Latest news with #PeyushBansal
India Gazette
15-05-2025
- Business
- India Gazette
Make India a global hub for eyewear manufacturing and exports: Piyush Goyal to Lenskart CEO
New Delhi [India], May 15 (ANI): Union Commerce and Industry Minister Piyush Goyal met Lenskart Co-founder and CEO Peyush Bansal to discuss the potential of making India a global hub for manufacturing and exporting eyewear. The meeting focused on tapping into India's growing capabilities in this sector and reducing the country's dependence on imported eyewear a social media post the minister stated that he was pleased to see the steps Lenskart is taking to improve access to vision care across India. He also spoke about how Indian companies like Lenskart can play a key role in boosting exports and creating a strong global presence for Indian-made eyewear. He said 'Met Mr. Peyush Bansal, Co-founder & CEO of Lenskart, and discussed how India can become a global manufacturing & export hub for eyewear. I was pleased to learn about the company's impactful social initiatives to expand access to vision care across the country'. According to data from the Observatory of Economic Complexity, India's share in global eyewear exports was only 0.39 per cent in 2023, placing the country at the 16th position out of 209. In value terms, India exported eyewear worth USD 48.8 million in 2023, ranking 594 out of 1,212 products. The United Kingdom was the top destination for Indian eyewear exports, receiving products worth USD 17.3 million. It was also the fastest-growing market for India, with exports increasing by USD 14.4 million from 2022 to 2023. However, on the import side, India brought in eyewear worth USD 198 million in 2023, with China being the largest supplier at USD 171 million. China is showing fastest growth by increasing its exports to India by USD 92.7 million between 2022 and 2023. Further data from the World Integrated Trade Solutions (WITS) by the World Bank shows that India imported sunglasses worth USD 177,353.44K in 2023, with a total quantity of 193,266,000 items. Most of these sunglasses came from China (USD 154,152.35K for 191,691,000 items), followed by Italy, the United States, Japan, and other Asian countries. The Economic Complexity Index (ECI) for India stood at 0.65 in 2023, placing it 39th out of 132 countries. This index shows the diversity and complexity of a country's export products. With high imports and low global export share, the meeting between Piyush Goyal and Peyush Bansal highlighted the need for India to boost local manufacturing and aim to become a major exporter of eyewear in the world. (ANI)
Hans India
14-05-2025
- Business
- Hans India
India can become a global manufacturing, export hub for eyewear: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal on Wednesday met Peyush Bansal, Co-founder and CEO of Lenskart, and discussed how India can become a global manufacturing and export hub for the eyewear sector. In a post on social media platform X, the Union Minister said he was 'pleased to learn' about the company's impactful social initiatives. 'Met Peyush Bansal, Co-founder and CEO of Lenskart, and discussed how India can become a global manufacturing and export hub for eyewear,' said Goyal. 'I was pleased to learn about the company's impactful social initiatives to expand access to vision care across the country,' he added. In March this year, the eyewear maker laid the foundation stone for its manufacturing facility near Hyderabad. It would be one of the largest eyewear manufacturing facilities globally. The facility will utilise cutting-edge technology to produce eyewear and related products, setting new standards for quality and innovation in the eyewear manufacturing sector, according to the company. Meanwhile, the Commerce Minister held a comprehensive review of Invest India at a meeting held at Bharat Mandapam in the national capital. The minister emphasised on enhancing the performance, effectiveness and efficiency of Invest India to facilitate greater investments into India. He also discussed avenues for further strengthening investor engagement, empowering MSMEs and boosting manufacturing in the country. Invest India is the national investment promotion and facilitation agency of the Government of India and helps to expedite approvals for the setting up of manufacturing enterprises by speeding up clearances that are required, such as those for the allotment of land. India's manufacturing sector is a significant part of the country's economy, contributing about 17 per cent to the GDP and employing over 27.3 million workers. The government aims to increase its share to 25 per cent by 2025, driven by initiatives like the Make in India policy and Production-Linked Incentive (PLI) schemes.
Hans India
28-04-2025
- Business
- Hans India
JetSynthesys' Global e-Cricket Premier League starts
Bengaluru: The much-anticipated Season 2 of the Global e-Cricket Premier League (GEPL), powered by JetSynthesys, officially launched at the Koramangala Indoor Stadium in Bengaluru. This marks a significant milestone as it is the first time the vibrant Garden City has hosted the league's national launch. Conceptualized and developed by JetSynthesys, the GEPL has quickly become one of India's most structured and franchise-led esports properties, successfully blending the nation's passion for cricket with the excitement of competitive gaming. This season introduces six city-based franchises, each supported by prominent figures from India's entrepreneurial and entertainment sectors. The teams include the Mumbai Grizzlies, owned by . Sara Tendulkar, a well-known entrepreneur and philanthropist; the Delhi Sharks, led by Peyush Bansal, Founder and CEO of Lenskart; and the Bengaluru Badgers, co-owned by notable figures such as . Nikhil Kamath (Co-founder of Zerodha and True Beacon), . Ankit Nagori (Founder of Curefoods), and . Prashant Prakash (Founding Partner of Accel India). Other teams competing in the league are the Chennai Falcons, co-owned by Gopal Srinivasan, Chairman of TVS Capital Funds, Madhusudanan R, Founder of YAP, and Arjun Santhanakrishnan, an investor and entrepreneur; the Hyderabad Rhinos, owned by Amit Mehta, Director of LNB Group; and the Pune Stallions, owned by popular actor and investor Suniel Shetty.
