INTRODUCTION

Lenskart is an e-commerce company

India’s leading online shopping portal for eyewear
Products range from a large selection of
eyeglasses, sunglasses and contact lenses
Founded by Peyush Bansal in 2010, with the
headquarters in New Delhi, India
Valyoo Technologies Pvt. Ltd. is the parent
company
of Lenskart
Delivering their products to 450 cities across
India
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.

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.-

BUSINESS MODEL OF LENSKART

 
Lenskart’s offerings included a range of
eyewear options such as spectacles,
contact lenses, and sunglasses for both
 men and women. It offered glasses in
three sizes – small, medium, and large –
and a one-year warranty on all of them. It
had more than 3,000 different styles of
eyewear to fit different price ranges.
Apart from its in-house brands, its
collection included reputed eye wear
brands such as Ray-ban, Bausch + Lomb ,
TAG Heuer S.A. , etc.

Though Lenskart sold other eyewear

brands, around 90% of its revenues were
derived from its own brands. The price of
Lenskart products ranged from Rs. 1,000
to Rs. 20,000.
 
MARKETING STRATEGY OF LENSKART
Lenskart chose different strategies to market its products to
customers. What made the company distinctive was that it did not
target any market segment or age group in particular, but designed its
products in common for all the customers.

Competition Analysis: 
Lenskart faces competition from both offline and online players. Some of its main
competitors are GKB Opticals, Coolwinks, Specsmakers, Deals4Opticals, Lensbazaar,
Vision Express, and Titan Eyeplus. Lenskart also faces competition from e-commerce
giants such as Amazon, Flipkart, PayTM, etc. who also offer eyewear online. 

Lenskart Funding and Valuation

Lenskart funding has been done by 12 investors that include PremjiInvest, Kedaara
Capital, Chiratae Ventures, TPG Growth, Ratan Tata of Tata Sons, Rajeev Chitrabhanu,
Adveq, Eqip Capital, IFC Venture Capital Group, etc. It has managed to raise a sum of
$459.6 million in over 9 funding rounds.

In December 2019, Lenskart raised $275 million from SoftBank Vision Fund after which
it reached a valuation of $1.5 Billion and had generated a revenue of Rs. 486.26 crore in
2019.

MARKETING PRACTICES
2.1 Online + Offline presence
2.2 Introduction of inhouse spectacles manufacturing
2.3 Google ads
2.4 Ads of all kinds
2.5 Website SEO
2.6 High-quality product
2.7 Association with premium brands
2.8 Celebrity Endorecement
2.9 Franchise model for Offline Stores
2.10 Following D2C approach

TARGET Audience of lenskart

he brand's core target audience is male and female, 24-32, SEC A. New TVC by Lenskart -
#howdoilookThis is the first time that the brand has roped in a celebrity to promote itself. We
asked Peyush Bansal, founder and CEO, Lenskart.com the reason behind getting a celeb to
promote the brand.

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.
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.