Lenskart

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Lenskart is an Indian eyewear online portal founded by Peyush Bansal along with Amit Chaudhary and Sumeet Kapahi in November 2010.[1] The product range contains prescription eyeglasses, sunglasses and contact lenses.[2]

Lenskart has self owned and franchisee stores in various cities and towns of India.[3]

In January 2015, Lenskart raised Rs. 135 crore in fresh capital from its existing investor IDG Ventures India and new investors TPG Growth and TR Capital. Lenskart has received total of Rs. 200 crore in three rounds of fund raising.[4] The company’s net worth is estimated to be around Rs. 600 crore, US $100 million, as in January 2015.[5]

History

Peyush Bansal ,[6] Founder and Chief Executive Officer (CEO) of Valyoo Technologies, the parent company of Lenskart.com, formed Lenskart.com, a portal selling eyeglasses, sunglasses and contact lenses, along with co-founders Amit Chaudhary and Sumeet Kapahi.

Peyush Bansal worked as a Program Manager in Microsoft Corporation during 2007 in USA. He returned to India and commenced a campus classifieds portal SearchMyCampus in January 2008 with an initial funding of Rs. 25 lakh, which was later shutdown.[7] In June 2008, he founded Valyoo Technologies that launched Lenskart in November 2010. Peyush was one of the most searched businessmen of the year 2014.[8]

Valyoo Technologies had launched three portals Watchkart.com, Bagskart.com and Jewlskart.com in May2011, August 2011 and February 2012 respectively which were later shut down to focus on the eyewear industry in India.[9]

Latter, Lenskart has opened offline stores across India. By January 2015, Lenskart had 49 offline franchises in 29 cities and planned to enter the lens manufacturing business.[10]

Fund Raising

Lenskart raised around Rs. 200 crore in three rounds of funding by IDG Ventures India, UTV founder (Ronnie Screwvala) led Unilazer Ventures, TPG (TPG Capital) Growth and Hong Kong-based TR Capital. The portal’s value was evaluated to be around Rs. 600 crore, over US $100 million, in January 2015.[11] In October 2011, Valyoo Technologies received funding worth Rs. 22 crore, US $4 million, by IDG Ventures India.[12] IDGVI is a US $150 million leading technology venture capital fund in India.

In February 2013, the company announced that it has received Rs. 53 crore, US $10 million, by UTV founder Ronnie Screwvala led Unilazer Ventures along with existing investor IDG Ventures India. Unilazer Ventures took a double digit stake in Valyoo Technologies in lieu of the investment [13][14][15][16][17][18]

Offline Presence

Lenskart introduced its first franchisee store in Chandigarh on January 28, 2014.[19] The multi-brand eyewear seller had expanded its offline presence to 49 stores in 29 cities as of January 2015.[20][21][22] Lenskart has nine stores in Delhi-NCR, seven in Bengaluru and four in Goa.[23] Two Goa outlets (Margao and Vasco), one Pune and one Chandigargh store closed down in one year.

Key features

In December 2013, Lenskart introduced a home check-up program at a price of Rs. 100.[24] The program was modified to ‘Bike Eye Check-up’ service in September 2014.[25] The service enables an optometrist to go door-to-door on a customized bike to enhance consumer convenience. The bike is equipped with tools like pediavision, lensmeter, a set of trial frames and lenses for retinoscopy, a laptop and a selection of frames and sunglasses. Lenskart plans to set up a lens manufacturing plant in Okhla, Delhi, in 2015, expanding the business in the lens manufacturing vertical.

Revenue

Lenskart generated revenue of about Rs. 100 crore and registered a growth rate of 15% per month in 2014.[26][27] Lenskart’s 90% of revenue comes from mass-focused own brands like Vincent Chase and John Jacobs.[28] Lenskart receives around 9,30,746 unique visitors daily.[29]

Business Model

Lenskart follows an inventory-based business model. Respective teams select and stock goods in the Lenskart warehouse and put them on the portal.[30] The vendor manages logistics and delivery for all the brands, ranging from Ray-Ban to Tommy Hilfiger and FCUK, sold under the flagship Lenskart.

