Introduction
Imagine a world where every step towards choosing the perfect eyewear feels like an endless maze; the confusion of options, the weight of decisions, and the wait that seems to stretch for an eternity. Now, imagine someone stepping into this chaos, introducing a change so groundbreaking that it redefines the very essence of eyewear shopping. This isn’t just a story; it’s a revolution, spearheaded in the bustling streets of New Delhi. As you journey through this tale, you’ll uncover the force behind India’s optical transformation, a brand that took the market by storm. Are you ready to delve into the enigma called Lenskart?
About Lenskart
- Lenskart is an Indian optical prescription eyewear retail chain based in New Delhi.
- As of September 2020, Lenskart had over 500 stores across more than 40 cities in India.
- Its manufacturing facility in New Delhi produces around 300,000 glasses every month.
- Operating both online and offline, Lenskart offers customers the flexibility to purchase products either online or through specific offline stores.
- The company provides services like home eye checkups.
- Recently in 2019, Lenskart achieved the status of a unicorn company.
- Currently, they boast over 5,000 styles of frames and various types of lenses, distributing and supplying through 460 stores across India.
Establishment of Lenskart
- Lenskart was established by Peyush Bansal in 2010, who teamed up with Amit Chaudhary and Sumeet Kapahi.
- Prior to founding Lenskart, Peyush worked at Microsoft and also founded Valyoo Technologies.
- He had initially launched SearchMyCampus in 2007, a classified site that addressed various student-centric issues.
- Recognizing the untapped potential in the eyewear industry, Bansal then founded Flyrr.com in the U.S., focusing exclusively on eyewear.
- After seeing promising responses, he decided to venture into the Indian market, launching Lenskart in 2010.
Lenskart’s Revenue and Valuation
- After an investment of approximately $2 million from Softbank, the company’s valuation reached $1 billion by December 2019.
- Peyush Bansal, a former employee of Microsoft, co-founded Lenskart in 2010 with Amit Chaudhary and Sumeet Kapahi.
- By 2020, Lenskart had garnered a total revenue of over ₹1,000+ crore.
- Notable financial backers include TPG Growth, International Finance Corporation, and Adveq Management.
- Personalities like Ratan Tata and Kris Gopalakrishnan have also invested in Lenskart.
- In March 2018, Wipro chairman, Azim Premji invested 40 crore rupees, valuing the company at 3,000 crore rupees, which also turned the company EBITDA positive.
- In 2017, Lenskart launched the eyewear brand John Jacobs.
- They were in discussions with Japanese group SoftBank and private equity firm Kedaara Capital for further investments.
- Katrina Kaif was the first brand ambassador for Lenskart in October 2017, and Bhuvan Bam was appointed the first male brand ambassador in March 2019.
Lenskart’s Business Model: Understanding the Eyewear Giant’s Strategy
Lenskart has emerged as a leading brand in the Indian eyewear market, thanks to its unique and efficient business model. Here’s a breakdown of their strategies and how they work:
- Inventory-Based Business Model
- Lenskart follows an inventory-based business model. This means they keep stocks of products instead of following the dropshipping model.
- Designs are sent to their manufacturers, ensuring a faster and more controlled production process.
- Technological Advancements
- Lenskart is one of the pioneer Indian brands to adopt robotic techniques. This gives them an edge by providing high-precision glasses accurate up to three decimal places.
- They also offer services like 3D testing to tailor the whole process for their consumers.
- Aggressive Marketing Tactics
- Lenskart adopts an aggressive marketing strategy, offering first-time consumers their initial frame for free.
- This strategy not only attracts new customers but also gives them an opportunity to experience the product’s quality.
- Omni-Channel Retail Model
- Lenskart operates both online and offline.
- The main reason to establish offline stores was due to Indian consumers’ skepticism about buying eyewear online. Physical stores let consumers touch, feel, and try the products ensuring quality and experience.
Recent Growth and Developments in Lenskart
L-enskart has been continuously evolving and growing, marked by these significant steps:
- Plans to set up its second manufacturing plant in India.
- Recent investments in AI-powered software platform, Tango Eye.
- The pandemic and its restrictions boosted the platform’s online traction. According to a report by Inc42, the company’s online sales surged from 20% to 40% of its business.
- For the fiscal year ending March 2021, they are expecting a minimum growth of 20%.
- They unveiled plans to open 200-300 stores in 2020 and currently have around 600 stores.
- Amidst the pandemic lockdowns, they introduced various features like appointment-based shopping and aggressive sanitation procedures to lure more consumers.
