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Interesting Facts about Lenskart that you don’t know!

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Facts about Lenskart

If I say Lenskart, what would you imagine? Do you imagine those quirky glasses frames that suit your personality and style?As we know, Lenskart is quite popular in India for its chic style and fashionable frames. It is a company that brought a revolution in the eyewear industry of India.

Do you know India is known as the ‘Blind capital of the world’ because one-third of the Indian population requires glasses, but only some get access to it? But thanks to Lenskart, who saw an opportunity in this problem and provided a solution that brought revolution.

So, let’s take a look at their brand story and know the Facts about  lenskart  that you don’t know.

Facts about Lenskart

 

#1. Who is the founder of Lenskart?

Piyush Bansal is one of the co-founders of Lenskart and now a famous judge (Shark) in the latest reality show ‘Shark tank India.’ He is popularly known as the ‘kindest shark’ because he believes in the contestant, supportive nature, and provides motivation.

His other co-founders are Amit Chaudhary & Sumeet Kapahi.

Let’s recap a little to know about his story and some Facts about  lenskart.

Piyush started his journey in 2006 by pursuing Electrical engineering from McGill University in Canada. He soon landed a job with tech giant Microsoft where he used to work as a program manager for a year. But he only worked there for a year and came back to India.

 

#2. What is Valyoo technology?

After returning to India, he enrolled in IIM Bangalore to pursue a PG in management. While pursuing his PG, he founded Valyoo Technologies, which established the Search My Campus website.

This website aimed to solve the pain points that students were facing while pursuing their careers. The website provided services for part-time jobs, internships, carpooling, accommodation facilities, books, etc.

During this time, he came across the biggest opportunity of his life, i.e., the Indian eye wear market.

The Indian eyewear market was untouched by the big giants like Amazon and eBay. Most of the people were facing vision problems, but due to lack of easy access and awareness about eye care, they didn’t opt for glasses.

To try this opportunity he first started with America, where he launched his website Flyrr.com.

Flyrr.com was a success in the American eye wear market. He established Lenskart in 2010 by introducing Eye contacts only later, he added frames, glasses, and sunglasses.

 

#3. What is the Business Model of Lenskart?

Lenskart started as an online platform for its portfolio of contact lenses, eyeglasses, sunglasses, and frames but soon realized that Indians are more comfortable in a traditional way of shopping, i.e., stores.

Currently, they have 900 stores across 100+ cities. They also came up with Lenskart lite idea to target tier 2 and tier 3 cities.

The unique fact about Lenskart business models is that they have designers who help them to keep up with the latest trends and fashion.

They also follow an inventory-led business model where they pass the designs to manufacturers; it sources both from India as well as china.

 

#4. Who Funds Lenskart?

According to Wikipedia, TPG Growth, International Finance Corporation, and Adveq Management are among the financial backers of Lenskart. Lenskart is also backed by Ratan Tata and Kris Gopalakrishnan.

One of the interesting facts about lenskart is that Wipro’s Chairman Azim Premji invested Rs. 4 crores in the company in March 2018, valuing it at Rs. 3,000 crore.

In 2018, the business turned profitable (EBITDA). For more investment, the company is in talks with Japanese conglomerate SoftBank and private equity firm Kedaara Capital.

 

#5. Brand Ambassadors of Lenskart

One of the biggest Facts about  lenskart is that in October 2017, Lenskart announced the surprise appointment of Bollywood actress Katrina Kaif as the company’s first-ever brand ambassador. “We were looking for someone who naturally matches the Lenskart brand concept of addictive playfulness,” CEO Bansal told moneycontrol.com about why they chose Kaif to represent the business. It added another star to its list in March 2019, when comedian Bhuvan Bam was named their first male brand ambassador.

#6. Competitors

When we talk about competition in the Indian eyewear industry, Lenskart has both offline and online competitors. GKB Opticals, Coolwinks, Specsmakers, Deals4Opticals, Lensbazaar, Vision Express, and Titan Eyeplus, are some of its primary competitors. Lenskart has giant E-commerce competitors like Amazon, Flipkart, PayTM, and others, selling eyewear online.

Apart from online platform competitors, Lenskart has to compete with the unorganized players in this industry.

These were some of the lesser-known Facts about  lenskart. Lenskart has evolved from a brand that aimed to help consumers find a wide range of eyeglasses at an affordable price and raise awareness about eye care to a fashion brand.

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