Recognition

Lenskart’s e-mail marketing campaign was included in the "honorable mention" in the "Create and Design - E-commerce" category at Marketing Sherpa Email Awards 2014 [31]

References

  1. "Ag Talk - Lenskart to tap newer markets & give a variety of options". ADgully. http://www.adgully.com/ag-talk-lenskart-to-tap-newer-markets-give-a-variety-of-options-60319.html. Retrieved 27 January 2015. 
  2. "Not just frames and glasses, order a home check-up at Lenskart.com". The Hindu Business Line. http://www.thehindubusinessline.com/companies/eyewear-selling-redefined/article5722888.ece. Retrieved 24 Feb 2014. 
  3. "Niche e-commerce players like Lenskart setting up physical stores to build brand awareness, trust". The Economic Times. http://articles.economictimes.indiatimes.com/2014-09-30/news/54475323_1_lenskart-firstcry-peyush-bansal. Retrieved 30 Sep 2014. 
  4. "Lenskart raises Rs 135 crore from consortium of investors". The Economic Times. http://articles.economictimes.indiatimes.com/2015-01-06/news/57748124_1_lenskart-tpg-growth-idg-ventures-india. Retrieved 6 Jan 2015. 
  5. "Lenskart raises $22M in Series C round from TPG, TR Capital, IDG; valued at $100M". VCC Circle. http://www.vccircle.com/news/technology/2015/01/02/lenskart-owner-raises-22m-series-c-round-tpg-tr-capital-idg-valued-100m. Retrieved 2 Jan 2015. 
  6. "Tailoring the perfect fit". THE SMART CEO. http://www.thesmartceo.in/magazine/special-features/tailoring-the-perfect-fit.html. Retrieved 1 Aug 2013. 
  7. "A website for students: How Peyush Bansal become a successful entrepreneur". The Economic Times. http://articles.economictimes.indiatimes.com/2012-01-30/news/31005842_1_business-plan-website-office-equipment. Retrieved 30 Jan 2012. 
  8. "Yahoo India 2014 trends: Most searched personalities, financial events, cricketers, movies & more". MediaNama. http://www.medianama.com/2014/12/223-yahoo-india-trends-2014/. Retrieved 9 Dec 2014. 
  9. "Lenskart's Peyush Bansal on new funding, why he shut down three other e-com sites & more". VCCIRCLE. http://www.vccircle.com/news/technology/2015/01/08/lenskarts-peyush-bansal-new-funding-why-he-shut-down-three-other-e-com. Retrieved 8 Jan 2015. 
  10. "Online’s offline overture". The Financial Express (India). http://www.financialexpress.com/article/industry/companies/onlines-offline-overture/17108/. Retrieved 5 Feb 2015. 
  11. "Lenskart raises $22M in Series C round from TPG, TR Capital, IDG; valued at $100M". VCCIRCLE. http://www.vccircle.com/news/technology/2015/01/02/lenskart-owner-raises-22m-series-c-round-tpg-tr-capital-idg-valued-100m. Retrieved 2 Jan 2015. 
  12. "IDG Ventures India invests $ 4 million in Valyoo Technologies, the owner of Lenskart.Com". IDG INDIA. http://www.idgvcindia.com/html/pr_31102011_valyoo.html. Retrieved 31 Oct 2011. 
  13. "Lenskart Raises Rs 135 Crore As Fresh Capital". BUSINESS INSIDER. http://www.businessinsider.in/LenskartRaises-Rs-135-Crore-As-Fresh-Capital/articleshow/45790750.cms. Retrieved 7 Jan 2015. 
  14. "Lenskart raises Rs 135 cr from TPG Growth, TR Capital". Business Standard. http://www.business-standard.com/article/pti-stories/lenskart-raises-rs-135-crore-from-consortium-of-investors-115010600386_1.html. Retrieved 7 Jan 2015. 
  15. "Lenskart raises Rs.135 cr from consortium". The Hindu. http://www.thehindu.com/todays-paper/tp-business/lenskart-raises-rs135-cr-from-consortium/article6761678.ece. Retrieved 7 Jan 2015. 
