Business Model of Lenskart

Present By :Vijay Mirgule 62Sagar Nagrani 68Mayuri Prabhulkar 86

“Log on, Play on”!

Introduction

Lenskart is the online shopping portals for eyewear

Founded in 2010

Founder of Lenskart - Peyush Bansal Other Co-Founders include: Amit Chaudhary And Sumeet Kapahi

Headquarter - Delhi

Product ranges includes regular eye wear, sunglasses, power sunglasses, sport wear trendy eye wear and contact lens

Company has also introduced franchise model

Lenskart today offers more than 10,000 different styles of eyewear to fit all pocket sizes

Use of ‘robotic technique’ to make the product with 0.00 degree power error

Lenskart uses 100 latest machines imported from a US

They hold products from some of the best makers in the world, including – Rayban, Johnson & Johnson, Sprint, Fastrack, Oakley, Vintage, Ciba Vision, and Cooper Vision etc.

History Peyush, engineer plus IIM graduate, setup his first company called ‘VALYOO TECHNOLOGIES’ in 2008

Under Valyoo, launch of first business portal – ‘SEARCHMYCAMPUS.COM’

US based shopping portal for eyewear ‘FLYRR.COM’

Launch of Lenskart.com for Indian market

Business Model of Lenskart

Innovative Features include –

First frame free

Exchange old frame for new

Virtual try-on

Try-at-home

Doctor locator

Home Eye-check up

Franchise model for optometrists

Buying guide

Multi-brand eyewear seller has also expanded its reach via the offline medium

Today, has over 100 stores across more than 66 cities in the country with delivery in over 100 cities, including tier 2 and tier 3 cities

Uniqueness of Lenskart – No segmentation i.e. it does not target any market segment or age group in specific

Lenskart has partnered with a range of third party logistics partners to deliver in various cities across India

How do they make money?

Giving freebies to attract customers.

Product: Good blend of frames & glasses.

Service: Provide home eye check-up.

Diversity of products and services.

Social Media interactions and 24X7 helpline service.

Effective delivery mechanism.

Convenient payment options.

Business Model characteristics

Business Strategies And Models

Discounting strategy

Fashion-driven model

Inventory based model

Franchise model

A Look at Lenskart.com

Marketing Strategies

Online campaigns – To create a branding of Lenskart Lenskart revamp hashtag

Email marketing campaign - to increase engagement with its customers and to gain their trust and confidence

Television advertisements - To promote their brand to a wider audience

Growth profits and ROI

Starting with selling 10-20 spectacles a day, today the company has grown to make a sale of more than 5000 spectacles daily.

The company receives about 45,000+ visitors every day

Average spending is about Rs.1000

Achieved massive growth by more than 200 percent

Company is now valued more than $100 million

company has completed three rounds of funding which include – $22 million in January 2015.

$10 million in February 2013 and $4 million in October 2011

Investors including – IDG Ventures, Ronnie Screwvala -led Unilazer Ventures and TPG Growth & TR Capital.

Recent News

Facility to book eye specialists for home visits for app users.

Real time orders can be tracked

Development of own eye testing equipment which is unbreakable, water proof case that allows the Lenskart optician to travel whatever be the weather conditions

Lenskart is ramping up its Faridabad manufacturing unit by getting robots to do the job.

Lenskart Initiative – One For One

Unique programme initiated by Lenskart where for every pair of eyeglass sell, company provide a pair to someone in need.

Thank You