The Success Story of Lenskart
In recent years, Lenskart has become a dominant force in the eyewear industry, thanks to its innovative approach and unwavering commitment to providing an exceptional customer experience. At Lenskart, we are proud to have built a successful business that has become the largest online retailer of eyewear in India. Our success story is one that is rooted in hard work, dedication, and a relentless pursuit of excellence. In this article, we will explore the story of how Lenskart achieved its success and the key factors that have made it one of the most successful online eyewear retailers in the world.
About Lenskart
Lenskart is an Indian eyewear brand that was founded in 2010 with the mission of providing high-quality eyewear products and services to customers across the country. The company has quickly become one of the most recognized and respected names in the Indian retail industry, offering a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses, as well as a variety of eyewear accessories.
One of the key factors that have contributed to Lenskart’s success is its commitment to innovation and technology. The company was one of the first in the Indian eyewear market to offer online ordering and home delivery and has since expanded its range of products and services to include virtual try-on technology, 3D scanning for accurate frame measurements, and a mobile app that allows customers to book appointments with optometrists and shop for products on the go.
Lenskart has also built a reputation for offering outstanding customer service, with a team of over 500 optometrists available to provide expert advice and guidance to customers. The company has a strong focus on training and development, ensuring that all employees are equipped with the knowledge and skills they need to provide the best possible products and services to customers.
In addition to its commitment to innovation and customer service, Lenskart is also known for its strong social and environmental values. The company is a member of the Better Cotton Initiative, which promotes sustainable cotton production, and has launched a number of initiatives aimed at supporting local communities and reducing its environmental impact.
Lenskart has received numerous awards and accolades for its products, services, and workplace culture. In 2021, the company was named one of India’s Best Companies to Work For by the Great Place to Work Institute and has been recognized for its innovative products and services by organizations such as the Economic Times and the National Retail Federation.
Lenskart – Founders, Owners, and Team
Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. The three co-founders, who had previously worked together at Microsoft, identified a gap in the Indian eyewear market and set out to create a brand that would offer high-quality eyewear products and services to customers across the country.
Since its inception, Lenskart has grown rapidly, attracting investments from some of the biggest names in the business world. In 2011, the company received its first major investment from IDG Ventures, followed by a series of investments from other prominent investors, including TPG Growth, Premji Invest, and SoftBank Vision Fund.
Today, Lenskart is jointly owned by Peyush Bansal, Amit Chaudhary, and Ronnie Screwvala, who acquired a stake in the company in 2015 through his investment firm, Unilazer Ventures. Together, the owners of Lenskart have built a highly successful company that has become one of the most recognizable and respected brands in the Indian retail industry.
In addition to its founders and owners, Lenskart has a highly talented and experienced team of executives and employees who are dedicated to the company’s success. The company’s leadership team includes individuals with extensive experience in the retail, e-commerce, and technology sectors, including Ashish Gupta (CEO), Saurabh Dayal (COO), and Ravi Sharma (CFO). Lenskart also has a team of over 5,000 employees, including over 500 optometrists, who are responsible for delivering the highest quality products and services to the company’s customers.
Lenskart has been recognized for its outstanding workplace culture and commitment to employee satisfaction, earning a spot on the list of India’s Best Companies to Work For in 2021. The company’s culture is built on the principles of transparency, collaboration, and innovation, and employees are encouraged to think creatively and push the boundaries of what is possible.
Business Model of Lenskart
Lenskart’s business model is based on offering a wide range of high-quality eyewear products and services through both online and offline channels. The company operates through a vertically integrated model, meaning that it controls the entire value chain of its business, from design and manufacturing to marketing and sales. This allows Lenskart to maintain a high level of quality control and ensure that its customers receive the best possible products and services.
One of the key features of Lenskart’s business model is its innovative online platform, which allows customers to browse and purchase eyewear products from the comfort of their homes. The company has developed a robust e-commerce platform that is intuitive, user-friendly, and packed with features designed to enhance the customer experience. This includes features like a 3D Try-On tool that allows customers to virtually try on glasses before they make a purchase, as well as a virtual eye check-up tool that helps customers determine their eyewear prescription without leaving their homes.
In addition to its online platform, Lenskart has also established a strong presence in the offline retail space. The company operates over 700 stores across India, making it one of the largest eyewear retailers in the country. These stores offer customers a unique shopping experience, with personalized service, expert advice, and a wide range of products to choose from. Lenskart has also established a presence in international markets, with stores in countries like Singapore, UAE, and Israel.
