Peyush Bansal, the cofounder of eyewear retailer Lenskart Solutions, is the latest Indian to join the three-comma club. Shares of SoftBank-backed Lenskart, which went public nine months ago, hit an all-time high of nearly 627 rupees on the National Stock Exchange last week. Bansal’s close to 9% stake in the $11 billion market cap company plus the proceeds of shares he sold in the IPO, give him an estimated net worth of $1 billion.

The stock jumped after the company reported a four-fold rise in net profit to 2.28 billion rupees ($24 million) for the quarter ended June 30 amid surging sales in both domestic and overseas markets. Headquartered in the northern Indian city of Faridabad, Lenskart sells everything from glasses to sunglasses to eyewear accessories both online and through a network of stores.

It has a presence in 16 countries including Singapore, Japan and the UAE, apart from India where it has 2,725 stores across 157 cities. It added 132 stores in the latest quarter, of which 116 were in India and 16 overseas taking the company’s total store count to 3,459 stores.

Bansal, 42, started the business in 2010 with his sister Neha, who heads merchandising and two other cofounders, Amit Chaudhari, the sourcing chief and Sumeet Kapahi, who oversees the store network. The company got going initially as an online retailer offering customers a 3D feature to try on the glasses virtually. It later expanded offline opening its first store in New Delhi in 2013.

“Buying spectacles is not an easy decision,” says Arvind Singhal, chairman of Gurgaon-based retail........

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