Lenskart - Providing Vision to India

Sarika Anand Sarika Anand
May 4, 2021 10 min read
Lenskart - Providing Vision to India

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Lenskart.

Today, a third of India's population needs spectacles. The term "need" applies to people who have some kind of vision issue, but only about a quarter of them actually wear spectacles. When we sum up the number of people who choose to wear glasses as a fashion accessory, the figures are staggering. Customers in this group are interested in having several pairs of eyeglasses to go with a range of outfits. Every day in India, over 1.5 million (15 lacs) spectacles are sold. The industry is highly divided, with mom-and-pop shops dominating. With the launch of Lenskart, an entirely new industry was born.

Lenskart is a Faridabad, India-based optical prescription eyewear retail chain. Lenskart has over 70 locations in India as of September 2019. It's Delhi manufacturing facility produces 300,000 glasses every month. Lenskart also has a factory in Zhengzhou, China, that produces about half of the company's products.

This article will give you a complete insight on the Growth and Success Story of Lenskart. Also get a glance on Lenskart business model, funding, founders, how it started and more...

Lenskart - Company Highlights

Startup Name Lenskart
Legal Name Lenskart Solutions Private Limited
Headquarters Faridabad, Delhi NCR, India
Industry Prescription Eyewear, E-commerce
Founded 2010
Founders Peyush Bansal, Sumeet Kapahi, Amit Chaudhary
CEO Peyush Bansal
Area Served Worldwide
Website lenskart.com

About Lenskart and How it Works?
Lenskart - Target Market Size
Lenskart - Name, Logo and Tagline
Lenskart - Founder and History
Lenskart - Mission and Vision
Lenskart - Product and Services
Lenskart - Business Model
Lenskart - Funding and Investors
Lenskart - Investments
Lenskart - Revenue and Growth
Lenskart - Competitors
Lenskart - Challenges Faced
Lenskart - Future Plans
Lenskart - FAQs

About Lenskart and How it Works?

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

Lenskart operates on both an online and offline distribution platform. Customers can shop online at www.lenskart.com or in person at their distinctively built offline store. With the first-of-its-kind โ€˜Home eye checkup,' Lenskart is revolutionizing the eyewear industry.

Lenskart offers 5000 different models of eyewear and offers free home delivery with a 14-day replacement guarantee. Lenskart manufactures everything in the eyewear category, from sunglasses to reading glasses to contact lenses. Lenskart now owns both the online and offline eyewear markets, thanks to its chain of offline shops.

In this sector, there are three success factors: product, quality and portfolio, delivery time, and after-sales support. Their value proposition is straightforward: deliver a high-quality product at a reasonable price.


Smartworks - Creating Stylish Co-Working Spaces for Enterprises
The office space format has come a long way since it was regarded solely as aplace of work at a convenient location, with plain desks, chairs, and cabinscomprising the overall set up. Over the past few years, we have seen theworkplace evolve significantly in terms of space utilization, design,arโ€ฆ

Lenskart - Target Market Size

โ€œWe want to be the Maruti [Maruti Suzuki, Indiaโ€™s largest automobile manufacturer] of eyewear in India,โ€ said Peyush Bansal, CEO of Lenskart.

Lenskart was established with the aim of providing โ€˜vision to India.' In line with this, they recently developed Lenskart Lite, a low-cost franchise model aimed at upcountry markets, especially tier 3 and 4 markets. The model, which is aimed at micro-entrepreneurs, needs a Rs 20 lakh investment. The format brings in about Rs 4-6 lakh per month in revenue. They already have a standard Lenskart franchise model for the tier-2 markets, with an investment criteria of Rs 35 lakh and estimated monthly revenues of Rs 8-10 lakh.


Ratan Tata: The Accidental Startup Investor
Today, Ratan Tata needs no introduction as he is the most respected businesstycoon in India. He is an Indian industrialist, philanthropist, former chairmanof Tata Group and Tata Sons. Post his retirement in 2012 he has turned into anavid angel investor who has left an everlasting impact. He is weโ€ฆ

Lenskart - Name, Logo and Tagline

The company edited the three most widely recognized frame shapes โ€“ a square, a circle, and a triangle โ€“ to create slightly more abstract forms, and this is how the Lenskart logo was created.

