Lenskart Business Case Study

Includes the complete journey of Lenskart along with its current status in the market and business model canvas.

1. Case Study
By
Ishita Mishra

2. Introduction
With the vision of revolutionizing the eye wear
industry in India, Lenskart aims to provide every
Indian an access to high-quality designer glasses
without shelling out their pocket.
Currently it has a market of 1,00,000 customers each
month due to its phenomenal quality products at
affordable ranges, to be precise, from Rs. 340 to Rs.
30,000, with 5000 varieties which, as quoted, is 5
times of any other Indian optical retailer.
By providing a 14-day return policy, 1 year warranty
and authentication card with every product,
company keeps a sharp eye on its services and
customer relations. 2

3. Index
oOrigination
oChallenges
oOvercoming
oInvestment
oCurrent Status
oRivalry
oMarket position
oGrowth Drivers
oBusiness Canvas Model
oPublic Relations
oReferences
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4. Origination
•Peeyush Bansal is a McGill University, BE-IT
graduate.
•While engaged in PG program, he witnessed the issue
of India being the blind capital of the world.
•During his IIM days he founded VALYOO technologies
with ‘SearchMyCampus’ as the first business portal in
2007.
•Aim-adding “valyoo” to the users’ lives eliminating
retailers.
•‘SearchMyCampus’-a big hit but greed to exploretook
him to recognize the ignored field by e-commerce
world-the eyewear segment.
•Launched flyer.com focusing on the eyewear market of
the US, gained good traction.
•November 2010 and the rest is history.
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5. Challenges
•Providing in store experience.
•Unlimited frame trials.
•Propose a fashion brand, not just a utilitarian one.
•Developing “universal commerce” approach.
•Design a mobile e-commerce site that would help in
better conversion and work seamlessly with Lenskart’s
offline stores and processes.
•Establishing an identity in the Indian market where
customers depends upon practicality of the product.
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6. Overcoming
The “Omni channel” strategy
An approach that provides customers with fully
integrated shopping experience, from bricks and
walls to online browsing and digitalization.
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7. Investment
•Raised 4 million Dollars in the first round of funding
in 2011 from IDG.
•2013, raised 10 million dollars from Ronnie
Screwvala-led UnilazerVentures Pvt. Ltd.
•March 2018,Azim Premjiinvested 400cr in the group
taking the valuation of the company to 3000Crore.
•In 2018 the company became profitable (EBITDA).
•Valuation of $1.5 billion by Dec 2019 after Softbank’s
investment of ~$275 million.
•In 2020 Lenskart generated total revenue of Rs.1000
cr.
•Financial backers of Lenskart includeTPG
Growth,International Finance Corpand Adveq
Management.
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8. Current status
•As of September 2019, Lenskart had over 70 stores in
cities of India.
•Its manufacturing facility in Delhi manufactures
300,000 glasses a month.
•In competition with RayBan, Essilor, Amazon,
Flipkart Paytm Mall, Snapdeal, etc… which sell eye
wear and impact this business directly.
•With a market size of Rs. 18000-20000 , crore,
organized players account for barely 9-10% of the
market.
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9. Rivals
Property GKB
Opticals
CoolwinksSpecsmake
rs
Titan Eye
plus
Headquart
ers
Kolkata Gurugram
, Haryana
Chennai,
Tamil
Nadu
N/A
Launch 1959 2006 2007 2007
Offline
stores
70 N/A 500 550
Customers10,00,00030,00,000 - -
Eye test yes yes Yes Yes
Frame
testing
Home N/A N/A N/A
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10. 10

11. Growth
Drivers
•First frame free
•Exchange of frames
•Virtual try on
•Home trials
•Doctor locator
•Eye check up at home
•3-D Facial visualizer
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12. 12

13. Public Relation
•In October 2017, Lenskart's first brand ambassador
wasKatrina Kaif
•In March 2019, the company hiredBhuvan Bamas their
first male brand ambassador.
•Ratan TataandS Gopalakrishnanhave also invested.
•Lenskart appoints Avian Media for their PR mandate.
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14. References
•https://www.lenskart.com/about-us.html
•https://www.trustpilot.com/review/lenskart.com
•https://redd.in/casestudy/Lenskart-casestudy-v2.pdf
•https://en.wikipedia.org/wiki/Lenskart
•https://www.whizsky.com/2017/09/case-study-
lenskart-marketing-strategies-fastest-growing-
eyewear-brand/
•https://www.adgully.com/lenskart-appoints-avian-
media-for-their-pr-mandate-63085.html
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15. Please clear your queries!
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