Lenskart Success Story | India’s #1 Eyewear Brand

Lenskart is an Indian eyewear company that was founded in 2010 by Peyush Bansal. The company offers a wide range of eyewear products, including eyeglasses, sunglasses, and contact lenses. Lenskart has a large network of retail stores across India, as well as an online store that allows customers to browse and purchase products from the comfort of their own homes.

In addition to its eyewear products, Lenskart also provides eye testing and eye care services at its stores. The company is known for its affordable prices and commitment to providing high-quality products and services to its customers.

How Lenskart Started

Lenskart was born out of Peyush Bansal’s frustration with the eyewear industry in India. He noticed that most eyewear stores in India were small, poorly lit, and poorly stocked, and that the prices of eyewear products were often high and not transparent. Peyush Bansal saw an opportunity to create a better shopping experience for eyewear customers in India, and founded Lenskart with the goal of making eyewear more accessible and affordable for the average person.

Since its founding, Lenskart has grown significantly and has become one of the leading eyewear companies in India. The company has a network of over 500 retail stores across the country, as well as an online store that allows customers to shop from the comfort of their own homes. In addition to its eyewear products, Lenskart also provides eye testing and eye care services at its stores.

Interesting Facts About Lenskart

• Was founded in 2010 by Peyush Bansal, a former management consultant.
• The company has a network of over 500 retail stores across India, as well as an online store.
• It was the first eyewear company in India to offer home eye testing services.
• In 2016, Lenskart launched its own line of eyewear frames under the brand name “8PM”.
• Lenskart has received funding from several prominent investors, including KAE Capital, TPG Growth, and Premji Invest.
• In 2017, Lenskart was named one of the “Top 25 Most Innovative Consumer Brands” in India by the Economic Times.
• Lenskart has been recognized for its commitment to social responsibility, and has implemented several initiatives to give back to the community, including a program to provide free eyeglasses to underprivileged children.
• In 2018, they launched a virtual reality (VR) try-on feature on its mobile app, which allows customers to see how different eyewear frames will look on their face using VR technology.

Business Model

Lenskart operates a multi-channel business model, which means that it has a presence both in physical retail stores and online. The company has a network of over 500 retail stores across India, as well as an online store that allows customers to browse and purchase products from the comfort of their own homes.

Lenskart’s business model is based on providing a wide range of eyewear products at affordable prices, as well as high-quality eye testing and eye care services. The company has a strong focus on customer service and convenience, and offers several innovative features to make the shopping experience more convenient for its customers. For example, Lenskart has a “try at home” service that allows customers to try on eyewear frames at home before making a purchase, and a virtual reality (VR) try-on feature on its mobile app that allows customers to see how different eyewear frames will look on their face using VR technology.

Lenskart also generates revenue through partnerships with leading eyewear brands, such as Ray-Ban, Oakley, and Vogue Eyewear, as well as through its customer loyalty program, called “Lenskart Club”, which offers exclusive discounts and benefits to members.

What Makes Lenskart Stand Out?

• A wide range of products: Offers a wide range of eyewear products, including eyeglasses, sunglasses, and contact lenses, as well as eye testing and eye care services. This variety of products allows Lenskart to appeal to a broad range of customers.
• Affordable prices: Known for its affordable prices, which make its products accessible to a wider range of customers.
• Innovative features: Implemented several innovative features to make the shopping experience more convenient for its customers. These include a “try at home” service that allows customers to try on eyewear frames at home before making a purchase, and a virtual reality (VR) try-on feature on its mobile app that allows customers to see how different eyewear frames will look on their face using VR technology.
• Strong customer service: Places a strong emphasis on customer service, and has a team of experienced professionals available to assist customers with any questions or issues they may have.
• Social responsibility initiatives: Implemented several initiatives to give back to the community, including a program to provide free eyeglasses to underprivileged children. This commitment to social responsibility sets the company apart from many of its competitors.

Challenges that Lenskart Faced

• Competition from other eyewear companies: Lenskart operates in a highly competitive market, with several other eyewear companies vying for market share. In order to stay competitive, Lenskart has had to continually innovate and improve its products and services.
• Managing supply chain and logistics: As a retail company, Lenskart relies on a complex supply chain to get its products to customers. Managing this supply chain and ensuring that products are delivered efficiently and on time can be a challenge.
• Maintaining high customer satisfaction: Lenskart places a strong emphasis on customer satisfaction, and has implemented several innovative features to make the shopping experience more convenient for its customers. However, maintaining high levels of customer satisfaction can be challenging, especially as the company continues to grow.
• Managing regulatory compliance: As a retail company, Lenskart must comply with various regulatory requirements, such as consumer protection laws and data privacy laws. Ensuring that the company is compliant with all relevant regulations can be a challenge.

Lenskart Investment Rounds

1. Series A: In 2014, raised $4 million in a Series A funding round led by KAE Capital.
2. Series B: In 2015, raised $60 million in a Series B funding round led by TPG Growth.
3. Series C: In 2016, raised $15 million in a Series C funding round led by KAE Capital.
4. Series D: In 2019, raised $230 million in a Series D funding round led by Premji Invest, with participation from Unilazer Ventures and TR Capital.
5. Series E: In 2020, raised $350 million in a Series E funding round led by SoftBank Vision Fund 2.

These funding rounds have provided Lenskart with a total of over $660 million in funding, which has helped the company to grow and expand its business.

The Eyewear Industry

The eyewear industry is a multi-billion dollar industry that encompasses the production, distribution, and sale of eyewear products, such as eyeglasses, sunglasses, and contact lenses. The eyewear industry is highly competitive, with a large number of players ranging from small, independent retailers to large, multinational corporations.

Frequently Asked Questions About Lenskart