Lenskart's Success Story of Providing Vision to India

Lenskart's Success Story of 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 the people who have been diagnosed with vision issues, 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. This eyewear industry has taken a new turn since 2010 when Lenskart was born.

Lenskart is a Faridabad-based optical prescription eyewear retail chain, which operates as an eCommerce marketplace for prescription power glasses, BLU glasses, frames, and goggles. Furthermore, Lenskart also focuses on brick and mortar stores. It has already managed to establish over 80 physical retail stores across India, as of December 2021. It's Delhi manufacturing facility produces 300,000+ glasses every month. Lenskart also has a factory in Zhengzhou, China, that handles nearly 20% of its production of frames. Hailed as the largest eyewear brand in India, the company is also known as a unicorn prescription eyewear company, which entered the coveted club of Indian unicorns back in December 2019.

If you want to know more about Lenskart, the company, along with some insights into its Founders and Team, Funding and investors, Mission and vision, Products and services, Business model, Revenue model, Competitors, Growth, Future plan, and more, then you've got your destination right. This article from StartupTalky will give you a complete insight into the Success Story of Lenskart.

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
Parent organization Valyoo Technologies
Funding $939.7 mn (August 2022)
Revenue $120.64 mn (Rs 905.3 crore in FY21)
Valuation $4.32 bn (April 2022)
Area Served Worldwide
Website lenskart.com

About Lenskart and How it Works?
Lenskart - Industry | Target Market Size
Lenskart - Name and Logo
Lenskart - Founders, Owners and Team
Lenskart - Startup Story
Lenskart - Mission and Vision
Lenskart - Product and Services
Lenskart - Business Model
Lenskart - Funding and Investors
Lenskart - Investments
Lenskart - Acquisitions
Lenskart - Revenue and Growth
Lenskart - Competitors
Lenskart - Challenges Faced
Lenskart - Future Plans

About Lenskart and How it Works?

Lenskart is a leading e-commerce company that maintains an online optical store packed with both classic and trendy eyeglasses, lenses and more at affordable prices. These glasses can be easily ordered online by the customers, who will get them delivered with many discounts that come and go. Β 

Unlike many other players, Lenskart operates on both an online and offline distribution platform. Customers can shop online at lenskart.com or in person at their distinctively built offline store. With the first-of-its-kind β€˜Home eye checkup,' Lenskart is revolutionizing the eyewear industry. They use specialized robots to deliver glasses in Lenskart that are accurate to 3 decimal places.

Lenskart offers 5000+ different models of eyewear and offers free home delivery with a 14-day replacement guarantee. The company manufactures everything in the eyewear category, from sunglasses to reading glasses to contact lenses.

In this sector, there are three success factors: product, quality and portfolio, delivery time, and after-sales support. The value proposition of the brand is straightforward, which is to "deliver a high-quality product at a reasonable price."

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. Β 

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Lenskart - Industry | Target Market Size

The market for eyewear in India has recorded revenues at around $4,427 mn in 2021. With a market volume of $1,985 mn, spectacle lenses have been occupying the largest segment in the market.

To tap into one such market is profitable indeed when the idea of the operation is new and backed by able investors like Softbank, Alpha Wave and Ratan Tata. Β 

Lenskart was established with the aim of providing β€˜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 criterion of Rs 35 lakh and estimated monthly revenues of Rs 8-10 lakh.

β€œWe want to be the Maruti [Maruti Suzuki, India’s largest automobile manufacturer] of eyewear in India,” said Peyush Bansal, CEO of Lenskart.

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The company edited the three most widely recognized frame shapes – a square, a circle, and a triangle – to create slightly more abstract forms, and this is how the Lenskart logo was created. The font used for the Lenskart logo was narrowed down to Rajdhani.

