Introduction

Lenskart is a leading Direct-to-Consumer (D2C) eyewear brand based in India. It was founded in 2010 by Peyush Bansal with the aim of providing affordable and accessible eyewear to the Indian market. Today, the company has over 600 stores across the country and has expanded its product range to include contact lenses, sunglasses, and eyewear accessories.

Origin and Growth

Peyush Bansal, a BITS Pilani alumnus, started Lenskart after facing difficulties in finding affordable and stylish eyewear in India. He started the company with the help of Amit Chaudhary, Sumeet Kapahi, and Neha Bansal. Initially, the company started as an online platform selling eyewear, but it soon realized the need to have an offline presence as well. In 2012, Lenskart opened its first store in Delhi, and since then, it has grown exponentially, opening over 600 stores across India. The company has also expanded its product offerings to include contact lenses, sunglasses, and eyewear accessories.

Market Dynamics and Competition

The eyewear market in India is highly fragmented, with a few established players and many smaller players. Lenskart competes with other D2C brands like Coolwinks, Titan Eye Plus, and Fastrack. The company's focus on affordability and accessibility has helped it differentiate itself from its competitors. Additionally, Lenskart has been able to leverage technology to create a seamless shopping experience for its customers.

Lenskart has grown to become one of the top 3 optical businesses in India. It has served around 10 million customers and reaches out to over 100,000 customers a month. It has spread over a wide area and into more than 235 cities. It has seen growth of more than 200% in the last few years. It has over 5000 styles of eyewear across a wide variety of brands.

Business Model and Funding

Lenskart operates on a D2C model, which allows it to control the entire value chain, from production to distribution. The company sources its products directly from manufacturers, which helps keep costs low.

In terms of funding, Lenskart has raised over $1 billion to date. Its investors include SoftBank, TPG, IFC, and Chiratae Ventures.

Brand Building and Marketing

Lenskart has built a strong brand identity over the years. The company's focus on affordability and accessibility has resonated well with Indian consumers. It has also launched several marketing campaigns that have helped it gain traction. For instance, the company's "Add Power to Your Vision" campaign, which featured Bollywood star Katrina Kaif, helped Lenskart reach a wider audience.

Challenges

One of the biggest challenges for Lenskart has been the highly fragmented nature of the Indian eyewear market. The company has had to compete with established players and many smaller players. Additionally, the company has had to navigate a highly regulated industry, with strict regulations around the sale of prescription eyewear. However, Lenskart has been able to overcome these challenges by focusing on affordability, accessibility, and technology.

Future Vision

Lenskart's future vision is to become the go-to destination for eyewear in India. The company plans to expand its product offerings to include more eyewear categories and accessories. Additionally, Lenskart plans to continue to leverage technology to create a seamless shopping experience for its customers. Finally, the company plans to continue to expand its retail footprint in India, with the aim of opening over 2000 stores in the next five years.

Conclusion

Lenskart is a leading D2C eyewear brand that has made a name for itself in the highly competitive Indian market. Its focus on affordability, accessibility, and technology has helped it differentiate itself from its competitors. With its strong brand identity and ambitious growth plans, Lenskart is well-positioned to become the go-to destination for eyewear in India.

Business Analytics

The focus on number, growth and profitability has enabled Lenskart to grow into a formidable brand today. Business Analytics is an important service for businesses to understand what is workinga nd what needs to be fixed. Dhanaay is helping many businesses leverage the power of business analytics. Connect with us to know more.