Lenskart Startup Story: Empowering India with Clear Vision

In contemporary India, approximately one-third of the population requires spectacles due to diagnosed vision issues, though only a quarter of them wear them. Beyond practical necessity, a large percentage of people choose to wear eyeglasses as a fashion statement, which creates a sizable market for a variety of eyewear options to go with different outfits.

This shift in consumer behavior gained momentum with the inception of Lenskart in 2010, a pioneering optical prescription eyewear retail chain functioning as an eCommerce marketplace for prescription power glasses, BLU glasses, frames, and goggles.

In this article, let's learn more about Lenskart, its founders, success story, history, business model, revenue, funding, competitors, and more.

Lenskart Company Information

About Lenskart
Lenskart - How it Works?
Lenskart - Industry
Lenskart - Founders and Team
Lenskart - Shareholding
Lenskart - Startup Story
Lenskart - Mission and Vision
Lenskart - Name and Logo
Lenskart - Product and Services
Lenskart - Business Model
Lenskart - Revenue Model
Lenskart - Subsidiaries
Lenskart - Challenges Faced
Lenskart - Funding and Investors
Lenskart - Investments
Lenskart - Acquisitions
Lenskart - Growth
Lenskart - Products and Features Launch
Lenskart - Partnerships
Lenskart - Marketing Strategy
Lenskart - Advertisements and Social Media Campaigns
Lenskart - Competitors
Lenskart - Future Plans

About Lenskart

As one of the most rapidly expanding players in the eyewear industry, Lenskart has positioned itself as a leading eCommerce company. Offering an extensive online optical store, Lenskart curates a diverse collection of both classic and trendy eyeglasses, lenses, and more, all available at affordable prices.

Customers can conveniently order these eyewear products online and enjoy additional discounts that are frequently offered. Notably, Lenskart also emphasizes a presence in brick-and-mortar stores, ensuring a seamless blend of online and offline retail experiences for its customers.

Lenskart - How it Works?

One of the major companies in the eyeglasses market, Lenskart, offers a smooth online and offline purchasing experience. Easy ordering, frequent discounts, and home delivery services are enjoyed by customers. In addition to its web platform, the company distinguishes itself with its distinctive physical storefronts.

Lenskart's innovative 'Home eye checkup' service, utilizing specialized robots, ensures precise eyeglasses with accuracy up to three decimal places. Lenskart manufactures a wide range of eyewear, including contact lenses, reading glasses, and sunglasses, with a portfolio that includes over 5000 models.

Prioritizing customer satisfaction, Lenskart offers free home delivery and a 14-day replacement guarantee. The company's success is ascribed to elements such as a wide range of products, high quality, a varied portfolio, effective delivery, and robust after-sales service.

Their value approach places a strong emphasis on providing premium eyeglasses at affordable costs. With its innovative designs, extensive product selection, and customer-focused business methods, Lenskart is always reinventing the spectacle shopping experience.

Lenskart - Industry

The eyewear industry in India is experiencing substantial growth. In 2024, India’s eyewear market is expected to generate around $5.9 billion in revenue. The market is expected to grow at a 5.36% annual rate, showing a compound annual growth rate from 2024 to 2029, indicating a promising compound annual growth rate (CAGR). Among the various segments in the Indian market, Spectacle Lenses emerge as the largest segment.

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Lenskart - Founders and Team

Peyush Bansal (Co-Founder and CEO), Sumeet Kapahi, and Amit Chaudhary are the Co-Founders of Lenskart.

Peyush Bansal

Peyush Bansal is the CEO and Co-Founder of Lenskart. He holds a Bachelor's degree in Electrical Engineering — IT, Control, and Automation from McGill University. After a brief stint as a Program Manager at Microsoft, Bansal realized his desire to make a significant impact and returned to India to address the problem of vision correction.

During his time at IIM, Bansal founded SearchMyCampus, a successful student classifieds platform. Inspired by its success, he ventured into the eyewear market and created Flyrr, a dedicated website for the American eyewear industry. Recognizing the untapped potential in India, Bansal launched Lenskart in November 2010, initially focusing on contact lenses and later expanding into eyeglasses and sunglasses.

Under Bansal's leadership, Lenskart has become a prominent player in the eyewear industry. Additionally, he has gained recognition as one of the judges, often referred to as the "kindest shark," on the popular business reality show Shark Tank India. Bansal's cooperative attitude, belief in brands, and encouragement of aspiring entrepreneurs have made him a respected figure in the business community.

Peyush Bansal also serves as the co-founder of companies like Aqualens, John Jacobs, and Neso Brands in the eyewear industry.

