Piyush Bansal: A Success Story of Lenskart – Online Retailer Of Eyewear In India | Marketing strategies | Growth & Expansion, More details Inside
Piyush Bansal founded the online eyewear retailer Lenskart in 2010. It is based in India. With its extensive selection of eyeglasses, sunglasses, and contact lenses, it is currently India’s top online eyewear retailer.
Lenskart has emerged as a dominant force in the eyewear industry in recent years, owing to its unique concept and unwavering commitment to providing an outstanding customer experience.Speaking of the magical unicorns of India, some of them have transformed the field in which they operate. One such technological unicorn that has significantly altered the eyewear industry is Lenskart.
Lenskart has expanded its offline presence to more than 550 stores across the country, using cutting-edge technology to provide 3D Try-on services and online eye check-up services.
Lenskart India continues to expand its product and service offerings in order to become the Maruti Suzuki of the Indian eyewear industry over the next ten years.
Like any other startup, Lenskart initially encountered a number of difficulties. The business had trouble spreading the word about its brand and persuading customers to purchase eyewear online. People in India were sceptical about purchasing something so personal as eyewear online because it was a novel idea.
Additionally, the business had trouble finding high-quality eyewear at competitive prices. It took the business several months to identify credible vendors and establish a supply network that could accommodate its demands.a
Lenskart – Founders, Owners, and Team
Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi founded Lenskart in 2010. The three founders, who had previously collaborated at Microsoft, saw a need in the Indian eyewear market and decided to launch a company that would provide premium eyewear goods and services to clients all over the nation.
Since its start, Lenskart has expanded quickly and attracted investments from some of the most well-known figures in business. IDG Ventures made the company’s first significant investment in 2011; this was followed by a number of other important investors, such as TPG Growth, Premji Invest, and SoftBank Vision Fund.
Ronnie Screwvala, who acquired a stake in the business through his investment firm, Unilazer Ventures, in 2015, now owns a joint ownership interest in Lenskart with Peyush Bansal and Amit Chaudhary. One of the most recognisable and respected brands in the Indian retail sector, Lenskart has been built by its co-owners into a highly successful business.
In addition to its founders and owners, Lenskart also has a talented and accomplished group of executives and workers who are committed to the success of the business. Ashish Gupta, the CEO, Saurabh Dayal, the COO, and Ravi Sharma are among the members of the company’s leadership team who have a vast knowledge in the retail, e-commerce, and technology industries (CFO).
Target Market for Lenskart
- The 18–24 and 25–34 age groups make up the majority of Lenskart’s engaged users.
- The 18–24 age group accounts for about 38.74% of the audience, making it their largest consumer base.
- Additionally, 35.96% of their audience is between the ages of 25 and 34. This suggests that GenZ and millennials are their ideal clientele.
- The age range of 35 to 44 makes up 12.01% of Lenskart’s customer base. These are the top 3 factors that influence engagement.
- Regarding gender differences, 62.30% of their customers are men, and the remaining 37.70% are women.
An online eyewear retailer named Lenskart used a multi-channel digital marketing strategy, which included email marketing, social media advertising, and search engine optimization, to increase website traffic, online sales, and brand awareness. The success was enhanced by the use of personalised promotions and influencer marketing. In the cutthroat eyewear market, Lenskart successfully drove online sales by putting a strong emphasis on the customer experience.
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Growth, Expansion And Revenue
In a Series C funding round that took place in 2015, Lenskart raised $22 million. This money was used to expand the company’s operations and improve its technological infrastructure. In order to strengthen its brand image and make it simpler for customers to try on frames in person, the company also opened its first physical location in Delhi.
Twelve investors have contributed to the funding of Lenskart, including PremjiInvest, Kedaara Capital, Chiratae Ventures, TPG Growth, Ratan Tata of Tata Sons, Rajeev Chitrabhanu, Adveq, Eqip Capital, and IFC Venture Capital Group. Over the course of nine funding rounds, it was able to raise $459.6 million.
Lenskart raised $275 million from SoftBank Vision Fund in December 2019, and as a result, its valuation rose to $1.5 billion and its revenue for the year reached Rs. 486.26 crore.
Because of successful marketing tactics, Lenskart quickly became well-known throughout India. The business saw rapid expansion, and its product line soon included contact lenses and sunglasses.
Today, Lenskart operates more than 200 physical stores across India and is constantly growing. One of the best-funded e-commerce companies in India, the business has also raised over $200 million in funding.
The revenue of Lenskart has increased rapidly since its inception, with a Compound Annual Growth Rate (CAGR) of more than 100%. Over the past few years, the company’s revenue has steadily increased, rising from INR 486 crore in 2019–20 to INR 792 crore in 2020–21. The business has also generated a profit for the previous three years, with a profit of INR 61 crore in 2020–21.
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Lenskart – Future Plans
In recent years, Lenskart, the top eyewear brand in India, has experienced significant growth and success. The business has made a name for itself as a dependable and trustworthy brand in the Indian market by placing a strong emphasis on customer-centricity, product innovation, and strategic partnerships. As Lenskart grows and expands, it has several future plans to keep things moving along and satisfy changing customer demands.
What Sets Lenskart Apart From the Competition?
Both offline and online players are competitors of Lenskart. Some of its big competitors include Titan Eyeplus, GKB Opticals, Coolwinks, Specsmakers, Deals4Opticals, Lensbazaar, and Vision Express. Other online eyewear retailers competing with Lenskart include Amazon, Flipkart, PayTM, and others.
The eyewear sector is very poorly organized. Just 9–10% of the market, which is between 18 and 20 billion rupees, is organized. Despite having roughly 70% of the market among the organized players, Lenskart’s main challenge is keeping customers away from the unorganized sector, which sells product knockoffs that are inexpensive.
Lenskart can beat out its rivals with an aggressive marketing plan, a range of price points, and special and cutting-edge goods and services. Bhuvan Bam currently serves as the company’s brand ambassador.
Additionally, it provides products at various price points, starting at Rs. 345 and going up to Rs. 30,000, in order to appeal to customers in various market segments. In order to remain competitive and relevant over time, it must constantly develop innovative plans. Customers really value certain services, such as in-home eye tests.
Lenskart India’s mission, “Vision to India,” aims to connect with the public at large by developing a low-cost franchise model. They could introduce the system in Tier 3 and Tier 4 cities using this model, Lenskart Lite, and they could also expand their reach in Tier 2 cities.
The Indian e-commerce sector’s true success story is Lenskart. A larger audience can now afford high-quality eyewear thanks to the company’s disruption of the Indian eyewear market. Lenskart is positioned for long-term success thanks to its aggressive marketing tactics, creative business strategy, and dedication to customer satisfaction.
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