Lenskart is India’s one of the biggest eyewear company. It was founded in 2010 by Peyush Bansal. Lenskart is India’s first eyewear online portal that offers an excellent service of providing eye glasses and lenses. After becoming the number one online store for eyewear in India Lenskart has also started offline stores throughout the country.
Founder of Lenskart:
Peyush Bansal is the founder and CEO of Lenskart. He was born on 26 April 1985, and went to McGill University, for graduation in the branch of Electrical – IT, Control & Automation. After that, he did his post graduate diploma in entrepreneurship at IIM Bangalore. After his studies, he went to the USA and worked for Microsoft Corporation as a Program Manager. He worked there for one year and came back to India to pursue his dream of becoming an entrepreneur.
After returning to India he began his journey as an entrepreneur and started an online classified business with a website called searchmycampus targeted to college students. While this business was going well Peyush conceived an idea of selling specs online in India.
Lenskart also operates in countries like Australia, US, UK and many other countries.
Objective:
- The main objective of Lenskart is to providing high-quality eyewear to millions of Indians at affordable prices, giving free eye check ups at home and by extending our services to the remote corners of India.
- To change people’s mindset and get them to accept online store as an alternative way of purchasing.
Initial Challenges:
The biggest challenge that Lenskart faced was to persuade the customers to rely on online store as an alternative way of purchasing. The company needed to change the pre-set traditional mindset of people and instill confidence in them that they sell quality eyewear products at prices better than their brick-and-mortar counterparts.
Investors:
The company raised 4 million Dollars in the first round of funding in 2011 from IDG. Then in 2013 company raised 10 million dollars from Ronnie Screwvala-led Unilazer Ventures Pvt. Ltd.
In the third series of funding in 2015 Lenskart had raised 22 million dollars from TPG Growth. Hong Kong-based TR Capital and existing investor IDG Ventures. In the last round of investment company raised Rs.400 crore from World Bank arm IFC, Ratan Tata, and Infosys co-founder Kris Gopalakrishnan, the firm said in a press release.
Marketing Strategies:
The main objective of Lenskart’s marketing strategy was to change people’s mindset and get them to accept online store as an alternative way of purchasing and in order to do that Lenskart increase customer engagement and gain their trust and confidence. Lenkart first targeted those people who had subscribed with Lenskart.com but had not transacted. These subscribers had shown interest in the product but lacked trust in the brand to step forward to purchase.
Establishing Communication: Lenskart adopted an innovative approach to take customers in conversation with Lenskart via emails throughout the buying cycle. Unlike the traditional way of communication where customers were just informed about the status of their order, the company adopted the base of the full duplex model where customers were able to share views, express their thoughts in the process and be virtually engaged. By giving importance to customer experiences and engaging in open communication, the brand becomes more human and builds trust.
Lenkart is providing 5000 styles of eyewear to choose from and gives free home delivery with 14 days replacement guarantee. From sunglasses to reading glasses to contact lenses, Lenskart makes everything in eyewear categories. Now with chain of offline stores, Lenkart has acquired both online and offline market of eye wears.
