lenskart is an Indian eyewear company that operates primarily through an online platform, offering a wide range of eyeglasses, sunglasses, and contact lenses.
The company was founded in 2010 by Peyush Bansal and has since become one of the leading players in the Indian eyewear market. Lenskart has disrupted the traditional eyewear industry in India by offering innovative technologies such as 3D try-on, home eye check-ups, and AI-based frame recommendations, making it easy for customers to shop for eyewear from the comfort of their homes. Lenskart also operates physical retail stores across India, providing customers with a touch-and-feel experience of its products and access to trained optometrists for eye check-ups. The company has a strong focus on customer satisfaction and has won several awards for its excellent customer service.
In addition to its product offerings, Lenskart is also committed to social causes. It has launched several initiatives to promote eye health and has partnered with various NGOs to provide free eye check-ups and glasses to underprivileged communities in India. Lenskart is also known for its affordable pricing and has a range of options to suit different budgets. With its innovative technology, customer-centric approach, and social responsibility, Lenskart is revolutionizing the eyewear industry in India and making eye care more accessible to everyone.
|Founders and Owner||Peyush bansal|
Introducing the founder
Peyush Bansal is an Indian entrepreneur and the founder of Lenskart, a leading eyewear company in India. He was born in 1983 in Ambala, Haryana, India. He graduated from the Indian Institute of Technology (IIT) Delhi with a degree in engineering in 2006.
After graduation, Peyush worked as a software engineer for a few years before starting his entrepreneurial journey. In 2010, he co-founded Lenskart along with Amit Chaudhary and Sumeet Kapahi with the aim of disrupting the traditional eyewear industry in India. Under his leadership, Lenskart has grown into a multi-million dollar company with a strong retail presence across India and innovative technologies to enhance the customer experience.
Peyush Bansal is known for his entrepreneurial spirit and his commitment to social causes. He has been recognized with several awards for his contribution to the Indian business landscape, including the prestigious Ernst & Young Entrepreneur of the Year award in 2020. He is also a member of the Young Presidents Organization (YPO) and is actively involved in promoting eye health and providing access to affordable eyewear to underprivileged communities in India.
peyush bansal biography
|Famous For||Becoming Judge Of Shark Tank India|
|Date of birth||April 26, 1985|
|Age (As For 2022)||36 Years|
|Birthplace||New Delhi, India|
|Hometown||New Delhi, India|
|School||Don Bosco School|
|College||McGill University And Indian Institute of Management|
|Education Qualification||Post Graduate|
|Current location||New Delhi, India|
|Height||In feet and inches- 6 feet|
|NET Worth||$80 million Approximately|
|Body Type||10 US|
lenskart history – how was lenskart started
Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. The idea for the company came about when Peyush, who wears glasses, had a difficult time finding a pair of glasses that he liked. He realized that the traditional eyewear industry in India was dominated by a few players who offered limited options at high prices. Peyush saw an opportunity to disrupt the industry by offering a wider range of eyewear options at affordable prices through an online platform.
The three co-founders pooled their savings and started the company with a small team of four people. They began by sourcing frames directly from manufacturers and selling them through their online store. The company initially faced several challenges, including a lack of funding and difficulty in establishing a supply chain.
However, Peyush and his team persevered and focused on improving the customer experience by offering a range of innovative technologies such as 3D try-on, home eye check-ups, and AI-based frame recommendations. The company also opened physical retail stores across India, providing customers with a touch-and-feel experience of its products and access to trained optometrists for eye check-ups.
Over the years, Lenskart has grown into one of the leading eyewear companies in India with a strong retail presence and a wide range of product offerings. The company has attracted investment from various prominent investors, including SoftBank, Temasek, and TPG, and has a strong focus on customer satisfaction and social responsibility.
what is mission of lenskart
Lenskart’s mission is to revolutionize the eyewear industry in India by making eyewear accessible and affordable to everyone, while providing an exceptional customer experience. The company’s focus is on providing innovative technologies and a wide range of high-quality eyewear options at affordable prices.
In addition to its business goals, Lenskart is also committed to social causes. The company has launched several initiatives to promote eye health and has partnered with various NGOs to provide free eye check-ups and glasses to underprivileged communities in India.
Overall, Lenskart’s mission is to make eye care accessible and convenient for everyone while contributing to the betterment of society. The company aims to achieve this by providing innovative products, excellent customer service, and by giving back to the community.
lenskart Funding and Valuation
- Series A: In 2011, Lenskart raised its first round of funding of $4 million from IDG Ventures, a venture capital firm.
- Series B: In 2013, Lenskart raised $10 million in a second round of funding from Unilazer Ventures, an investment firm founded by Ronnie Screwvala.
- Series C: In 2014, Lenskart raised $22 million in a third round of funding from investors including TPG Growth, IDG Ventures, and Ronnie Screwvala’s Unilazer Ventures.
- Series D: In 2015, Lenskart raised $60 million in a fourth round of funding from investors including IFC, Ratan Tata, and Kris Gopalakrishnan, the co-founder of Infosys.
- Series E: In 2016, Lenskart raised $60 million in a fifth round of funding led by World Bank arm International Finance Corporation (IFC) with participation from investors including Ratan Tata, TPG Growth, and IDG Ventures.
- Series F: In 2019, Lenskart raised $231 million in a sixth round of funding led by SoftBank, with participation from Kedaara Capital, IFC, and others. This funding round valued the company at more than $1 billion, making it a unicorn.
- Series G: In 2021, Lenskart raised $220 million in a seventh round of funding led by Temasek and Falcon Edge Capital, with participation from Bay Capital and others. This funding round valued the company at $2.5 billion.
Overall, Lenskart has raised a total of around $607 million in funding to date and has achieved a high valuation due to its successful business model and growth potential.
lenskart all branches
|Number of locations||1000+ stores (2022)|
|Area served||India Singapore United Arab Emirates United States|
|Key people||Peyush Bansal (Chairman; MD & CEO)|
lenskart feture plans
- Expanding its product range: Lenskart may continue to expand its product range to include more eyewear options, such as contact lenses, sunglasses, and other accessories.
- Investing in technology: Lenskart may continue to invest in innovative technologies to enhance the customer experience, such as virtual try-ons, augmented reality features, and personalized recommendations.
- Increasing its retail footprint: Lenskart may continue to expand its physical retail presence across India by opening new stores in more cities and towns.
- Going global: Lenskart may explore the possibility of expanding its business beyond India by entering new markets in other countries.
- Diversifying its services: Lenskart may explore new services related to eye care, such as telemedicine consultations and other digital health services.
It’s important to note that these are just potential future plans and Lenskart’s actual plans may differ or change over time based on various factors such as market conditions, customer demand, and other business considerations.