Lenskart.com - case studies

Lenskart is the Indian authorization and prescription eyewear retail chain built up by the group of youngsters:-

• Peyush Bansal (Founder & CEO)
• Amit Chaudhary (Co-Founder & COO)
• Sumeet Kapahi (Co-Founder) in Nov 2010. The parental organization of the Lenskart is Valyoo Technology.

HISTORY:-

The intention behind the startup of the Lenskart came from the flyrr.com which was one of the eyewear businesses in the US market founded by Peyush Bansal. Gaining good traction and growth of flyrr.com in the US market provoked Peyush to test the business scenery of the Indian market and launched Lenskart. During his study journey of management from IIM, Bangalore Peyush founded Lenskart.com as an e-commerce website. Later Amit Chaudhary and Sumeet Kapahi joined Lenskart. Amit was the CSE student and completed his Bachelor's degree from BIT Mesra. Amit's major contribution was in deriving innovative technology and analytical thinking. He was responsible for the aggressive mass scaleup of the offline stores. The thought of giving a shot in the online space came across Lenskart.com.

VISION:-

Peyush saw that 75% of the visually impaired in India experiences the avoidable condition that was caused because of the absence of awareness and availability. So Lenskart envisions to tackle the eyecare issue. 

Lenskart launches the different products ranges from prescription glasses, contact glasses to sunglasses. The key offer was to give the best quality item at a reasonable cost.

BUSINESS MODEL:-

The venture business model encourages Lenskart to become a successful startup.

1). It offers 5000 frames & glasses with in excess of 45 sorts of top-notch focal points at a reasonable cost.

2). They focused on the innovation-based market and followed the inventory-led business model in which their design and stylist team consistently keeps update on the cutting edge innovation and the most recent trends in eyewear. Their outlines test is then conveyed to the manufactures for the completed items. They manage the expense of creation by owning the entire supply chain.

3). Lenskart the opening shot and fetch their foot into the offline market just by occupying and inaugurating stores which creates a strong relation and connection with the customers. Till Sep 2019, Lenskart has in excess of 500 stores in 70 urban communities in India.

UNIQUE SELLING PROPOSITION(USP):-

1). Quality of product

2). Availability of product

3). Delivery time & smooth sale services

4). Low purchasing cost

Despite the strong competitors of Lenskart like Warby Parker, Classic Specs, Waldo, and eye rim. Lenskart however managed and established its presence in the rushing market and emerged as the most successful e-commerce business startup. The following bullet points are the game changer and crucial point behind the success story of Lenskart. 

• Lenskart is the Indian first only brand to use robotic technology. The touch and feel concept comes into play here. It brought a technology revolution in eyewear with services like 3-D Try on.
• First frame free offer: Customers only pay for their lens on first purchase.
• Try Before You Buy:  Customers can choose a maximum of 5 frames & test them at home before making the final payment.
• The eye checkups at home across cities by optometrists have been introduced. They have been doing more than 1500+ check-ups a day, a conversion of approx 50%.
• Refer and win: Customers are getting a discount by the referral code-shared by them.
• Exchange Programme offer.
• New Lens in Old frame.

FINANCIAL BACKERS:-

1). Made sure about Rs 22 crore from IDG adventures India in 2011.

2). Made sure about Rs 30 crore from Unilazure adventures in Feb 2013.

3). Made sure about Rs 140 crore from TGP Capital and IDG adventure in 2015

4). The enormous Capitalists and Industrialists like International Finance Corporation, Adveq Management, Ratan Tata, S.Gopalkrishna invested(put resources)in the Lenskart.

5). In March 2018, The Wipro chairman Azim Premji invested 400 crores in the group taking the valuation of the organization to 3000 crores.

These investments take the Lenskart to the next unicorn.

ACHIEVEMENTS:-    

• In 2016 Lenskart had become one of the top optical chains in India along with the Titan Eye plus.
• Lenskart has been awarded the GOLD award in the flagship IT innovation (MSME) and also awarded a silver award in the prestigious e-commerce category at the express IT award.
• Lenskart launches eyewear brand, John Jacobs in 2017 for the brand aim to touch Rs 500 crore in revenue in two years.
• Lenskart grows itself by setup its factory and flourishing in the overseas market like China and Singapore. It manufactures 50% of its production in China.
• In 2018 the company becomes profitable EBITDA.

BRAND AMBASSADOR:-

• Katrina Kaif, a Bollywood actress becomes the first brand ambassador of Lenskart.com in October 2017.
• Bhuvan Bam the famous You Tuber with millions of subscriber become the brand ambassador of Lenskart in March 2019.