New Delhi: Leading Indian eyewear retailer Lenskart is on the hunt for a new media partner, putting its estimated ₹100 crore media mandate up for grabs, according to industry sources. This move comes amidst significant changes within the company, including a recent leadership shift and a successful fundraising round.
Currently, Starcom holds the media mandate for Lenskart, having secured the account in 2017. Prior to that, GroupM Maxus managed the brand’s media buying and planning.
Sources close to the matter suggest Lenskart initiated the media pitch process approximately a month ago. This development coincides with the appointment of Jaimit Doshi as the company’s Global Head of Marketing and CEO of Hustlr. Doshi previously served as Chief Technology, Digital, and Marketing Officer at Aditya Birla Sun Life Insurance.
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The news of the media pitch also follows a successful funding round for Lenskart. In July, the company, which is aiming for an Initial Public Offering (IPO), raised ₹160 crore from its co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
This fundraising event came shortly after Lenskart secured a significant investment of $200 million (around ₹1,673.2 crore) from Singapore’s Temasek and US-based Fidelity in June. This secondary share sale valued the company at a staggering $5 billion.
With a leadership shakeup, a fresh influx of capital, and an upcoming IPO, Lenskart is evidently gearing up for a new phase of growth. The company’s search for a new media partner suggests a strategic shift in its marketing approach, and several agencies will likely vie for the lucrative media mandate.