Lenskart logo

Lenskart - Founders, Owners and Team

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

Peyush Bansal

Peyush Bansal is the CEO and founder of Valyoo Technologies, which is the parent company of Lenskart. He is a Delhi boy, it is in Delhi where he studied at Don Bosco. He aimed to crack the IIT entrance but unfortunately or fortunately he failed to do so. However, he then chooses to pursue Electrical Engineering at McGill University. In 2006, he graduated from McGill University in Canada with a Bachelor's degree in Electrical Engineering β€” IT, Control, and Automation. Soon after, the founder of Lenskart landed a job with the US software giant Microsoft. Peyush worked as a Program Manager for Microsoft for a year. When he was working with Microsoft in Seattle, he once met Bill Gates because Gates used to call the interns of his company at his house on the beach. It was this meeting that made Bansal realize that Gates has done something huge, creating Microsoft and that he doesn't want to be a part of his company where over 50K employees work and want to be an individual distinguished for the work he does. Besides, he also found out that he was bettering the lives of people who were already well off. This is why he returned to India to solve the bigger problem of vision correction and lending vision to all via Lenskart. He eventually went to pursue his PG in Management at IIM, Bangalore.

Bansal then began to found an array of Indian companies, including John Jacobs, AQUALENS and Lenskart, under which he founded Lenskart Vision Fund, and Lenskart Plus, all of which focus on the niche of spectacles and lenses. Β 

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. This new brand began by only selling contact lenses, but after a few months, it started adding eyeglasses. Finally, in March 2011, the company managed to expand its portfolio to include sunglasses, putting them in the fashion accessory category.

Lenskart Co-founder and CEO Peyush Bansal, is currently serving as one of the judges (Sharks) in the latest business reality show Shark Tank India. Popularly dubbed as the "kindest shark" in the show, Bansal is regarded for his cooperative attitude, encouraging nature, belief in brands, and umpteen motivations that he extends to the applicants. For instance, in one Shark Tank episode, Peyush Bansal offered a non-negotiable offer of Rs 25 lakhs for 75% equity and Rs 22 lakhs in debt to Sidharth from Jammu, who was mocked at and insulted by most other judges. Peyush also encouraged him by pointing out the similarities between him and Sidharth. In an episode of Shark Tank, Peyush Bansal himself took the stage and asked for Rs 1 crore investment in his business for 1% equity from the judges. He repeated the pitch that he pitched in 2010 when he was only 26 years of age, which changed the future of Lenskart. He recreated the same magic with his Lenskart pitch.

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His pitch generated mixed reactions including trolls, counter questions, and appreciation. However, his pitch undoubtedly thrilled, inspired, and motivated the Lenskart users, business professionals, present-day entrepreneurs, and entrepreneurs to be and helped them discover one too many facts about the brand and the co-founder.

Neha Bansal

Neha Bansal is another co-founder of Lenskart who has previous experience of serving as a Partner at Vinod Kumar and Associates before she started her role as a Cofounder at Lenskart. Bansal then became the Founder and Director of DNS Advisors. Β 

Sumeet Kapahi

Sumeet Kapahi studied at the University of Delhi and is now known as the co-founder of Lenskart, and the VP Supply at Valyoo Technologies Pvt. Ltd.

Amit Chaudhary

Amit Chaudhary is another co-founder of Lenskart. Chaudhary is an alumnus of the Birla Institute of Technology, Mesra, from where he completed his BE, in Information Technology.

The founders of Lenskart - Amit Chaudhary, Peyush Bansal and Sumeet Kapahi (From left to right)

Lenskart Ownership

Lenskart has a list of owners. The majority of the company's stakes are with Softbank, which controls 20.12% of the stakes. Next comes Premji Invests, which has 11.15% of the stakes. 9.55% of the shares are with Kedaara Capital, while TR Capital owns around 8.28% of the stakes. Lenskart co-founders Peyush and Neha Bansal control 8.21% and 8.18% of the shares. The other owners of the company are:

  • 6.59% - UNILAZER
  • 5.36% - International Finance Corporation
  • 5.32% - Steadview Capital
  • 17.24% - Others
Lenskart Shareholders

Lenskart last listed over 5000 employees working with the company in August 2021. The Lenskart number of employees would increase, as per the Lenskart CEO's statements.

