Former OYO Executive Abhishek Gupta Joins Lenskart As CFO

SUMMARY

Former CFO of hospitality major OYO Abhishek Gupta joined Lenskart as CFO

Gupta joined OYO in 2015 and moved to Lenskart this year in August. Most recently, he was serving as the CFO at the hospitality major

He had previously served Philips for nearly two years and General Electric (GE) for almost a decade

Omnichannel eyewear unicorn LensKart has roped in OYO’s former executive Abhishek Gupta as chief financial officer (CFO).

“After 9 amazing years at OYO, I have recently joined Lenskart as the CFO. Thank you Ritesh and the entire team of OYO for the trust and friendship,” said Gupta in an LinkedIn post.

Gupta joined OYO in 2015 and moved to Lenskart this year in August. Most recently, he was serving as the CFO at the hospitality major.

Prior to joining OYO, he was financial controller – consumer lighting at Philips. Previously, he served at General Electric (GE) as vice president, finance, for more than three years.

Gupta joined GE in 2003 and left the US conglomerate in 2013, serving it for nearly a decade.

The eyewear brand LensKart in July raised INR 160 Cr (about $19.1 Mn) from its cofounders Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi.

The company’s CEO Peyush Bansal emerged as the biggest investor in the round, pumping around INR 70.7 Cr, followed by Neha Bansal at INR 70.39 Cr. While Chaudhary invested INR 9.6 Cr, Kapahi infused INR 9.35 Cr into the startup.

The investment came a month after Singapore state investment firm Temasek and US-based Fidelity infused $200 Mn into Lenskart in June. The investment also marked Temasek doubling down on Lenskart. The transaction valued Lenskart at $5 Bn, as per Techcrunch’s report.

Last year, the Delhi NCR-based startup secured a $100 Mn investment from private equity player ChrysCapital. In 2023, Lenskart raised $500 Mn from Abu Dhabi Investment Authority (ADAI).

Lenskart clocked sales of INR 3,788 Cr in the financial year 2022-23 (FY23), up 152% from INR 1,502.7 Cr in FY22. Eyewear segment accounted for 95% of its revenues. Meanwhile, net loss narrowed 38% to INR 63.7 Cr in FY23 from INR 102.3 Cr in FY22.