There is always this question that revolves in my mind, what makes a person an entrepreneur? Is it the drive to get affluent or to make conscious social change?

I think it’s a little bit of both. A true entrepreneur sees a hole in society and tries to bridge that gap. If that way he makes a little bit of profit, I call it a fair deal.

Now, this success story is a perfect example of it.

When Peyush Bansal came to India, he understood how cluttered the Indian eyewear market is. And that started his noble quest of revolutionizing the eyewear industry in the year 2010.

Today Lenskart is the biggest Indian e-commerce platform that specializes in eyewear accessories. The platform operates in both online and offline distribution modes and has an astounding valuation of $1 billion as of 2019.

The company specializes in manufacturing, assembling, distributing and supplying to over 700 stores across India. It is estimated that Lenskart’s manufacturing facility in New Delhi manufactures 3 Lakh glasses in a month.

To think of it, this all began in 2010.

A brief history of LensKart

Lenskart was founded by CEO Peyush Bansal in 2010 along with Amit Chaudhary and Sumeet Kapahi. Peyush, who has recently interned with Microsoft, has just founded his company Valyoo Technologies (parent company to Lenskart).

While pursuing his post-graduation in Management at IIM B, he launched Valyoo Technologies with SearchMyCampus as the first business portal in 2007. The funny part is an intern was given the task of coming up with unique business ideas and that is how they stumbled upon Lenskart.

Working Model of Lenskart:

Lenskart India gives its consumers the choice to choose their frame design and customize it. Customers are generally offered more than 5,000 styles of frames and 45 different types of superior quality lenses to choose from. These designs are not only trendy but also affordable.
The brand uses robotic technology imported specially from Germany to make eyewear with up to 3 decimals of accuracy.

Not only that, but the company also facilitates services like 3-D trials for consumers’ comfort. They regularly promote these aggressive marketing campaigns where they hand out the initial frame free of cost to their first-time consumers. This not only increases traffic but also promotes the brand at a higher level.

Lenskart revenue:

Lenskart’s total revenue amounts to more than nine billion Indian rupees in the financial year 2020. With over 700 stores in India, the company is considered a unicorn and enjoys a well-respected position in the market.

Lessons to learn from LensKart

Fundamentally, the problem of eyewear is huge in India and the scope for commoditizing this market is huge. That doesn’t mean Lenskart had it easy, setting up a multi-million dollar franchise in India. The Indian customer was too apprehensive about purchasing eyewear online and it did affect the company’s growth. But after all these setbacks, Lenskart soared and went up to enormous heights.

Popular business strategist Hirav Shah brings you Lenskart’s 2 fundamental strategies that helped them achieve success:

Prioritize your vision:

Time and again Lenskart has proved that their main aim isn’t to make monetary gain. It is to drive social change. The eyewear industry is highly unorganized but with the right sort of strategizing and planning a huge amount of opportunity can be driven from this sector. The CEO of Lenskart has emphasized the fact that his purpose in life is to revolutionize the industry and he has been working day and night to make it happen.

Amit Chaudhary, Co-founder of Lenskart mentions, “Lenskart of the future would be a global company where we serve consumers keeping India’s manufacturing in focus — make sure that India generates a lot of employment. Lenskart already helps generate a lot of employment in the country, both in terms of manufacturing and retail. We are a full-stack business — manufacturing to retailers, we will continue to embrace this and make it as big as possible.”

Customer service is important:

The main reason behind starting Lenskart was to help people not sell them products for the sake of driving profits. Lenskart in essence has always been a people’s brand and it plans to make eyewear that is stylish, affordable and good in quality. When the USP of the brand is consumer satisfaction, then there is nothing that can stop them from going bigger.

Conclusion:

The man behind this amazing vision of starting Lenskart, Peyush Bansal, left his lucrative job at Microsoft to start something on his own. With sheer will and dedication, he managed to create an empire. The company swears on embracing sustainability and ensuring the best customer service possible. I personally think Lenskart can be the next Maruti of the eyewear industry- comments Business development expert Hirav Shah.

About Hirav Shah

Hirav Shah is an eminent Business Astrologer and Entrepreneur, who can help you reach new levels of success in the coming year. Shah’s unique practice mixes the fundamentals of Astrology with Business Principles, thereby introducing you to a whole new dimension of affluence.

Hirav Shah has an astounding global presence with clients based across various business sectors. He is a big believer in taking massive action, has formulated strategies and made the right strategic bets based on the certainty of outcome to help some of the world’s most renowned brands.

From business setup and expansion to crisis and exit, he can give you a strong Astro based analysis on where to apply leverage and where to cut losses.

Image Source & Credit : www.facebook.com/Lenskartindia