India accounts for nearly 1.5 million in spectacle sales, but it is a struggle to physically shop for a good pair of glasses. The process of visiting opticians, customising frames and building the perfect pair of glasses is a confusing and bothersome task for most people.
👓 The Vision
Everything changed when @peyushbansal and Amit Chaudhary(@4daxis) decided to solve this bothersome problem once and for all. They envisioned giving customers the opportunity to choose between shopping online or experiencing exceptional customer service in-store.
Everything changed when @peyushbansal and Amit Chaudhary(@4daxis) decided to solve this bothersome problem once and for all. They envisioned giving customers the opportunity to choose between shopping online or experiencing exceptional customer service in-store.
In 2010, they launched Lenskart, which is now one of India's fastest-growing retailers.
Its parent company, Vayoo Technologies, sought an investment of $4 million from venture capital company IDG Ventures after the former business development manager of Luxottica India Eyewear (Rayban), Sumeet Kapahi, joined the duo as a co-founder of the company.
🕶️ Bespectacling Made Stylish
The company solved a crucial problem among Indian consumers. Of the 530 million people requiring optic care, only 170 million had access to it. Lenskart emphasised the importance of vision testing and eye care.
The company solved a crucial problem among Indian consumers. Of the 530 million people requiring optic care, only 170 million had access to it. Lenskart emphasised the importance of vision testing and eye care.
Their solution added a fashionable touch—who wouldn’t want high-quality, stylish frames that made their vision better?
Commenting on this, Peyush Bansal said, "I think our biggest bet was making consumers see this as fashion and not just medical and that was a fundamental shift for consumers."
Lenskart also aimed to improve access to eye care for its customers. The company provides eye check-ups at home. Their omnichannel business model also includes home trials, helping customers skip the arduous process of finding the perfect spectacles.
🔎 Looking Forward
As of 2022, Lenskart is set to grow by 50%, generating an annual revenue of ₹900 crores. It is currently valued at ₹35,900 crores. The company plans to invest in eyewear brands globally.
As of 2022, Lenskart is set to grow by 50%, generating an annual revenue of ₹900 crores. It is currently valued at ₹35,900 crores. The company plans to invest in eyewear brands globally.
A source close to Lenskart says, "It is still early days, but the idea is to invest in solid brands and offer them the distribution of Lenskart across channels.”
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