Lenskart’s Hiring Spree in 2022: A Boost for the Indian Job Market
The Faridabad-based eyewear brand, Lenskart, has big plans for its workforce:
- Plans to recruit more than 2,000 employees across India by 2022.
- Expand its international teams in Singapore, Middle East, and the United States by employing 300 professionals.
- The company is focusing heavily on technology and data science, looking to hire data scientists, business analysts, data engineers, and specialists in these domains.
- They also intend to hire over 1,500 retail employees for store management, more than 100 engineers for their tech teams in Bengaluru, NCR, and Hyderabad.
- Additionally, over 300 employees will be involved in supply chain and manufacturing roles, while 100 will be dedicated to finance, consumer insights, HR, and other corporate operations.
A Comprehensive Guide to Shopping on Lenskart
Are you considering buying eyewear from Lenskart but feeling overwhelmed by its plethora of features? Worry not! We have a step-by-step guide to simplify the process for you.
1. Setting Up an Account
Before you dive into the vast collection of eyewear, make sure to:
- Visit the Lenskart website or app.
- Click on ‘Sign up’ or ‘Register’.
- Enter your mobile number and name.
- You’ll receive an OTP (One-Time Password) for verification. Enter this to complete the registration.
2. Choosing the Perfect Eyewear
L-enskart boasts a vast collection of eyeglasses and sunglasses. Here’s how you can pick the one that fits you best:
- Browse through the options available.
- Use filters to narrow down by style, price, brand, or any other preference.
- Once you’ve found your match, select the size that best fits your face. You can often refer to size guides or virtual try-on features.
3. Making the Most of Lenskart Gold Membership
L-enskart offers a special membership known as the ‘Gold Membership’. Here’s what you need to know:
- Cost: You can get this membership for INR 600. But, if you have a promo code, it can be as low as INR 40.
- Benefits: With this membership, you can avail exclusive offers, such as buy one get one free on eyeglasses and sunglasses.
- Getting a Promo Code: Promo codes can often be acquired from other platforms like PhonePe, Paytm, and Google Pay after certain transactions. Always check these platforms for any ongoing Lenskart offers.
4. Finalizing the Purchase
Once you’ve decided on the eyewear you want, you have three primary ways to complete the purchase:
- Buy on Call: Speak directly with the customer care and place your order in your preferred language.
- Buy on Chat: You can order your eyewear via WhatsApp chat, asking any questions and clarifying doubts directly.
- Home Trial: If you’re unsure about the look and fit, opt for the home trial. Select the frames you like, and they’ll be sent to your home for a trial. After trying, you can choose the one you like and place a final order.
How to Navigate Common Concerns on Lenskart: A User-Friendly Guide
Shopping online can be overwhelming, especially when we face unexpected challenges. Whether you’re trying on glasses using the 3D feature or looking to cancel an order on Lenskart, we’ve got you covered. Dive in and let’s resolve some common queries!
1. Deleting or Replacing Your 3D Try-On Photo on Lenskart
We all want to see how glasses will look on us before purchasing. Lenskart’s 3D Try-On feature helps with just that. However, sometimes the photos we click might not come out as expected. While you can’t directly delete these photos, there’s a way around:
Steps to Replace Your 3D Try-On Photo:
- Go to the ‘3D Try On’ feature on Lenskart.
- The camera will activate, allowing you to click another photo.
- Replace the previous image with a new one that you’re satisfied with.
2. Cancelling Your Order on Lenskart
Changed your mind after placing an order? No worries. Here’s how you can cancel it:
Option 1: Through the Website or App
- Log in to your Lenskart account.
- Navigate to ‘My Orders’.
- Select the order you wish to cancel.
- Click on ‘Cancel Order’. Ensure your order hasn’t been shipped yet; post-shipping cancellations might not be possible through this method.
Option 2: Contacting Customer Care
- If you face any issues while trying to cancel through the app or website, or if your order has been processed for shipping, it’s best to contact Lenskart’s customer care directly.
- Provide them with your order details and request a cancellation.
Note: Always ensure to check the cancellation policies as some orders, especially those with prescription lenses or special coatings, might have specific conditions attached.
Guide to Lens kart: Vision, Services, and the Franchise Business
Understanding the essence of a brand often boils down to understanding its vision, mission, and the opportunities it offers. In this guide, we dive deep into the world of Lenskart, India’s leading eyewear e-commerce platform.
Lenskart’s Vision and Commitment
Addressing India’s Eye Care Needs:
- Blindness Challenge: There are over 15 million blind people in India, accounting for nearly 50% of the world’s blind population.
