Peyush Bansal Success Story: How Did He Build Lenskart From Scratch?
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When we think of fashion, items like clothes and footwear often come to mind. However, fashion isnāt limited to what we wear. Today, spectacles have become an essential part of style and a key fashion statement, embraced by nearly everyone.
In today's world, long working hours and rising stress levels contribute to various health issues, including vision problems. In India alone, around 550 million people require vision correction, yet only 170 million have access to it.
To provide better eyewear for every walk of age while keeping in view the quality and trend styles, Lenskart was founded. Peyush Bansal started the company in 2010 with a mission to deliver better eyewear and change the way people see through their eyes.
Peyush Bansal is regarded to be one of the most brilliant entrepreneurs in India. He started his journey from being a studious student to building a company at a global level. Peyush Bansal sparks inspiration for many of us.
He gained much popularity after becoming a judge on one of the most famous reality shows, Shark Tank India.
Let's explore the roller-coaster journey of Peyush Bansal, from becoming an entrepreneur to building Lenskart from scratch. In this StartupTalky story, weāll dive into the success story of Peyush Bansal, his early life, childhood, personal life, educational background, and the path he took to success, along with any controversies and more.
Peyush Bansal - Biography
| Entrepreneur | Peyush Bansal |
|---|---|
| Born | April 26, 1985 |
| Education | McGill University, Canada, IIM, Bangalore |
| Occupation | Entrepreneur |
| Known for | Co-founder and CEO of Lenskart |
| Net worth | INR 600 crore (As of 2024) |
| Marital status | Married |
| Nationality | Indian |
Peyush Bansal - Early Life
Peyush Bansal - Career
Peyush Bansal - Investments
Peyush Bansal - Shark Tank India
Peyush Bansal - Controversy
Peyush Bansal - Awards & Achievements
Peyush Bansal - Unknown Facts
Peyush Bansal - Quotes
Peyush Bansal's Lenskart Journey
Peyush Bansal - Early Life
Born on 26th April 1986 in Delhi, Peyush Bansal lived with his parents and two siblings. His father's name is Bal Kishan Bansal, and his mother's name is Kiran Bansal. He has one elder brother and a younger sister.
Peyush Bansal did his schooling at Don Bosco School (Greater Kailash-II, New Delhi). After finishing high school, he prepared for IIT but didn't get through. So, he went to Canada to study electrical engineering at McGill University.
Just like any person with dreams and goals, Peyush Bansal always wanted to be a businessman. In India, he studied at the Indian Institute of Management, Bangalore, he holds a diploma in entrepreneurship.
Peyush has been lucky as his parents always supported him in his journey of becoming an entrepreneur. In 2011, he got married to Nidhi Mittal and has a son.
Peyush Bansal - Career
After graduating in electrical engineering, Peyush Bansal bagged his first job at the tech giant- Microsoft, USA. He worked as a Program Manager for nearly one year but left the job in 2008 and came back to India.
Peyush was never interested in engineering, which is why he quit his job at Microsoft. After returning to India, he started to look for ideas to start his own company.
Despite not coming from a business background, Bansal came up with his first startup in 2007 called, SearchMycampus, while pursuing a degree in entrepreneurship from IIM, Bangalore.
SearchMycampus was an online portal to help students search for various issues related to jobs, housing, coaching, internships, transportation, books, etc. After the fair success of his first company, Bansal launched a couple of startups that ran quite well.
Along with his friends, Amit Chaudhary and Sumeet Kapahi he founded Lenskart in 2010. The idea came when Peyush came across the statistics of blind people in India, and only a small amount of people were wearing spectacles. Thus, he aimed to provide eyeglasses to a large number of people to improve their vision.
Peyush Bansal serves as the Chief Executive & People Officer at Lenskart. The company is headquartered in Faridabad, Delhi NCR. Initially, Lenskart dealt with selling only contact lenses but it slowly witnessed success and expanded its operation.
Today, Lenskart has over 1100 stores across different cities in India, offering more than 5000 eyewear styles. The online eyewear retailer entered the unicorn club in 2019.
Currently, the valuation of Lenskart is $5.6 billion.
Sarika Anand
Peyush Bansal - Investments
Peyush Bansal is a man of a wise and brilliant mind. He has made investments in various startups. His latest investment is in Lenskart. It was a funding round held in July 2024 and as a lead investor, he invested INR 70.70 crore in the company.
