The Story of LensKart
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THE STORY OF LENSKART
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Lenskart.com was founded in November 2010 by Peyush Bansal. Lenskart raised its first round of funding from IDG Ventures India (IDGVI) in 2011. IDGVI invested around INR22 crore (US$3.6 million) in Valyoo Technologies, the parent company of Lenskart.com. In February 2013, Unilazer Ventures invested around Rs. 30 crores in their first ever e-commerce portfolio. Lenskart has used the funding to invest in expansion to smaller towns and cities, build offline franchisees and range development.[citation needed] It has 7 offline franchise owned stores under the brand name ‘Lenskart’ in Chandigarh, Pune, Agartala, Delhi and Goa. Lenskart plans to set up 100 retail stores across India to strengthen its offline presence http://en.wikipedia.org/wiki/Lenskart
Transcript of The Story of LensKart
THE STORY OF LENSKART
What is Lenskart?Lenskart is an e-commerce companyIndia’s leading online shopping portal for eyewearProducts range from a large selection of eyeglasses,
sunglasses and contact lenses Founded by Peyush Bansal in 2010, with the
headquarters in New Delhi, IndiaValyoo Technologies Pvt. Ltd. is the parent company of
LenskartDelivering their products to 450 cities across IndiaIn the last 3 years, Lenskart has seen a remarkable
growth with 300% increase in its turnover.Employee strength currently stands at 150.
Slogan – “Log on, Play on!”
The brain behind Lenskart..Peyush Bansal is the founder of
Lenskart. He obtained a degree in Bachelor of Engineering from
McGill University in Canada, after which he worked as a Program
Manager at Microsoft in America.A year later, he returned to India to
pursue his Post-Graduate diploma in Management for Executives from
IIM, Bangalore.In 2008, he set up Valyoo
Technologies with SearchMyCampus as the first
business portal.In 2010, Lenskart, a first of its kind online shopping portal for eyewear
came into existence.
A look back..
• In 2007, Peyush Bansal saw an opportunity in the reservations of students in India & developed searchmycampus.com. A classified site for students that went beyond accommodation to books, part-time jobs, carpool facilities and internship opportunities.
• Although searchmycampus.com was a hit, Bansal ventured into the e-commerce world. He launched Flyrr.com. An online shopping portal, based in the U.S, which exclusively sold eyewear.
All about Lenskart.. After the success of searchmycampus.com &
Flyrr.com, Bansal wanted to test the waters of the Indian e-commerce scenario.
In November 2010, Lenskart came into existence.
Initially, Lenskart started off by selling contact lenses only.
A couple of months later, eyeglasses were included and in March 2011 sunglasses were added.
Funding..Lenskart has so far secured two rounds of VC
funding.
Raised its first round of funding of INR 22 crore (U.S $3.6 million) from IDG Ventures India in 2011.
In February 2013, Unilazer Ventures invested INR 30 crores in their first e-commerce portfolio.
A look at Lenskart.com
Key features of Lenskart..Providing a platform where people can order from a huge
variety of sunglasses, eyeglasses and contact lenses.
Lenskart.com offers over 5,000 frames & glasses, and more than 45 kinds of high-quality lenses.
With an array of eyewear brands like Ray-Ban, Oakley, Tag Heuer, Fastrack, Johnson & Johnson, Bausch & Lomb etc.
Lenskart introduced a home eye check-up program in December 2013. This program is currently offered by Lenskart in 11 major cities in India.
Providing the best experienceNot age specific – Lenskart offers products that are
suitable for all age groups.
Provides a large selection of eyewear to choose from.Detailed descriptions and specifications of the
products on the website.Products are priced reasonably.
Offers discounts and attractive deals.Convenient payment options where one can choose to
pay online or opt for Cash-on-delivery (CoD).No questions asked return policy.
Providing the best experience (cont.)
The products at Lenskart go
through stringent quality checks to ensure that there are no
defects.
The lenses & frames are
brought together by the dexterous
fitting team.
After the eyewear are thoroughly
checked & fitted, they are packed carefully & then
shipped.
The challenges..“Who wants to buy contact lenses or glasses
online?” – one of the most frequently asked question.
Lenskart’s aim is to address the knowledge gap between the customers and their eyewear products. With that in mind, the online-offline divide will slowly disintegrate.
Moreover, the touch-and-feel segment is no longer a threat to e-commerce portals.
The challenges (cont.)..But many people are still reluctant to buy eyewear
products online. In order to address this, Lenskart has been offering various schemes/deals
to tackle the issue.
1. ‘First Frame Free’ – where customers will only have to pay for the lens on their first purchase.
2. ‘Try At Home’ – where customers can choose a maximum of 5 frames & try them at home before making a final purchase.
Lenskart goes offline.. Lenskart’s vision of providing clear vision to all Indians
has gone a step ahead now with the offline stores.
Lenskart has 23 stores today in different cities.
The stores are present in Delhi, Chandigarh, Pune, Mumbai, Bangalore, Mangalore, Nagpur, Goa, Ahmedabad, Vishakhapatnam, Hyderabad & Panaji.
Not restricting itself to the metros, Lenskart has opened the franchise stores small towns such as Agartala, Teensukia, Kolhapur & Sangli.
Lenskart goes offline.. Not like a conventional optical store.
With modern wooden structures & zero counters.
Clutter free display of eyewear.
Equipped with touch-screens to access the full collection on lenskart.com.
Free eye check-up by a trained optometrist.
By the end of 2014, Lenskart plans to set up 100 stores pan India.
Lenskart offline stores..
