Short Bio
Lenskart is a leading eyewear brand in India that was founded in 2010 by Peyush Bansal. The company’s mission is to provide affordable, high-quality eyewear to people across India, and it has quickly become one of the most popular and successful eyewear brands in the country.
Overview
| Company Name: | Lenskart |
| Also Know as: | N/A |
| Type: | Private |
| Industry: | Prescription Eyewear Opticians |
| Founded: | 2010 |
| Founders: | Peyush Bansal, Amit Chaudhary, Sumeet Kapahi |
| Headquarters: | Faridabad, Haryana, India |
| Area Served: | India, Southeast Asia, United States |
| Revenue: | INR 1,503 crore (2021) |
| Net Income: | INR 102 crore (2021) |
| Number of Employees | 5000 |
| Website: | https://www.lenskart.com/ |
History
Lenskart is an Indian e-commerce company that was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. The company started as an online retailer of contact lenses and prescription eyewear. Later, it expanded its product portfolio to include sunglasses, frames, and other eyewear products. Lenskart was initially funded by the founders’ savings and contributions from family and friends.
The company received its first external funding in 2011 from IDG Ventures India and Helion Venture Partners. Since then, it has raised several rounds of funding from investors such as TPG Growth, SoftBank Vision Fund, and Kedaara Capital. In 2021, Lenskart became a unicorn (a startup valued at over $1 billion) after raising $220 million in funding.
Services
Lenskart offers a wide range of eyewear products, including eyeglasses, sunglasses, and contact lenses. The company also provides services such as home eye check-ups, free frame trials, and virtual try-ons. Lenskart has a brick-and-mortar presence with over 700 stores across India, Southeast Asia, and the United States. In addition to its retail operations, Lenskart has also invested in technology to improve the eyewear shopping experience. The company has developed a virtual try-on feature that uses augmented reality to allow customers to see how different frames would look on them
Founder
Peyush Bansal is the founder and CEO of Lenskart. He completed his engineering degree from McGill University in Canada before working as a strategy consultant in the US. Bansal returned to India in 2008 and founded Valyoo Technologies, which eventually evolved into Lenskart. Under his leadership, Lenskart has become one of the largest eyewear retailers in India, with a valuation of over $2 billion. Bansal is also a member of the Young Presidents’ Organization and the Entrepreneurs’ Organization.
Achievements
Another significant achievement of Lenskart is its extensive distribution network, which includes over 700 brick-and-mortar stores across more than 175 cities in India. This network enables the company to reach customers in both urban and rural areas, making it accessible to a wider audience.
One of Lenskart’s most notable achievements is its 3D try-on feature, which allows customers to virtually try on glasses before making a purchase. The company has also developed an AI-powered virtual assistant called “ALVIN,” which helps customers with their eyewear needs.