Lenskart tagline is โ€œLog on, Play on!โ€.

Lenskart logo

Lenskart - Founder and History

Peyush Bansal, Sumeet Kapahi and Amit Chaudhary are the founders of Lenskart.

Peyush Bansal is the CEO and founder of Valyoo Technologies, which is the parent company of Lenskart. In 2006, he graduated from McGill University in Canada with a Bachelor's degree in Electrical Engineering โ€” IT, Control, and Automation. Peyush worked as a Program Manager for Microsoft for a year before returning to India to pursue his PG in Management at IIM, Bangalore.

Founder of Lenskart - Peyush Bansal
Founder of Lenskart - Peyush Bansal

During his time at IIM, he founded Valyoo Technologies, which introduced SearchMyCampus as the first business portal in 2007. It was a student classifieds platform that included books, part-time work, carpooling, and internship opportunities in addition to housing. His motto was to help students with any problem they may have.

Peyush decided to take SearchMyCampus into the e-commerce world because it was a huge success. While looking for opportunities, he came across the eyewear market, which was largely ignored by the major e-commerce players, such as Amazon and eBay. He created Flyrr.com, a website dedicated to the American eyewear industry.

Flyrr was gaining a lot of momentum, so he decided to try his luck in India and launched Lenskart in November 2010. They began by only selling contact lenses, but after a few months, they added eyeglasses. Finally, in March 2011, they expanded their portfolio to include sunglasses, putting them in the fashion accessory category.


The Story of Coolwinks - Making Eyewear Stylish and Affordable
In the Indian market, every year there are different sets of trends, be itexciting, crazy, or bizarre, the fashion keeps changing. If one wants to remaintrendy and up to date, then they need to hold the grip on current trends. Thisisnโ€™t just restricted to the clothing, footwear, and hairstyles buโ€ฆ

Lenskart - Mission and Vision

Lenskart's mission statement says, "Our mission is to give India a vision," as the world's fastest-growing eyewear company and largest presence online. Lenskart sells prescription eyewear, branded contact lenses, and sunglasses, all of which are personalized to the customer's vision.

Lenskart - Product and Services

Lenskart has over 5000 frames and glasses to choose from, as well as over 45 different types of high-quality lenses. It's product offerings range from -

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

Lenskart - Business Model

Lenskart operates on an inventory-driven business model with a B2C concept, sourcing equally from India and China. 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 is able to keep costs down.

Lenskart have also ventured into offline stores via the franchisee model to meet the masses. It has more than 50 stores in 30 cities to reach 50 by the end of the year. Lenskart spread out its scope across metro and non-metro areas to achieve a good balance.

Lenskart currently serve 4000 people a day and plan to increase that number to 200,000 in the coming years. It has a team of nearly 1000 people to assist with this endeavor, which works across verticals such as manufacturing, eye technicians, customer care, technology, and logistics, and will continue to develop as the company grows.


10 Most Profitable Franchises In India | Best Indian Franchises
India is the third-largest consumer of goods and services in the global market.Launching a franchise in India is a tried-and-tested approach of starting oneโ€™sown venture. Automobiles, beauty, fast food, education, wellness, postaldelivery, fashion, and healthcare are some of the most sought-afterโ€ฆ

Lenskart - Funding and Investors

Lenskart's recent funding round was led by SoftBank Vision Fund for $275 Million in its series G round on December 20, 2019.

The funding and investor details of Lenskart is as follows-

Date Round Amount Lead Investors
Dec 20, 2019 Series G $275M SoftBank Vision Fund
Sep 16, 2019 Series F $55M Kedaara Capital
Aug 7, 2018 Secondary Market - Epiq Capital
Jan 9, 2017 Secondary Market โ‚น240M Unilazer Ventures
Sep 6, 2016 Series E โ‚น2B PremjiInvest
May 4, 2016 Series D $60.1M -
Jan 2, 2015 Series C $21.9M TPG, TR Capital
Dec 1, 2012 Series B $10M -
Oct 1, 2011 Series A $4M Chiratae Ventures