Another key aspect of Lenskart’s business model is its focus on customer satisfaction. The company has implemented a number of initiatives to ensure that its customers receive the best possible service and products. This includes a 14-day return policy, free home trials of eyewear products, and a one-year warranty on all products. Lenskart also employs a team of over 500 optometrists, who are available to provide customers with expert advice and guidance on their eyewear needs.
Lenskart – Funding and Investors
Since its founding in 2010, Lenskart has secured several rounds of funding from a range of investors. The company’s early funding rounds were led by IDG Ventures India and TPG Growth, with participation from a number of other investors, including Ronnie Screwvala’s Unilazer Ventures and IFC. In 2013, the company raised a total of $37 million in a funding round led by the International Finance Corporation (IFC), a member of the World Bank Group.
In 2016, Lenskart raised $60 million in a Series D funding round led by World Bank Group member IFC, with participation from existing investors including TPG Growth and IDG Ventures India. The funds were earmarked for investment in technology, offline expansion, and marketing.
The company’s most recent funding round took place in 2019, when it raised $231 million in a Series G round led by Softbank Vision Fund, with participation from Kedaara Capital, TPG Growth, and others. The funding was used to support Lenskart’s continued expansion across India, as well as to develop its online platform and improve its supply chain capabilities.
Lenskart has also made several strategic acquisitions over the years, including the acquisition of 3D scanning startup 3Dexter in 2018 and the acquisition of eyewear retailer John Jacobs in 2020. These acquisitions have allowed Lenskart to expand its product offerings and improve its technology capabilities, further strengthening its position in the Indian eyewear market.
Lenskart – Revenue and Growth
Since its inception, Lenskart has witnessed exponential growth in its revenue, with a Compound Annual Growth Rate (CAGR) of over 100%. The company has seen steady growth in its revenue over the past few years, with a revenue of INR 792 crore in 2020-21, up from INR 486 crore in 2019-20. In addition, the company has been profitable for the past three years, with a profit of INR 61 crore in 2020-21.
Factors Contributing to Lenskart’s Success
- Omnichannel Strategy: Lenskart has adopted an omnichannel approach, which combines online and offline sales channels. This strategy has helped the company reach a wider customer base, and has also enabled it to provide a seamless shopping experience to its customers.
- Product Innovation: Lenskart has consistently focused on product innovation, introducing new and unique eyewear products to its customers. The company has collaborated with international brands and designers to bring the latest trends to the Indian market, which has helped it stay ahead of the competition.
- Customer-centric Approach: Lenskart has always placed its customers at the center of its operations. The company offers a range of services, such as home eye check-ups and virtual try-on, to make the shopping experience more convenient for its customers. This approach has helped Lenskart build a loyal customer base and establish itself as a trusted brand.
- Strategic Partnerships: Lenskart has partnered with several companies, such as SoftBank, Kedaara Capital, and IFC, to secure funding and expand its operations. These partnerships have helped the company maintain its rapid growth trajectory and invest in its future.
Lenskart – Future Plans
Lenskart, the leading eyewear brand in India, has witnessed significant growth and success in recent years. With a focus on customer-centricity, product innovation, and strategic partnerships, the company has established itself as a trusted and reliable brand in the Indian market. As Lenskart continues to grow and expand, it has several future plans to maintain its momentum and meet the evolving needs of its customers.
Increasing Focus on Personalization
With the increasing demand for personalized products and services, Lenskart plans to ramp up its efforts to offer customized eyewear solutions to its customers. The company will use advanced technologies such as artificial intelligence and machine learning to provide personalized recommendations to its customers based on their preferences and needs.
Expansion of Product Portfolio
Lenskart plans to expand its product portfolio to offer a broader range of eyewear products to its customers. The company will introduce new and innovative products such as blue light-blocking glasses and contact lenses, to cater to the changing needs of its customers.
Expansion of Retail Footprint
Lenskart plans to expand its retail footprint by opening more stores across the country. The company will focus on establishing a presence in tier 2 and tier 3 cities, which represents a significant growth opportunity for the company.
Investment in Technology
Lenskart plans to continue investing in technology to enhance its customer experience and streamline its operations. The company will leverage technologies such as artificial intelligence and machine learning to optimize its supply chain and improve its logistics capabilities.
International Expansion
With a proven track record in the Indian market, Lenskart plans to expand its operations beyond India. The company has already established a presence in Singapore and plans to enter other markets in the coming years.
Conclusion
Lenskart’s success story is a testament to the power of hard work, dedication, and a commitment to providing an exceptional customer experience. By focusing on innovation, social responsibility, and a relentless pursuit of excellence, Lenskart has become one of the most successful online eyewear retailers in the world. As Lenskart continues to grow and expand its operations, we remain committed to delivering the best possible experience to our customers, and to making a positive impact on the world around us.