Bloomberg
13-03-2025
- Business
- Bloomberg
An Investor's Guide to India
The Catalyst: Consumption drives nearly 60% of India's gross domestic product. The government is rolling out tax concessions for the middle class, lining their pockets with an additional $12 billion of cash. More broadly, India's consumer market is projected to grow 46% by 2030, propelled by rising incomes and urbanization. Case Study: Lenskart India is proving to be a market ripe for scale, with homegrown businesses expanding beyond its borders. Eyewear retailer Lenskart, founded in 2010, is gaining traction overseas after disrupting the domestic market by cutting out middlemen and making premium eyeglasses more affordable. In a sector once dominated by small, independent sellers where generic eyeglasses were seen as a commodity, Lenskart has built a recognizable brand. By shifting consumers toward a branded product, the company is tapping into one of India's biggest retail opportunities — bringing quality control and consumer trust to turn an informal market into a structured, scalable business. 'If you look at the population, the disposable income, the need-gap, there is a huge consumption story in India,' said Peyush Bansal, Lenskart's chief executive officer. The company has expanded aggressively, acquiring Japan's Owndays in 2022. Today, it operates in nearly 20 countries with over 2,500 stores across Asia — 2,000 of them in India. The Opportunity: Businesses like Lenskart, which plans to go public this year, can reach far more customers today than just a few years ago. Nearly every Indian now has a bank account, most have smartphones, and discretionary income is rising. That's led to more innovation and optimism in markets. In 2024, India recorded the highest volume of IPOs globally, listing almost twice as many companies as the US. But IPOs can be risky, and the exuberance is now tempered by caution as a sharp correction in India's secondary market is impacting fundraising and delaying IPO plans. *Source: The Catalyst: India's rapid digitization is transforming its economy, with a real-time payment system that enables consumers to pay for everything from groceries to street food using QR codes. But as financial institutions have struggled to keep pace with this shift, a surge in financial fraud has prompted regulatory crackdowns. In response, companies are developing cyberdefense solutions to help financial firms keep on the right side of regulatory compliance. Case Study: IDfy Mumbai-based IDfy started as a background verification service but evolved alongside India's digital boom. By tapping into digitized police records and personal identification systems, it developed secure verification solutions for financial firms operating under stringent regulations. As digital banking accelerated during the pandemic, IDfy's technology became crucial for everything, from opening bank accounts to small business lending. Demand has soared under India's new compliance standards, with clients including Hindustan Unilever Ltd., HDFC Bank Ltd. and American Express Co. IDfy turned its first profit last year, and is poised for faster growth, co-founder Ashok Hariharan said. Nearly 90% of all customer verification processes are still analog, making them vulnerable to data leaks and fraud, he said, adding that interest in their products had increased significantly in recent months. The Opportunity: India ranks third in total fintech and unicorn companies, with banking-focused fintech firms set to capture more than 20% of banking revenue by 2030 — well above the global average of 13%, according to Boston Consulting Group. Meanwhile, Indian financial institutions are expected to increase cybersecurity spending, which stands at just one-ninth of the global average as a percentage of revenue. Popular fintech stocks include One 97 Communications Ltd. and PB Fintech Ltd., better known as Paytm and Policy Bazaar, respectively. *Source: US International Trade Administration Sector Infrastructure The Key Number 500% Increase in India's green investments by 2030* Who's Investing? KKR, Global Infrastructure Partners The Catalyst: India's patchy infrastructure has improved at a brisk pace. Over the past decade, the highway network has grown 60% and the number of operational airports has more than doubled, according to government data. In the last five years, infrastructure spending totaled about $1 trillion, EY estimates. When adjusted for gross domestic product, that figure is equivalent to the US setting aside nearly $8 trillion. Case Study: Greenko Group Green energy is an increasingly vital sector as fossil fuel usage is declining and renewables need to fill the gap to power India's 1.4 billion people. Firms like Greenko Group, a leading company working on decarbonization, are tapping into India's vast natural resources. Since its founding about two decades ago, Greenko has evolved from running a 21 MW biomass plant to having almost 10,000 MW of operational capacity across wind, solar and hydro projects in 15 Indian states. The Opportunity: Though Greenko is privately held after several years of trading on the London stock exchange, other clean energy firms are listed in India, including JSW Energy Ltd. and Tata Power Company Ltd. The Indian government is also coming up with inventive ways to fund its infrastructure goals. One type of vehicle is the InvIT, an investment instrument that works like a mutual fund and is regulated by the Securities and Exchange Board of India. Institutional investors and individuals can park their money into finished, revenue-generating projects or those that are still under construction. *Source: Crisil