  16. "Lenskart raises Rs 135 crore from consortium of investors". The Economic Times. http://articles.economictimes.indiatimes.com/2015-01-06/news/57748124_1_lenskart-tpg-growth-idg-ventures-india. Retrieved 6 Jan 2015. 
  17. "Lenskart raises Rs. 135 cr from consortium of investors". The Hindu Business Line. http://www.thehindubusinessline.com/features/smartbuy/tech-news/lenskart-raises-rs-135-cr-%20from-consortium-of-investors/article6760053.ece. Retrieved 6 Jan 2015. 
  18. "Lenskart raises Rs135 crore in fresh capital". Live Mint. http://www.livemint.com/Companies/tbTiaAM95bR2fXpGx4dqUM/Lenskart-raises-Rs135-crore-in-fresh-capital.html. Retrieved 6 Jan 2015. 
  19. "Lenskart expands its first franchise store in Chandigarh". FRANCHISE MART. http://www.franchisemart.in/franchise/lenskart-expands-first-franchise-store-chandigarh/. Retrieved 28 Jan 2014. 
  20. "Lenskart.com adds another outlet down South". FRANCHISE INDIA. http://news.franchiseindia.com/Lenskart-com-adds-another-outlet-down-South-5620/#.VHVeT9KUe-0. Retrieved 25 Nov 2014. 
  21. "Lenskart opens a franchise store in Vizag". Fashion United. http://www.fashionunited.in/news/apparel/lenskart-opens-a-franchise-store-in-vizag-010920147483. Retrieved 1 Sep 2014. 
  22. "Lenskart.com opens new store in Vizag". FRANCHISE INDIA. http://news.franchiseindia.com/Lenskart-com-opens-new-store-in-Vizag-5526/#.U-m9Z-OSy-1. Retrieved 11 Aug 2014. 
  23. "Lenskart.com - Local Store page". Lenskart. http://www.lenskart.com/store_locator. 
  24. "Taking experience to next level: Lenskart.com introduces the ‘Home eye check-up’ program". ET Retail.com. http://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/taking-experience-to-next-level-lenskart-com-introduces-the-home-eye-check-up-program/27123102. Retrieved 9 Dec 2013. 
  25. "Lenskart.com launches bike eye check-up service giving access to tests at doorstep". PHARMABIZ.com. http://www.pharmabiz.com/NewsDetails.aspx?aid=84261&sid=2. Retrieved 25 Sep 2014. 
  26. "Lenskart Raises Rs 135 Crore As Fresh Capital". BUSINESS INSIDER. http://www.businessinsider.in/LenskartRaises-Rs-135-Crore-As-Fresh-Capital/articleshow/45790750.cms. Retrieved 7 Jan 2015. 
  27. "LensKart sells 1,000 spectacles a day compared with 20 a day two years ago: Peyush Bansal of Valyoo Technologies". TECH CIRCLE. http://techcircle.vccircle.com/2014/03/20/lenskart-sells-1000-spectacles-a-day-compared-with-20-a-day-two-years-ago-peyush-bansal-of-valyoo-technologies-2/. Retrieved 20 March 2014. 
  28. "Lenskart.com Has Set Sights on $10 Bn Market". Forbes India. http://forbesindia.com/article/big-bet/lenskart.com-has-set-sights-on-$10-bn-market/37297/1. Retrieved 6 March 2014. 
  29. "lenskart.com snoop summary". w3snoop. http://lenskart.com.w3snoop.com/. 
  30. "LensKart sells 1,000 spectacles a day compared with 20 a day two years ago: Peyush Bansal of Valyoo Technologies". TECH CIRCLE. http://techcircle.vccircle.com/2014/03/20/lenskart-sells-1000-spectacles-a-day-compared-with-20-a-day-two-years-ago-peyush-bansal-of-valyoo-technologies-2/. Retrieved 20 March 2014. 
  31. "Lenskart's Email Marketing Campaign Powered by netCORE Gets Recognized at MarketingSherpa Email Awards 2014". Bloomberg Business. http://www.bloomberg.com/article/2013-11-12/aXAHwGs.4h.M.html. Retrieved 12 Nov 2013. 

External links