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We've all seen Karan Johar and Kiara Advani don glasses as they say, 'glasses badlo vibe badlo' (change your glasses, change your vibe) for Lenskart's campaign. In 2010, a passionate techie with big dreams and limited funds set out to solve a major problem in India: access to affordable, high-quality eyewear. Peyush Bansal, an ex-Microsoft employee, co-founded Lenskart alongside Amit Chaudhary and Sumeet Kapahi. The trio launched the company with a mission to revolutionise the eyewear industry in India, where a large portion of the population struggles with vision issues but lacks access to corrective lenses.
Fast-forward to today: Lenskart is India’s fastest-growing eyewear brand, having become a unicorn in November 2024, with a valuation of $5.6 billion. The company offers a combination of online and offline services that have disrupted an unorganised sector and transformed the way Indians shop for eyewear.
A Game-Changer in the Eyewear Industry
Lenskart's story is built on one key insight: one-third of India's population needs glasses, but not everyone has access to them. This widespread issue, coupled with the country’s shortage of optometrists, highlighted a massive opportunity in the eyewear market. India has 15 million blind people, and 75% of these cases are avoidable with access to proper eyewear and care.
By cutting out the middleman and building its own high-quality manufacturing unit, Lenskart could offer customers top-notch eyewear at a fraction of the cost. The company uses state-of-the-art robotic lens manufacturing to ensure precision down to three decimal places, guaranteeing high-quality products. This innovation allowed them to grow rapidly, expanding from serving just 30 customers per day in the early days to over 30,000 today.
The Vision: A World with Clearer Vision
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Lenskart’s vision goes beyond selling glasses. The company wants to help eliminate avoidable blindness in India by providing affordable, high-quality eyewear and free eye check-ups through its pioneering Home Eye Check-up service. With more than 1,400 retail stores and the ability to reach customers through its website, Lenskart is addressing the country’s eyewear shortage and aiming to serve even the remotest corners of India.
They also offer a unique 'Try Frames at Home' service, allowing customers to try on their frames before making a purchase. This ensures a seamless, risk-free shopping experience. The company fared exceptionally well during the pandemic, when people avoided eyewear stores. This commitment to customer satisfaction and innovation has resulted in tremendous growth and support from the public.
Business Model and Revenue
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Lenskart operates using a Direct-to-Consumer (D2C) model, bypassing traditional retailers and wholesalers. This allows them to maintain better control over their inventory and supply chain while also offering competitive prices. With over 5,000 eyewear styles and 45 types of lenses, Lenskart’s business model ensures that there is something for everyone, regardless of style, budget, or prescription needs.
Their revenue streams include:
- Eyewear Sales: Prescription glasses, sunglasses, and contact lenses.
- Accessories: Eyeglass cases, lens wipes, cleaning solutions, and more.
- Franchise Fees: Income from partnering optical stores under the Lenskart brand.
The Tech-Savvy Edge: How Lenskart Stands Out
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Lenskart has always embraced technology to enhance its customers’ shopping experiences. One of their most innovative features is the 3D try-on service, which allows customers to virtually try on glasses before buying them online. This cutting-edge technology makes the eyewear shopping process more enjoyable and efficient, giving customers the confidence to purchase online without the need for a physical store visit.
Additionally, Lenskart uses robotic technology to manufacture their lenses with exceptional accuracy, ensuring that every pair of glasses meets stringent quality standards. This focus on quality, paired with their wide variety of styles, has helped Lenskart build a loyal customer base that appreciates both affordability and fashion.
Lenskart’s Competitive Edge
Despite competition from both online and offline players, such as GKB Opticals, Titan Eyeplus, and even e-commerce giants like Amazon, Lenskart has managed to carve out a dominant position in the market. The company controls 70% of the organised eyewear market, which represents just 10% of the overall eyewear industry in India.
To stand out, Lenskart continually adapts its marketing strategy to cater to different customer segments. It offers eyewear at a wide range of prices—from as low as Rs. 345 to as high as Rs. 30,000—ensuring accessibility for both budget-conscious consumers and those looking for luxury eyewear. Lenskart has also collaborated with prominent figures like Bhuvan Bam to promote its brand.
Journey to Unicorn Status
Lenskart's journey to becoming a unicorn has been marked by significant investments and strategic funding. The company raised $275 million from SoftBank in 2019, pushing its valuation to $4.5 billion, and it has since raised a total of $1.6 billion from investors such as PremjiInvest, Kedaara Capital, and Tata Sons.
Despite stiff competition and challenges, Lenskart’s omnichannel approach, combining online and offline retail, has proven successful in building trust and expanding its reach. With over 2,000 stores across India and a growing presence in international markets, Lenskart continues to scale and innovate.
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The Road Ahead: Expanding Access to Eyewear
Looking ahead, Lenskart aims to expand further by targeting smaller cities and rural areas with the Lenskart Lite model, a low-cost franchise system. They also introduced Aqualens, a daily disposable contact lens product designed to be affordable and easy to use, thus catering to the needs of the masses.
The company’s long-term vision is to become the ‘Maruti Suzuki’ of the eyewear industry, revolutionising access to eyewear for millions across India and beyond. What began as a small e-commerce platform has now become a billion-dollar company that’s changing the way India views eyewear—both literally and figuratively. With its relentless pursuit of quality, affordability, and customer satisfaction, Lenskart is poised to continue leading the charge in India’s eyewear revolution.