Peyush Bansal, Founder, and CEO of Lenskart shares his success story

 Mr. Peyush Bansal is the founder and CEO of Lenskart and Youth Sensational Star, a company that is the largest eyewear manufacturer in India. Mr. Peyush Bansal is a visionary entrepreneur who helps solve the broader problem of Eyesight problem in India by starting small-scale start-ups and turning them into giants of the industry.

In order to buy eyewear, you first have to check your eyes again. Then you get the Glass Number, then you get the Eye Frame, then you check out the different types of wearing styles. Finally, you will receive your specs after 2 or 3 days. Lenkart's 3D technology and the advanced system have simplified the entire process, allowing for less waiting and cost-saving efficiency.

Startup Name	LensKart
Headquarters	Faridabad, Delhi NCR, India
Industry	Prescription Eyewear, E-Commerce
Founded	2010
Founders& CEO	CEO- Mr. Peyush Bansal and Founders: - Peyush Bansal, Sumeet Kapahi, Amit Chaudhary
Parent Company	Valyoo Technologies
Valuation	$ 3 Billion
Website	Lenskart.com

Who is the Blind Capital of the World?

The answer is India. Yes, India is the blind capital of the world and China and India together account for 49% of the world's total burden of blindness and vision impairment.

Today, one-third of India needs specs. When there is “need” the word Demand arises and when there is Demand the supply of goods arises. Peyush Bansal understood this concept and launched Lenskart in 2010 to solve the problem of blindness.

Table Of Content

1. Success Story Of Mr. Peyush Bansal from Microsoft to Lenskart.
2. Microsoft Internship Apply
3. Journey to Lenskart
4. Lenskart Struggles & Improvements.
5. Lenskart Investors
6. Lenskart Business Model

Success Story Of Mr. Peyush Bansal from Microsoft to Lenskart.

Peyush Bansal was born in New Delhi, India, on April 26, 1985. After studying at Don Bosco High School, he completed his studies at McGill University, Canada.

Mr. Peyush Bansal came from a Middle-class family and His family could not afford his Canada Education and expenses, But Peyush was also a hardworking person. So, he works part-time as a Receptionist in Canada and also completes his study. The place where he was working was close to a computer lab where college data files were created and software was coded.

When Peyush started showing interest in coding and communicating with a friend who worked in a computer lab, he was given a book of Visual Basic Plus+ for learning programming, so he started learning from that. He worked as a receptionist during the day and studied coding at night. After some time, he began programming and helping the Computer Lab staff, and soon he was promoted to Receptionist to the computer lab.

Microsoft Internship Apply

After several months, Peyush applied for Microsoft Internships and was rejected in the first interview, but he did not give up and prepared for the interview again and was selected. He was gone to Bill gates' house.

Also, he spent 1 year working under Microsoft Office in Seattle (a city in Washington, US). Basically, he understands that if you focus on customer problems rather than business (It means If you are solving Peoples Problem and improving your product then automatically your product was getting interested from customers, and you will start making a good profit.)

From This concept, he came back to India to solve the bigger problem and he don’t have any kind of business plan. So, when he came back to India, he spent 3 to 4 months converting a car garage into an office.

Journey to Lenskart

Lenskart was founded by Peyush Bansal in 2010 alongside Amit Chaudhary and Sumeet Kapahi. Mr. Peyush Bansal founded the parent company of Lenskart, the company Valyoo Technologies.

 In terms of Mr. Peyush Bansal's idea, there are many challenges, as society's perception at that time was that glasses were out of style or old-fashioned. So, he focuses on this problem to change society's Perception with different types of Specs Design.

The result of his hard work at first Lenskart was the sole E-commerce company, which later moved to become an Omnichannel Platform (meaning of Omnichannel platform: - A multichannel method to income that seeks to offer clients with an unbroken buying experience)

Mr. Peyush Bansal was focusing on the E-commerce business of Lenskart, not on the supply chains Business model. In his view, if he worked on a supply chain business model, the price of the product from the manufacturer to the retailer would increase by 2x-3x. For example, if you buy a pair of glasses through Lenskart directly, you will get them for Rs 1000 to 2000, but if the same product is supplied through a supply chain system, then you will be charged up to Rs 4000 to 5000.

Lenskart Struggles & Improvements.

Lenskart Faces lots of Struggles for getting billions of valuation. Initially, Lenskart faced the problem of limited stores because it operated in the Eyesight and Specs business. So, the company needs to open many stores where people can get their eyes checked.

Secondly, he focuses on improving his Application for Customers. As a result, he updated several things, such as 3D models, specifications, locating stores near people via an app, and instant customer service.

 He also hired Katrina Kaif as a brand ambassador to change the mindset of old fashion for Specs and glasses.

Lenskart Investors are: - Softbank owns about 20% of Lenskart, marquee angel investor Ronnie Screwvala, IFC, TPG Growth, International Finance Corporation, and Adveq Management.

Ratan Tata and Kris Gopalakrishna have also invested in Lenskart. In March 2018, Wipro chairman Azim Premji invested 4 crores in the group.

Currently, the company has a valuation of $3 billion.

Lenskart Business Model

Currently, LensKart offers more than 5000 different models of eyewear and offers a 14-day replacement policy. There are 900+ Stores available and it is in 120 cities in India.

Lenskart is currently pursuing an Omni-channel retail model. According to this business model, the business will provide both offline and online services. In this model, the primary objective of the business is to provide good customer service.

Because Lenskart is both an offline and online company, it provides a free eye check-up service for people in need. You can book an appointment in your mobile app and show up at the Lenskart store nearest to you for a free eye check-up.

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