Some of the companies Peyush Bansal has invested in are:
| Date | Startup Name | Funding Round | Money Raised |
|---|---|---|---|
| July 15, 2024 | Lenskart | Funding Round | ā¹70.70 crore |
| June 20, 2024 | Unknown Innovations | Seed Round | $2 million |
| March 23, 2024 | Farm Didi | Angel Round | $12k |
| March 15, 2024 | Dharaksha Ecosolutions | Angel Round | Undisclosed |
| February 20, 2024 | Without | Angel Round | $90.3k |
| June 1, 2022 | Revamp Moto | Pre Seed Round | $1 million |
| March 28, 2022 | INDmoney | Series D | $11 million |
| March 21, 2022 | Leverage Edu | Series B | $22 million |
| March 9, 2022 | Carragreen | Pre Seed Round | ā¹5 million |
| January 31, 2022 | Humpy Farms | Angel Round | ā¹10 million |
| January 23, 2022 | Smiles.ai | Series A | ā¹1.7 billion |
| January 6, 2022 | Thinkerbell Labs | Seed Round | ā¹10.5 million |
| December 10, 2021 | Shiprocket | Series E | $185 million |
| August 4, 2020 | inFeedo | Seed Round | $700K |
| January 19, 2016 | DailyObjects | Venture Round | $1.3 million |
Muskaan Kapoor
Peyush Bansal - Shark Tank India
Peyush Bansal is one of the most-admired sharks on the show. He almost turned down the offer. Initially, he wanted to reject it, but his wife, Nidhi, encouraged him to consider it. Even during his first shoot, he hadnāt signed the contract. However, the energy of the startup founders and the shoot itself inspired him, and from that moment, he was fully committed to the show.
He invested INR 22.204 crore in the first season of Shark Tank India, INR 16.16 crore in the second season, and INR 5.77 in the third season of the show. Bansal is known for his compassion and strong support for social causes. On the show, he has invested mostly in food and beverage D2C brands.
Damini Bhandary
Peyush Bansal - Controversy
In one of the episodes of the Indian reality show, 'Shark Tank India', Peyush Bansal was caught in a controversy. He passed down some comments related to CA, which later offended the CA community. The aftermath of comments led to the trend of #SayNoToLenskart on social media platforms, especially among CAs.
Following the events, Peyush Bansal took to social media where he shared a post asking for an apology.
Peyush Bansal - Awards & Achievements
Some of his achievements are as follows:
- Awarded Innovator of the Year Award at NDTV Indian of The Year Awards 2023-24
- He received the āIndia TV Yuva Awards in 2015
- Red Herring Top 100 Asia Award 2013
- Emerging Entrepreneur of the Year Award in 2012
- British Honors Award at McGill University
- Best 40 under 40 Entrepreneurs 2019 Fortune India
Peyush Bansal - Unknown Facts
- He loves watching suspense and thriller shows/web series.
- He loves to travel during his free time.
- He looks up to Bill Gates.
- His favorite sport is Cricket.
Sarika Anand
Peyush Bansal - Quotes
FAQs
Who is Lenskart owner?
Peyush Bansal along with Amit Chaudhary and Sumeet Kapahi founded Lenskart in 2010.
Who is Lenskart CEO?
Peyush Bansal is the co-founder and CEO of Lenskart.
What is Peyush Bansal age?
Peyush Bansal is 39 years old, he was born in 1985.
What is the net worth of Peyush Bansal?
The net worth of Peyush Bansal is approximately INR 600 crore as of 2024.
Who is Peyush Bansal wife?
Nidhi Bansal is the wife of Peyush Bansal. They got married in 2011.
How Peyush Bansal started Lenskart?
Peyush Bansal started Lenskart in 2010 to make quality eyewear affordable and accessible. He began by selling eyeglasses online, focusing on solving vision problems in India.
What did Peyush Bansal study?
Peyush Bansal tried for IIT but could not get into any college, he completed his Bachelor of Engineering from McGill University, Canada, and did the Management Programme for Entrepreneurs and Family Businesses (MPEFB) at IIM Bangalore.
How much stake does Peyush Bansal have in Lenskart?
Peyush Bansal has a 4.7% stake in Lenskart as of September 2024.
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