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Lenskart - Startup Story

Around 1/3rd of the population needs glasses but only some of them managed to get access to them. Besides, India is also popular as the blind capital of the world, which has last recorded nearly 15 million people who are blind. This is the sole reason why Peyush Bansal decided to found "VALYOO technologies."

As far as the latest revelations via the Shark Tank Peyush Bansal pitch episode, we now know that when he started with Lenskart back in 2010, he discovered that around 50% of the masses require spectacles but only 1/4th of them actually have access to glasses. This is why Bansal sought to revolutionize vision correction and put glasses on for 50% of the masses. The Lenskart co-founder aimed to make his company the "Maruti of eyewear". Β 

With Valyoo, the team sought to add add 'valyoo' in the lives of its customers by cutting off the retailers. This way they decided to set up high-quality manufacturing units and facilitate direct supplies of products to the consumers around the country. To ensure 100% precision and top quality control, the company further recognised in-house robotic lens manufacturing and assembly as the best way. When the company started, Lenskart initially served 30 customers in a day, which soon multiplied to become 3000.

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 customers' vision requirements.

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. Its 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
  • Colour 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 has 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 serves 4000 people a day and plans to increase that number to 200,000 in the coming years. It has a team of nearly 1000 people to assist with this endeavour, which works across verticals such as manufacturing, eye technicians, customer care, technology, and logistics, and will continue to develop as the company grows. Lenskart is currently based on the business model where the company accepts orders on power glasses after getting the power from their customers but is now gearing up for testing power for the customers, which will be possible in the upcoming days. Here's a deeper look into the Lenskart Business model.

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Lenskart - Funding and Investors

Lenskart previously raised $28.2 mn on June 9, 2022, after which it raised $12.5 mn on August 8, 2022, from Ravi Modi Family Trust. The popular eyewear startup has allotted 4,79,037 Series I CCPS for consideration for $12.5 Mn (INR 99.9 Cr). This round too is a part of the earlier Series I round of funding under which Lenskart has already raised around $166 mn in funding.

Lenskart raised $100 mn on April 11, 2022, which was led by Alpha Wave Incubation (earlier known as Falcon Edge). It then added another $25 mn to the same (Series I) round on April 27, 2022, which was led by Epiq Capital. The unicorn eyewear retail chain and eCommerce company raised Rs 190.05 cr from Epiq in the second tranche of the Series I round by allotting 910,412 Series I preference shares at an issue price of Rs 2085.52 per share, at a valuation of $4.32 billion.

The Peyush Bansal-led company recently raised nearly $28.2 mn from Avendus Future Leaders Fund II on June 9, 2022, which was not a large funding round that Lenskart last reported. Lenskart has allotted 1,053,882 Series I CCPS for the consideration of the $28.2 mn in funding. However, this funding might also be a part of a bigger round that will come in tranches.

Lenskart's previous funding round worth $220 mn came in on July 19, 2021, and was led by Temasek and Alpha Wave Global. Two other significant rounds that the company saw before that are the Secondary Market round, where the company raised $95 mn, and the Series G round funding round led by SoftBank Vision Fund for $275 Million on December 20, 2019.

Lenskart has raised around $939.7 mn of funding to date, as of August 8, 2022 in over 13 rounds of funding it has witnessed.

The funding and investor details of Lenskart are as follows-

Date Round Amount Lead Investors
August 8, 2022 Series I $12.5M Ravi Modi Family Trust
June 9, 2022 Series I $28.2M Avendus Future Leaders Fund II
April 27, 2022 Series I $25M Epiq Capital
April 11, 2022 Series I $100M Alpha Wave Incubation (Previously Falcon Edge)
July 19, 2021 Series H $220M Alpha Wave Global and Temasek Holdings
May 16, 2021 Secondary Market $95M Kohlberg Kravis Roberts
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 β‚Ή240M Unilazer Ventures
Sep 6, 2016 Series E β‚Ή2B 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