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Neha Bansal

Neha Bansal, Co-Founder of Lenskart, is an accomplished professional with a background in finance and accounting. She completed her B.Com (Hons) from Delhi University and obtained her Chartered Accountant qualification from The Institute of Chartered Accountants of India. Prior to her involvement with Lenskart, she founded and served as the Director of DNS Advisors.

Sumeet Kapahi

Sumeet Kapahi, an alumnus of the University of Delhi, is recognized as a co-founder of Lenskart and holds the position of VP of Supply at Valyoo Technologies Pvt. Ltd the parent company of Lenskart.

Amit Chaudhary

Amit Chaudhary, an alumnus of the Birla Institute of Technology, Mesra, is another esteemed Co-Founder of Lenskart. He holds a Bachelor's degree in Information Technology from the institute.

The company has about 10,000+ employees.

Lenskart - Shareholding

Lenskart shareholding as of September 2024 (source: Tracxn) the prominent shareholders-

Lenskart - Startup Story

Piyush Bansal, the brilliant founder of Lenskart, started his business after working as a program manager for Microsoft in the US for 11 months, where he gained useful knowledge. In November 2007, Piyush returned to India because he wanted to be his own boss, even though he was tempted by the prospect of a secure position and a high salary.

Piyush, who graduated from McGill University in Canada with a degree in engineering, came back without a firm business strategy but with a big idea to go into e-commerce.

Piyush interacted with Delhi University students and saw the unfulfilled demands of this group. This realization served as the impetus for the establishment of searchmycampus.com, a website that catered to the unique needs of college students by using classified ads, in January 2008. Piyush made smart use of the first money of Rs 25 lakh to engage content managers and a website developer, among other crucial individuals.

The office was put up in the basement of Piyush's parents' Greater Kailash, Delhi, home in order to save expenses. With the team expanding, Lenskart's journey began when Valyoo Technologies was formally registered. Businesses advertise on Lenskart's platform as part of their evolving income strategy, whereby Lenskart takes a commission on deals that are successfully mediated between companies and institutions.

This innovative approach enabled the startup to break even showcasing Piyush Bansal's strategic vision and adaptability in steering Lenskart through its formative years in the dynamic e-commerce landscape.

Lenskart - Mission and Vision

The company's mission is to "provide every Indian access to high-quality designer glasses without shelling out their pocket."

The company vision on the website states, "A world where eyewear helps you."

Lenskart - Name and Logo

Lenskart parent company is VALYOO Technologies.

Lenskart - Product and Services

Lenskart has over 5,000 frames and glasses to choose from, as well as over 45 different types of high-quality lenses. Its product offerings range from -

• Eyeglasses
• Premium Eyeglasses
• Sunglasses
• Shape options: Wayfarer, Oval, Rounders, Cat Eye
• Size options: Small, Medium, and Large
• Brands: Bausch and Lomb, Johnson & Johnson, Alcon
• Color Contact Lenses, and more

Lenskart - Business Model

Lenskart operates on an inventory-driven business model with a B2C concept. Its in-house stylists and designers keep up with the latest eyewear trends. The manufacturers are then given these designs. By controlling the entire supply chain, the company can keep costs down.

The company primarily serves customers through its online platform, offering a wide range of eyewear products. Additionally, Lenskart has strategically expanded into offline retail through franchise stores, catering to a broader audience across metro and non-metro areas.

To support its operations and fuel growth, Lenskart has a dedicated team across multiple verticals including manufacturing, eye technicians, customer care, technology, and logistics. The collective expertise and dedication of these professionals contribute to the seamless functioning of Lenskart's business model and enhance the overall customer experience.

Lenskart is committed to enhancing customer experience by introducing innovative features and technologies. This includes a virtual try-on tool that allows customers to virtually try different frames using augmented reality. The company also offers the convenience of booking a home eye check-up for customers, making vision testing easily accessible.

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Lenskart - Revenue Model

Lenskart makes money from different resources:

• Sales of Eyewear: Lenskart's primary source of income is from the sale of a broad selection of eyewear items, which include frames, lenses, sunglasses, and contact lenses, in order to accommodate a variety of consumer preferences.
• Subscription-Lenskart Gold: By providing special advantages like free eye exams, house visits, and discounts, Lenskart cultivates client loyalty and guarantees recurrent revenue.
• Advertising Revenue: Lenskart employs campaigns and advertising in a calculated manner to bring in more money. Partnerships, unique promotions, and creative marketing help build brand awareness and draw in new clients. Sponsored content and partnerships bring in money.

