How Did Lenskart Start?
Peyush Bansal and Amit Chaudhary, a duo of Indian businessmen, founded the startup Lenskart. They saw an opportunity to fill a gap in the market because there were no significant players and few online options for eyeglass purchases in India at the time.
When two Indian businessmen decided to alter that, Lenskart was created. They combined their resources to launch Lenskart. They bootstrapped the business in its early stages using their funds, and it expanded naturally.
They combined their resources to launch Lenskart. What a journey it’s been, too! With seven years under its belt, Lenskart has risen to the top of the eyewear industry in India. Please take a look at what they did below.
With over 1,000 employees, this startup is now one of India’s top eyewear brands. Not bad for a business that only had two guys and an idea when it first began.
So how did they accomplish it? How did Lenskart develop into one of India’s top eyewear brands from a small startup?
Model of Operations for Lenskart
When it first began, the company was primarily focused on selling glasses online. Their large selection of glasses, affordable prices, and user-friendly website allowed them to build a following quickly.
Additionally, they provided a home trial service so customers could test the eyewear before purchasing it. This enabled them to develop a base of devoted clients.
The Eyewear Brand has been extending into physical stores in recent years. This has been a smart move on their part because it expands their market and gives customers a chance to try on the eyeglasses before they buy them. Currently, Lenskart operates over 100 physical stores throughout India.
What Makes Lenskart Stand Out?
The intense competition in India has helped Lenskart establish itself as the top eyewear brand in the nation. A few crucial elements have made Lenskart stand out from the competition.
First, the eyewear retail chain has provided a more individualized shopping experience compared to its rivals. Customers are welcome to try on glasses before purchasing, and many options are available.
Personalization is crucial in India, where customers frequently prefer to try on products before they buy them.
Second, it has been able to offer more affordable prices than its rivals. They have concentrated on being more economical, which has assisted them in luring budget-conscious customers.
Finally, this chain of eyewear stores has made significant investments in marketing and advertising. They have carried out several effective campaigns that have aided in expanding their brand and drawing in new clients.
Combining all these elements has made Lenskart the top eyewear brand in India. And they are only beginning. We eagerly await their upcoming actions!
Due to several factors, Lenskart has established itself as India’s top eyewear brand. They have been able to differentiate themselves from the competition thanks to their emphasis on providing a customised shopping experience, lower prices, and significant investments in marketing and advertising.
The competitive environment in India has also contributed to Lenskart’s success.
The Lenskart Fund
In a brief period, Lenskart has experienced enormous success. They have been successful in attracting significant investment over the years because of this.
They received their initial round of funding from IDG Ventures India in 2011. In 2013, Lightspeed Venture Partners provided funding as part of a Series A round.
They received the most recent round of funding from Premji Invest in 2017, the investment company run by Wipro Chairman Azim Premji.
What is the market value of Lenskart right now?
Estimates place the amount at $500 million. This is a remarkable accomplishment for a business that received just $10,000 seed money.
This startup has made significant progress since its modest beginnings. It is now the top eyewear brand in India and is worth $500 million. Not bad for a business that only received $10,000 in seed money. We are eager to see what this Indian startup’s future holds.
Plans for future growth and how Lenskart will continue to expand
Lenskart has ambitious growth goals and won’t be slowing down any time soon. They intend to open 1,000 stores across India in the following five years.
Although this is a lofty objective, given their prior performance, it is undoubtedly attainable. They also have plans to soon enter new markets like China and the Middle East.
So how will Lenskart expand by emphasizing customer satisfaction and providing a top-notch online experience? They are constantly developing new ideas and introducing new goods and services to make it simpler for customers to find and purchase the ideal eyeglasses.
And they are making it simpler than ever thanks to their expanding online presence.
How Lenskart Became a Prominent Eyewear Company
They could travel more quickly because they did a few crucial things early on. First, they discovered a gap in the market and saw a chance to fill it.
Second, they used their funds to bootstrap the business, which they allowed to grow naturally. Thirdly, they assembled a fantastic staff that has assisted Lenskart in becoming the prosperous business it is today.