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Lenskart Story: To make a change in the world, it takes truckloads of unyielding dedication. When it comes to India’s magical unicorns, there are a few who have transformed the industries in which they operate. Lenskart is one such unicorn that has made substantial improvements in the eyeglasses business. Lenskart has already established itself in the offline sector as well, with over 550 locations across the country. Spectacles are now required by a third of India’s population. People with vision issues are referred to as “needing” spectacles, yet only around a fourth of them actually wear them. When tallied, the number of people who choose to wear glasses as a fashion accessory is astounding. Customers in this group desire a large number of pairs of eyeglasses to complement a range of outfits.
“I think our biggest bet was making consumers see this as fashion and not just medical, and that was a fundamental shift for consumers,” Peyush Bansal to YourStory.
Introduction: What is Lenskart?
Anyone who carries spectacles or contacts understands how tough it is to shop for them in person. It necessitates a lot of patience and endurance to schedule an appointment, select acceptable frames and so on and so forth. Lenskart, India’s largest eyeglasses retailer, put an end to these issues. Based in Faridabad, India, it is an online marketplace for prescription glasses, frames, BLU glasses, and goggles. Its Delhi manufacturing plant has a production of around 300,000 glasses monthly. In addition, Lenskart maintains a plant in Zhengzhou, China, that handles almost 20% of its frame manufacture. The company has drawn accolades from the public for being the largest eyewear brand of India and a unicorn prescription eyeglasses firm, having entered the Indian unicorn club in December 2019.
How did Lenskart in India Begin?
Peyush Bansal along with Amit Chaudhary, and Sumeet Kapahi created Lenskart in 2010. Peyush, who formerly worked at Microsoft, met Bill Gates during his tenure with the company. After meeting Gates he was convinced that that the former had accomplished something monumental by pioneering Microsoft. He no longer wanted to be a part of a corporation with over fifty thousand people, preferring instead to be known for his own work. He also discovered that he was ameliorating the lives of the ones who were already prosperous. With the aim to address the larger issue of vision repair, he returned to India.
Lenskart’s parent company, Valyoo technologies was also founded by him. It was launched in 2007 alongside SearchMyCampus as the first business portal. The site intended to solve numerous challenges and issues encountered by the students ranging from accommodation, books, part-time employment to name a few. While exploring this route, it dawned upon him that the eyeglass business is one of the disregarded markets that e-commerce colossi like eBay and Amazon have yet to penetrate.
With this in mind, he launched Flyrr.com in the United States, and following a successful launch there, he decided to expand the company to India. As a result, Lenskart was founded in India in 2010.
“For us, starting Lenskart was really starting from the problem of vision correction in india. We still have about half a billion people in India who need vision correction. Also, about 40 percent of the world’s visually impaired live in India, that’s how it all started– that can we create and solve this problem of vision correction?” Peyush Bansal to YourStory.
There are 153 million people in the country who require reading glasses but do not have them. 40,000 optometrists are required in our country but we only have 8,000 available. Lenskart envisions revolutionizing the eyewear business in India by reducing this figure slightly in the future years and by delivering high-quality eyeglasses at accessible costs to millions of Indians, providing free eye exams at home, and expanding their services to the most distant parts of the country.
Lenskart has surmounted a slew of hurdles since its inception, relying on a combination of consumer excitement, a healthy work culture, and the setting of exact criteria as its weapon. With its long-term objectives in place, the platform has a lot of potential to grow and establish a dominating position in the near future. “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 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.” –Amit Chaudhary, co founder of Lenskart to Business Insider.