Lenskart - Subsidiaries

Neso Brands, a subsidiary of Lenskart, is a Singapore-based global eyewear brand founded in 2022 to empower DTC brands and help them turn into brands of the future. Lenskart's D2C venture was registered as Neso Brands which was waiting for some funds.

Neso Brands raised $100 million in funding in one of the largest seed rounds raised by any startup, as announced on May 16, 2022. With huge investors like Alpha Wave, Temasek, Softbank, and more, Neso Brands aims to partner and invest in consumer eyewear brands and help them grow by leveraging synergies across the Lenskart Group.

Lenskart - Challenges Faced

In its early stages, Lenskart company faced challenges in the eyewear industry, grappling with limited accessibility, low awareness about eye tests, and affordability concerns. A major obstacle was persuading clients to accept the online store as a competitive substitute for traditional shopping.

In order to tackle these problems and alter people's opinions about eyewear, Lenskart deliberately concentrated on offering high-quality items at prices lower than those of its physical competitors. The desktop and mobile apps, offline storefronts, and desktop platforms all did well despite the mobile website's lower conversion rates. By urging people to download their mobile apps, Lenskart set the stage for a thorough redesign of their website.

First addressing three main challenges: making sure that prescriptions are accurate, locating glasses that fit properly, and helping customers envision how the glasses will look. Lenskart was able to navigate and overcome these obstacles because of its dedication to ongoing innovation. Through perseverance and hard work, Lenskart was able to establish itself as a significant participant in the constantly changing eyewear market, completing a remarkable journey from humble beginnings to industry leadership.

Lenskart - Funding and Investors

Lenskart has raised a total of $1.8 billion in its 18 rounds of funding. Their latest funding was raised on June 3, 2024, in a Secondary Market round by Temasek Holdings.

In 2019, Lenskart achieved unicorn status by raising a funding round led by SoftBank, the Japanese financial conglomerate.

The funding history and investor details of Lenskart are as follows:

Lenskart - Investments

Lenskart has made 7 investments to date. Here are the details of the Lenskart investment rounds:

Exit

Lenskart has exited from two companies: Tango Eye and 6over6.

Lenskart - Acquisitions

Lenskart has acquired three companies to date.

Here are the details of Lenskart acquisitions:

Lenskart - Growth

Some important growth highlights of Lenskart can be summed up as:

• It has 1 million+ customers as of January 2024.
• Lenskart is spread across 313 cities in India as of January 2024.
• The company has 1300+ stores and a Home try-on Service as of January 2024.
• Lenskart boasts of having over 5000 styles of eyewear, which is 5X more than that of any retailer in India as of January 2024.
• The valuation of Lenskart is $5.6 billion as of November 2024.
• Lenskart is recognized as one of the top optical businesses in India.

Lenskart Financials FY24

Lenskart's financials show significant improvement from FY23 to FY24. The company’s operating revenue grew by 43%, increasing from INR 3,788 crore to INR 5,428 crore. Total expenses also rose by 38%, from INR 4,025 crore to INR 5,550 crore. Although Lenskart still recorded a loss, the loss amount was reduced by 84%, from INR 63 crore in FY23 to INR 10 crore in FY24.

Due to cost-effective management, Lenskart reduced its losses by 84%. Its Return on Capital Employed (ROCE) was 2.28%, and its EBITDA margin was 15.25%. For each rupee of revenue, Lenskart spent INR 1.02 in FY24.

Expenses Breakdown

Lenskart total expenses rose from INR 4025 crore in FY23 to INR 5549.5 crore in FY24.

Lenskart - Products and Features Launch

Here are some of the products launched by Lenskart:

WhatsApp chat

A COVID Relief Helpline was launched by the Lenskart Foundation in June 2021. The solely WhatsApp-based helpline, which aims to provide a helping hand to those in need, allows anyone to message the number with their request for assistance.

Lenskart Vision Fund

The eyewear business Lenskart established the "Lenskart Vision Fund" in June 2021, through which it seeks to invest in companies that are beneficial to the omnichannel retail, eyewear, and eye-care industries.

Collaboration with Ace Designer JJ Valaya

Lenskart has a partnership with Ace Designer JJ Valaya in June 2022, and with this partnership, JJ Valaya's campaign for his brand-new bridge to luxury has taken a big leap into the fashion landscape.

Eyewear App in Singapore and the Middle East

In June 2021, Lenskart, a prominent omnichannel eyewear retailer in India, launched its exclusive eyewear app in Singapore and the Middle East.

Lenskart Studio

Lenskart entered into a new line of products by the name of hip-hoprt Studio" in May 2023 and has been introduced by Lenskart. Beginning with hip hop, the new private label line will provide collections that are influenced by diverse subcultures.

