Lenskart Success Story, India’s #1 Eyewear Brand| Journey Of Peyush Bansal

Lenskart Success Story- Lenskart is an Indian eyewear company found by Peyush Bansal in 2010. They offer eyeglasses, sunglasses, and contact lenses both in physical stores across India and through their online store. Lenskart is known for its affordability and focus on quality, and they also provide eye testing and eye care services in their stores.

Lenskart Success Story

Lenskart is a revolutionary unicorn in India’s eyewear industry. It started as an online portal for contact lenses and expanded to include prescription glasses and sunglasses. The company introduced innovative technologies like 3D Try-on services and online eye check-ups. Lenskart now operates over 550 stores across India and aims to become the Maruti Suzuki of the Indian eyewear industry, focusing on innovation and growth.

Lenskart Success Story

Lenskart Success Story Overview

Name Of The Article Lenskart Success Story
Lenskart Success Story Click Here
Category Trending News

Lenskart India: How It All Began?

Peyush Bansal, along with Amit Chaudhary and Sumeet Kapahi, founded Lenskart in 2010. Before this, Peyush worked at Microsoft and started Valyoo Technologies, Lenskart’s parent company. While studying at IIM B, he launched Valyoo Technologies with SearchMyCampus in 2007, offering solutions to students’ problems. He noticed the untapped potential in the eyewear industry, leading to the launch of Flyrr.com in the US. After a positive response, Lenskart was introduced in India in 2010.

Read Also:-Shark Tank India 3 Release Date

Business Model of Lenskart

Lenskart India offers more than 5,000 frame styles and 45 types of high-quality lenses. Their in-house design team keeps up with eyewear trends. They have an inventory-led business model, designing frames and working with manufacturers to control costs.

Lenskart focuses on product quality, variety, innovation, and marketing. They use advanced German robotic technology for precision eyewear, unique in India. They offer 3-D trials and cater to Indian preferences with a wide range of frames and lenses, including designer sunglasses. Lenskart uses an Omni-channel retail model, combining online and offline services. Initially online-only, they expanded to 550+ offline stores in 30+ Indian cities. Physical stores help customers try eyewear before buying, boosting trust and growth. They also convert offline customers to online users through their app and website, strengthening customer relationships.

Check Here:-Top 10 Singers In India 2023

Lenskart Funding and Valuation

Lenskart has received funding from 12 investors, including PremjiInvest, Kedaara Capital, Chiratae Ventures, TPG Growth, Ratan Tata of Tata Sons, Rajeev Chitrabhanu, Adveq, Eqip Capital, IFC Venture Capital Group, among others. They raised a total of $459.6 million in 9 funding rounds.

In December 2019, Lenskart secured $275 million from SoftBank Vision Fund, reaching a valuation of $1.5 billion. They also generated revenue of Rs. 486.26 crore in 2019.

Interesting Facts About Lenskart

  • Lenskart, founded in 2010 by Peyush Bansal, boasts a network of 500+ retail stores in India and an online presence.
  • They were pioneers in offering home eye testing services in India.
  • In 2016, they introduced their eyewear frames brand, “8PM.” Lenskart secured funding from notable investors like KAE Capital, TPG Growth, and Premji Invest.
  • Economic Times recognized them as one of India’s “Top 25 Most Innovative Consumer Brands” in 2017.
  • They’re dedicated to social responsibility, providing free eyeglasses to underprivileged children.
  • In 2018, they launched a VR try-on feature in their mobile app for customers to virtually try eyewear frames.

Also Check:-Best Cartoons In India

What Makes Lenskart Stand Out?

Lenskart’s strengths lie in its diverse product range, affordability, innovation, customer service, and social responsibility:

  1. Wide Product Range: Offers eyeglasses, sunglasses, contact lenses, and eye care services, catering to a broad customer base.
  2. Affordable Pricing: Known for budget-friendly prices, making eyewear accessible to many.
  3. Innovative Features: Introduces convenient services like home trial and VR try-on via its app.
  4. Excellent Customer Service: Boasts a skilled support team to address customer inquiries and concerns.
  5. Social Responsibility: Engages in community-focused initiatives, such as donating eyeglasses to underprivileged children, demonstrating its commitment to social causes.

The Eyewear Industry

The eyewear industry includes making, distributing, and selling eyeglasses, sunglasses, and contact lenses. It’s a competitive field with various participants, from small local shops to big global companies.

FAQ’S

What made Lenskart successful?

Lenskart's business model succeeded because of its extensive eyeglass variety, affordable prices, and user-friendly website. They even provided a home trial option for customers to test the eyeglasses before making a purchase.

What is the success story of Piyush Bansal?

Peyush Bansal began the project website searchmycampus.com in January 2008 with an initial investment of 25 lakhs after discussing it with some Delhi University students. He initiated SearchMyCampus while pursuing his postgraduate degree.

What is the success mantra of Lenskart?

We are available wherever our consumers want us. We have introduced many innovations in our stores to make them small, efficient, and profitable. Our stores are distinct, and we don't keep a stock of products. Orders are made using an iPad and fulfilled from a central warehouse.

Related Posts:-

Top 10 Schools In India 2023

Top 10 Singers In The World 2023-24

Top 10 Largest Employers In The World 2023

Leave a Comment