Lenskart - Journey Of Revolutionizing India’s Eyewear Market
Do you know currently, around 50% of the world’s population wears glasses, and in India, almost 1/3rd of the population needs to wear glasses? Surprising, but true. But in our country, out of the 1/3rd population, only 25% of the population wears glasses. The eyewear industry in India is one of the most unorganized sectors. But, in recent years, the eyewear industry has seen exponential growth due to the emergence of various startups to transform it. The industry has encountered 30% growth yearly in the past few years.
Whenever there is a discussion about eyewear, or anyone is planning to buy glasses, then Lenskart is the first word that comes to mind. Lenskart has revolutionized India’s eyewear industry by introducing various innovative services that have simplified customer’s approaches to purchasing eyewear.
Lenskart India - Transforming The Way We Purchase Glasses
\In 2010, an ex-Microsoft Techie named Peyush Bansal, along with Amit Chaudhary and Sumeet Kapahi came up with an idea to transform the eyewear market of India. Lenskart’s parent company Valyoo Technologies was founded by Peyush when he pursued his post-graduation in management in IIM Bangalore. Since then, Lenskart has been considered one of the best choices for eyewear products. Now, Lenskart is experiencing traffic of over 1,00,000 customers a month on its official website.
Increasing The Manpower To Provide The Best
Recently, Lenskart has stated that it will be hiring over 2000 employees across India by 2022 to strengthen its workforce. The company is also planning to expand its teams internationally in Singapore, Middle East, and the US by hiring around 300 employees. The hiring process in Lenskart is diversified as the company is hiring employees for multiple fields. It is hiring data scientists, business analysts, data engineers, and experts to strengthen its technology and data science team.
Lenskart is also planning to increase its workforce to manage its stores across Bangalore, NCR, and Hyderabad. It will also hire over 300 employees to join the manufacturing operations and 100 employees for corporate functions, human resources, and merchandising. Lenskart plans to outperform its competitors and gain a stronghold in the eyewear market with all these hirings.
Achievements That Define Lenskart’s Reputation
Over the years, Lenskart has introduced various technologies that have attracted customers. Today, the company is offering over 5000 styles of frames and 45 different types of high-quality lenses. It has hired designers and stylists to design the frames according to the latest trend. Initially, Lenskart was started as an online eCommerce store for eyewear products. But after its offline entry, it has expanded its presence in over 30 cities with 550+ stores across India.
Lenskart has attracted various high-profile investors like Ratan Tata, Kedaara Capitals, TPG Growth, etc. This year, in July, Lenskart raised $220 million in funding from Temasek Holdings and Falcon Edge Capital, making its brand valuation at a staggering amount of $2.5 billion. The company serves more than 7 million customers yearly in India and other international markets like Singapore and the Middle East through its omnichannel shopping experience.
Future Planning
Lenskart has planned to raise more funds to improve the user experience and expand its reach to more customers. Since its inception, the company has faced various competitors like Titan Eyeplus, Coolwinks, Specsmakers, and Lensbazaar. It is also the only brand to introduce robotics in this industry. It imports machines from Germany to ensure perfection. And with this, Lenskart is aiming to increase the integration of automation and robotics into its manufacturing unit.