K-Pop Realm

Lenskart has entered the K-pop realm with the launch of an AI-driven collection and campaign in August 2023. Luxurious acetate eyeglasses with color-blocked rims and sunglasses in eye-catching hues are featured in Lenskart Studio's K-Pop Collection.

Lenskart Membership

If you are interested in learning about Lenskart membership, then the company currently has a Gold Membership that the users can avail of at Rs 600 annually, with which they would just have to buy 1 product to get another one free.

Lenskart - Partnerships

Lenskart has partnerships with many company companies, some of which are listed below:

Chitkara University

A four-year bachelor's degree program in optometry was announced by Chitkara University in September 2020, in conjunction with Indian eyeglass retailer Lenskart. Peyush Bansal, founder and CEO of Lenskart, commented on the partnership, saying, "Our objective is to provide eyesight to India.

Suryakumar Yadav

Lenskart and Surya Kumar Yadav formed a partnership for a new campaign, leading to the introduction of the initiative in September 2023, as reported by various news sources.

Amazon

In July 2023, Lenskart and Amazon announced their partnership, intending to introduce an online store for AR-based eyeglasses with a Virtual Try-on function.

Lenskart - Marketing Strategy

Lenskart employs a diverse marketing strategy some of which are listed below:

Celebrity Endorsements for Brand Appeal:

To increase brand visibility and appeal, Lenskart carefully combines celebrity endorsements, working with well-known personalities like as Karan Johar. This strategy successfully appeals to a wide spectrum of viewers while projecting an elegant and aspirational image of Lenskart's eyewear selection.

Multi-Media Promotion:

In order to reach a wide range of consumers, Lenskart has a thorough multi-channel marketing approach that makes use of both traditional and digital media.
To provide optimum brand presence across a variety of media, channels include print, television, outdoor media, and online commercials.

Engaging in Active Social Media:

Through vibrant social media platforms, the brand actively interacts with consumers, building a strong online community.
Influencer partnerships, interactive elements like online try-ons and in-home trials, and other social media campaigns offer tailored experiences that streamline the process of purchasing eyeglasses.

Tailored Customer Experiences:

Virtual try-ons and home trials are just two examples of how Lenskart prioritizes individualized experiences for its customers.
These features improve the entire purchasing experience by enabling customers to meaningfully engage with the brand and make well-informed decisions about eyewear.

Lenskart - Advertisements and Social Media Campaigns

Lenskart's ad campaign, featuring Karan Johar and Kiara Advani, takes a witty approach, infusing humor into the exploration of its diverse eyewear offerings. The tagline 'Glasses badlo, Vibe badlo' encapsulates the idea that changing glasses is a transformative experience for one's overall style, not just a visual upgrade. The TVC presents Lenskart as a chic and adaptable option for eyewear by highlighting the company's support of people to assemble a collection appropriate for various situations and emotions.

Lenskart - Competitors

Lenskart is up against both offline and online competitors including:

• Coolwinks
• GKB Opticals
• Specsmakers
• Deals4Opticals
• LensBazaar
• Vision Express
• Titan EyePlus

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Lenskart - Future Plans

In January 2022, Co-Founder Peyush Bansal announced Lenskart's ambitious plans to go public through an IPO within the next 24 months.

Simultaneously Lenskart plans to expand into Thailand and the Philippines as it prepares to make a big move into the Southeast Asian market. The eyeglasses company intends to open 300–400 stores in the SEA region during the course of the next two years. This calculated decision demonstrates Lenskart's dedication to extending its brand internationally and providing a wide selection of eyeglasses options to the developing Southeast Asian market.

FAQs

What is Lenskart?

Lenskart is a leading e-commerce company that creates an online optical store that sells a variety of eyewear. Customers will get the new eyewear collections with free home delivery through the company's marketplace, which offers prescription eyewear, branded contact lenses, sunglasses, and accessories.

Who founded the Lenskart company?

Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi founded Lenskart.

Who is the Lenskart CEO?

Peyush Bansal is the CEO of Lenskart.

When was Lenskart founded?

Lenskart started in the year 2010.

What is Lenskart valuation?

Lenskart valuation as of November 2024 is $5.6 billion.

What is Lenskart gold membership?

Lenskart membership is a Gold Membership program that allows you to get a free pair of glasses every time you buy a pair of Eyeglasses, including Lenskart power glasses, Lenskart spectacles, or Sunglasses at Lenskart until your gold membership is still valid.

Who is the Lenskart delivery partner?

Lenskart delivery partners are among the most reputed courier services in India including BlueDart, FedEx, DTDC, and more.

Which is Lenskart parent company?

Lenskart parent company is VALYOO Technologies.