian Express
19-05-2025
- Politics
- New Indian Express
BKU Atal chief booked for announcing bounty to behead Rakesh Tikait
LUCKNOW: A man identified as Amit Chaudhary, president of the Bharatiya Kisan Union (Atal), has been booked over a social media post in which he allegedly announced a reward of Rs 5 lakh for anyone who would behead Bharatiya Kisan Union (BKU) leader Rakesh Tikait. The viral post sparked protests by Tikait's followers in Muzaffarnagar and Meerut. Cases were registered against Chaudhary at Civil Lines Police Stations in Muzaffarnagar, Meerut, and Agra. Muzaffarnagar Station House Officer Ashutosh Kumar Singh stated that in the viral video, the accused purportedly announced a Rs 5 lakh reward for the beheading of Tikait. A case was also lodged against Chaudhary in the Jani police station area of Meerut, confirmed by Station In-charge Mahesh Kumar Rathore. In a video released in Meerut on Sunday, Amit Chaudhary is shown stating that he would give Rs 5 lakh to anyone who beheads Rakesh Tikait.