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

Date Organization Name Round Amount
May 19, 2022 GeoIQ.io Seed Round $2.3M
December 30, 2021 Tango Eye Seed Round $628.09K
December 20, 2021 Metadome (formerly Adloid) Seed Round -
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

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Lenskart - Acquisitions

Lenskart acquired DailyJoy on April 27, 2021, which was the only acquisition of the company until it picked up a majority stake in Owndays, a direct-to-consumer (D2C) eyewear brand from Japan on June 30, 2022. The Owndays acquisition will help expand Lenskart's presence to 13+ markets in Asia, including Japan. Owndays will continue to operate as a separate company after the deal, whereas the cofounders of Owndays, Shuji Tanaka (CEO) and Take Umiyam (COO), would continue to hold the shares of their founding company and also lead the management team of Owndays. According to the deal, Owndays shareholders - L Catterton Asia, Principal Investments, and Mitsui & Co., will sell their stakes to Lenskart. Β 

Company Acquired Date Deal Value
Owndays June 30, 2022 $400 mn
DailyJoy April 27, 2021 -

Lenskart - Revenue and Growth

The Lenskart operating revenues witnessed less than 1% growth, which was Rs 900.2 crore in FY20 and became Rs 905.3 crore during FY21.

Lenskart Revenue Breakdown

The sale of Lenskart products via physical stores and online apps/websites is the largest revenue driver for the brand, which was responsible for contributing 94.5% of the revenue. This revenue stream remained relatively flat from Rs 851.2 crore in FY20 to stand at Rs 855.7 crore during FY21. Another 4.6% of the operating revenue of the company was contributed by the recurring revenue generated from its subscription fees, which grew by around 11% from Rs 37.2 crore in FY20 to Rs 41.24 crore during FY21. Lenskart added another Rs 8.4 crore by providing ancillary services that included eye checkups and more in FY21. The Lenskart operating revenues stood at Rs 905.3 crore in FY21, which grew by less than 1% from Rs 900.2 crore in FY20.

It's worth noting that, in FY2019, Lenskart Solutions only had two stores in Singapore, but it now expects to lead the market and gain around $30 million (INR 217 crore) in revenue.

Lenskart's expenses, however, grew by around 3.7% from Rs 963.14 crore in FY20 to Rs 998.80 crore in FY21, where the raw materials and spares used for the production of the eyewear products, are the largest cost centre for the same in FY21.

If we go by the unit level, Lenskart earned a single rupee of revenue by spending Rs 1.1 during FY21. In terms of profit and loss, Lenskart registered a rise of 4.6X in profits, which now stands at Rs 28.92 crore in FY21 and was reported to be around Rs 6.32 crore during the previous fiscal. Β 

Lenskart Financials Y-O-Y Growth during FY17-FY21

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

  • Lenskart is currently recognized as one of the top 3 optical businesses in India
  • Lenskart serves 10 million customers
  • The company reaches out to over 1,00,000 customers a month
  • Lenskart is spread over 235 cities in India
  • It has seen a growth of over 200% in the last 2 years
  • Lenskart boasts of having over 5000 styles of eyewear, which is 5X more than that of any retailer in India

Lenskart subsidiary Neso Brands

Neso Brands, a subsidiary of Lenskart, is a Singapore-based global eyewear brand founded in 2022 to empower the 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 mn 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. Along with the announcement of the fundraising, Neso Brands also declared the appointment of Bjorn Bergstrom as the company's new CEO. Bergstrom was previously the Chief Growth Officer and the Interim Chief Product and Technology Officer at NA-KD, a Sweden-based fashion brand. Β 

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Lenskart - Competitors

Lenskart is up against both offline and online competitors that include:

  • GKB Opticals
  • Coolwinks
  • Specsmakers
  • Deals4Opticals
  • Lensbazaar
  • Vision Express
  • Titan Eyeplus

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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 instil 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.

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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 trends and costs 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.


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, Amit Chaudhary and Sumeet Kapahi founded Lenskart.

Who is the Lenskart CEO?

Peyush Bansal is the CEO of 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.

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 of India including BlueDart, FedEx, DTDC, and more.

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