- Requirement for Reading Glasses: Approximately 150 million Indians need reading glasses but lack access to them.
- Shortage of Optometrists: India needs over 40,000 optometrists. Sadly, there are only around 8,000.
Lenskart’s Mission: Lenskart aims to provide a wide range of services and products to address these issues. They hope to reduce these staggering numbers by reaching as many people as possible, providing free eye checkups at home, and delivering high-quality eyewear at affordable prices. The expectation is that, in the coming years, Lenskart will expand its reach even further.
The Lenskart Franchise Business Explained
What is a Franchise Business? When a company is small, it can handle most tasks on its own. However, as it grows, so does the volume of work. At this stage, it’s not feasible for the company to operate everywhere directly. Hence, the concept of franchising comes in, where the company allows individuals or entities to run a business under its brand name in various locations.
Benefits of Opening a Franchise with Lenskart:
- Increased Accessibility: This allows the company to maintain a consistent presence, thereby reaching customers quickly and efficiently.
- Boost in Sales and Profit: A franchise model enhances brand visibility, thus increasing sales and profitability.
- Promotion of Brand Awareness: Having multiple touchpoints across cities and towns boosts brand recognition.
Now, Lenskart is offering entrepreneurial individuals an opportunity to open a franchise in various cities. If you’re looking to start a profitable business, the Lenskart franchise could be a golden opportunity.
Advantages of Taking a Lenskart Franchise:
- Zero Stock Risk: Enjoy a hassle-free inventory management experience.
- Site Selection and Interior Furnishing: Lenskart provides guidance in choosing the right location and setting up the store.
- Personnel Recruitment: Benefit from the company’s resources in hiring the right team.
- Brand Support: Avail expertise and continuous support from brand experts to ensure your franchise thrives.
A Comprehensive Guide to Acquiring a Lenskart Franchise
In the dynamic world of business, the franchise model has emerged as a prominent way for budding entrepreneurs to start a venture. One such opportunity in the eyewear sector is the Lenskart franchise. If you’re contemplating investing in a Lenskart franchise, this guide is tailor-made for you.
Why Consider a Lens kart Franchise?
Franchise Business Model: The franchise business is perceived as a significant venture, especially when linked with reputable brands.
Prerequisites for Starting a Lenskart Store
1. Location for the Lenskart Store
- Importance of Location: For any offline business, the location plays a pivotal role. When you are planning to get a Lenskart franchise, it’s crucial to have ample space.
- Company’s Criteria: Lenskart typically offers a dealership if the store is set up in a crowded area. They prefer locations where there’s a higher likelihood of product sales. For a Lenskart store, you’ll need a showroom space of at least 500 square feet.
- Optimal Locations: For quicker approval, seek spots like main markets, intersections, or shopping malls. Remember, while the location is crucial, ensure that the rent is reasonable.
2. Necessary Documents for the Lenskart Franchise
If you’re looking to start a Lenskart store in India, it’s imperative to have certain documents handy:
- Aadhar Card, Voter ID Card, PAN Card
- Electricity Bill, Ration Card
- Recent Photographs
- Bank Account, Passbook
- All Property Documents (if you own the space)
- Lease Agreement (if rented)
- All NOCs (No Objection Certificate)
- A valid Mobile Number and Email ID
- Other Relevant Documents
How to Apply for a Lenskart Franchise?
For those eager to apply for the franchise, there are two primary methods:
- Direct Contact: Use the contact details provided by the company and express your interest in acquiring the franchise.
- Online Application: This is a more streamlined method. Here’s how you can do it:
- Visit the Official Lenskart Website: Scroll to the bottom and click on the ‘More About Lenskart.com’ option.
- Select ‘Be a Franchise’: This will lead you to an application form.
- Fill Out the Form: Provide details like Name, Email ID, Mobile Number, City, etc.
- Choose Your Store Type: Decide whether you want to start the store on your property or a rented space and select accordingly.
- Investment Capability: You’ll be asked if you can invest around 30 to 35 lakh rupees. If you can, select ‘Yes’, if not, choose ‘No’.
- Submit the Form: After filling in all the details, click on ‘Apply Now’.
The Ultimate Guide to Securing a Lenskart Franchise
Are you an aspiring entrepreneur looking to enter the eyewear industry? With the rapid growth of the Lenskart brand, acquiring its franchise might be a step in the right direction. Here’s a detailed guide to help you embark on this promising venture.
