- Lenskart is an Indian optical prescription eyewear retail chain, based in Faridabad. It recently acquired a company named Daily Joy, which delivers a countless number of things to Tier 2 cities. So, what was so intriguing in Daily Joy that made Lenskart acquire it? Let’s find it out in this article ahead.
- Indian optical prescription eyewear retail chain, based in Faridabad. Operating since 1988
- Owned by: Ramneek Khurana, co-founder
- Total revenue: 9 Billion Indian rupees in year 2020
- It recently acquired a company named Daily Joy, which delivers a countless number of things to Tier 2 cities.
So, what was so intriguing in Daily Joy that made Lenskart acquire it? Let’s find it out in this article ahead.Following are the reason that Lenskart kept in mind:
- As Daily Joy is planning to launch itself in the tech sector, Lenskart thought it was a good opportunity to leverage Daily Joy’s tech expertise.
- The tech hub in Hyderabad is planning to employ over 100 engineers in various teams as in product, design and development, quality engineering, front-end developers, java developers, android and IOS developers, and data science engineers.
- The Co-Founder of Lenskart Amit Chaudhary said, “We plan to double our current 150-member technology team with new recruitments in engineering, product, and data science functions, in the next six months. The company wants to make Hyderabad a base for quality and consistent engineering to support the high-growth phase.”
- As Lenskart is a growing field in e-commerce and tech field they thought of acquiring daily joy as their base investment in different states as well.
- Lenskart is also blooming in the USA market as well, so they were in shortage of web developing and tech staff.
- By taking over daily joy they made their base strong enough to make it stand in foreign markets.
- Satish Sharma also stated that they aim to synchronize synergies with Lenskart. “We will add value to their remarkable journey going forward, in the ever-evolving eye-wear industry,” he mentioned at the end.
- It’ll also open many opportunities for Telangana as it will develop the company’s technological capabilities.
- These new technical staff will enable Lenskart’s continued innovation to provide a much easier experience across all channels of shopping.
- Taking this into account one of the main reasons Lenskart acquired daily joy is to expand their store and online presence, testing multiple geographic regions at the same time, and aim to get ahead of the curve in augmented reality technologies and recommendations.
So with the thought in mind to explore more in India as well as abroad the company has taken a major step ahead for the future of young India.
What are your opinions on this acquisition? Will it be beneficial for the company in future or will it be a deal in vain?