Lenskart - Investments

Date Organization Name Round Amount
Oct 13, 2020 Tango Eye Seed Round $500K
May 7, 2018 ThinOptics Venture Round $500K
Nov 11, 2017 6over6 Series A $11M
Sep 23, 2017 Ditto Ditto $1M

Best Business Ideas for Women
Women have been entering many fields and industries that they were absent in thepast. They have been breaking through the glass-ceiling for quite some time now,and there are many professions they are taking up and excelling in. In thisarticle, we will take a look at the most profitable business iโ€ฆ

Lenskart - Revenue and Growth

  • Lenskart's revenue grew 56% to INR 485.5 Cr in FY19 compared to INR 310.9 Cr in FY18
  • In a year, the Lenskart's employee compensation costs more than doubled, from INR 83.3 Cr to INR 167.4 Cr.
  • Its advertisement costs increased by 71% in FY2020, from INR 64.5 crore to INR 111 crore.
  • Lenskart's spending on commission paid to other selling agents increased by 248.2 percent, or 3.4x, from INR 56.4 Cr in FY2019 to INR 196.4 Cr in FY2020.
  • It received INR 473.7 crore from India in FY2019, with the remaining INR 50 lakh coming from the US and Singapore markets.
  • It's worth noting that, in FY2019, Lenskart Solutions only had two stores in Singapore, but it now expects to lead the market by the end of 2021 and gain around $30 million (INR 217 crore) in revenue.

VisionWagon Success Story - Providing Affordable yet Fashionable Eyewear
Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by the organization it is based on. Consumers who use eyewear know how expensive and high-maintenance these productscan get. To provโ€ฆ

Lenskart - Competitors

Lenskart is up against both offline and online competitors. GKB Opticals, Coolwinks, Specsmakers, Deals4Opticals, Lensbazaar, Vision Express, and Titan Eyeplus are some of its key competitors.


VisionWagon Success Story - Providing Affordable yet Fashionable Eyewear
Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by the organization it is based on. Consumers who use eyewear know how expensive and high-maintenance these productscan get. To provโ€ฆ

Lenskart - Challenges Faced

The most difficult task Lenskart faced was persuading consumers to use the online store as a substitute for traditional shopping. The business needed to shift people's preconceived notions about eyewear and instill trust in them that they offer high-quality goods at lower prices than their brick-and-mortar competitors.

Lenskart's offline shops, desktop platforms, and smartphone apps all performed admirably. However, as opposed to their other sites, the mobile website converted the fewest visitors into customers. As a result, the client used that touchpoint to guide consumers to download their mobile apps as a stopgap solution before they could devote the resources needed to fully redesign the website.


Reliance Jio Success Story - Revolutionizing Telecom Industry | Slogan
Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by Jio. When do you think a revolution came in the telecommunication industry? Well, themost common answer is after the launch of Muโ€ฆ

Lenskart - Future Plans

Lenskart India's vision, "Vision to India," aims to reach the masses by developing a low-cost franchise model. Lenskart Lite is a model that will help them introduce the framework in Tier 3 and 4 cities, as well as expand their presence in Tier 2 cities. It also introduced regular contact lenses that can be quickly discarded. Lenskart's goal is to provide affordable and simple eyewear solutions with the aid of their Aqualens product. It would be extremely affordable to the daily masses who want both trend and cost at just Rs.40 per day.

The main aim of Lenskart India is to close the distance between selected and unselected lenses, and the company expects to open more than 500 stores in the next two years. It aims to have 2,000 stores open by the end of the next five years.

Lenskart - FAQs

What does Lenskart do?

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

Who founded Lenskart?

Peyush Bansal founded Lenskart.

What companies do Lenskart compete with?

Lenskart is up against both offline and online competitors. GKB Opticals, Coolwinks, Specsmakers, Deals4Opticals, Lensbazaar, Vision Express, and Titan Eyeplus are some of its key competitors.

Must have tools for startups - Recommended by StartupTalky

Subscribe to StartupTalky

Get the latest insights delivered to you right in your inbox

Great! Next, complete checkout for full access to StartupTalky.
Welcome back! You've successfully signed in.
You've successfully subscribed to StartupTalky.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info has been updated.
Your billing was not updated.
Grow your Skills and advance your career with LinkedIn Learning ->