Post Submission of Lenskart Franchise Form
Once you’ve successfully submitted your Lenskart Franchise form, anticipation begins. However, patience is key:
- Company’s Response: After a few days, Lenskart representatives will contact you directly.
- Scheduled Meeting: The company will arrange a meeting to discuss the specifics and further procedures, provided all criteria are met.
Investment and Potential Profit in Lenskart Franchise
In any business, understanding the financial aspects – investments, potential returns, and profit margins – is paramount.
Lenskart Franchise Cost
The investment required for this kind of business largely depends on the chosen location.
- Variable Costs: The company can only provide a concrete investment figure once they have all the necessary details from your side.
- Own vs. Rented: If you don’t own the property, you might incur additional expenses. Starting a Lenskart store in a bustling area of any city might also entail higher rent.
- Estimated Investment: Based on experience and details from Lenskart’s official website, you might need to invest approximately 30 to 35 lakh rupees for the franchise.
- Loan Options: If you’re hesitant due to the investment size, consider loan options. Many banks provide business loans, and there are government schemes in India aimed at aiding budding entrepreneurs. Of course, the required documents will be essential for this.
Profit Margins
Lenskart, being a renowned brand, does promise appealing returns.
- Profit Expectations: You can anticipate a profit margin of up to 30%. The exact figures might vary based on several factors, including location, store management, and marketing strategies.
- Official Information: Currently, the company hasn’t divulged much about profit margins. If you’re keen on acquiring detailed insights, it’s advisable to directly contact the company.
Piyush Bansal: The Brain Behind Lenskart
In the world of eyewear, L-enskart stands as a testament to how innovative business models can disrupt traditional markets. Behind this success stands Piyush Bansal, a visionary leader who transformed the eyewear industry in India. Here’s a closer look at his journey.
Early Life and Education:
- Birthplace: Piyush Bansal was born in the metropolitan city of Delhi, India’s capital. Growing up in a bustling environment provided him with exposure to diverse cultures, business ideas, and the hustle-bustle of a metro city.
- Schooling in India: Piyush completed his initial schooling years in India. This foundation might have ingrained in him a deep understanding of the Indian consumer psyche, which would later become invaluable in shaping Lens karts business model.
- Higher Education in Canada: After his school years, Piyush decided to move abroad for his higher studies. He chose McGill University in Montreal, located in the Canadian province of Quebec.
- Specialization: At McGill University, he pursued a Bachelor of Engineering Honors in Electrical – IT, Control, and Automation. This intensive program spanned from 2002 to 2006. His education there might have equipped him with the technical knowledge and innovative mindset required to steer a tech-driven startup like Lens kart.
Why Piyush’s Background Matters:
Having a robust educational background, especially from a renowned international university, has its advantages:
- Global Exposure: Studying abroad gives you exposure to global business practices and thinking. It allows you to understand various markets and consumer behaviors.
- Technical Know-How: Piyush’s specialization in electrical engineering, IT, control, and automation gives him an edge when integrating technology into business, a factor evident in Lens karts operations.
Lenskart’s Piyush Bansal Buys Prime Property in South Delhi
Entrepreneurs and startup founders investing in real estate is not a new phenomenon. The recent purchase by Lens karts co-founder and CEO, Piyush Bansal, proves the trend is still on the rise.
Details of the Purchase
- Investment Amount: Piyush Bansal has secured a property in Delhi for a whopping 18 crores INR. This isn’t the first time a member of the Bansal family has made headlines with such a purchase. Previously, his sister had also invested a significant amount in Delhi’s real estate.
- Property Specifications:
- Location: The property is situated in Niti Bagh, South Delhi.
- Size and Section: Spread across 813 square yards, Bansal has acquired the basement and ground floor of this estate.
- Additional Costs: Apart from the primary property price, Piyush Bansal also paid 1.08 crores INR towards stamp duty and municipal tax.
Conclusion
In the ever-evolving landscape of Indian retail and e-commerce, few brands have managed to reshape an industry as Lens kart has with eyewear.
From understanding the grassroots challenges faced by consumers to innovatively employing technology and bridging the online-offline divide, Lens karts story is a testament to visionary entrepreneurship and commitment to customer-centric innovation.
Its journey, from its inception in the bustling lanes of New Delhi to achieving unicorn status, underscores the power of persistent innovation and customer engagement in modern business.
As we look ahead, Lens karts transformative impact on the Indian optical industry serves as an inspiration and a beacon for emerging startups, highlighting the potential of combining technology, insight, and a touch of audacity.
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