Changing the Lens: How Lenskart Made Eyewear a Fashion Statement

In 2010, Peyush Bansal, a young engineer with a degree from McGill University and experience at Microsoft, found himself back in India, searching for a meaningful problem to solve. He noticed a striking gap in the Indian eyewear market: millions needed glasses, but quality eyewear was either too expensive or simply out of reach for most people.This personal observation became the spark that would ignite Lenskart.

Peyush teamed up with Amit Chaudhary and Sumeet Kapahi, and together, they founded Lenskart under the parent company Valyoo Technologies. Their mission was simple yet ambitious: make eyewear accessible and affordable for every Indian.. The trio started selling contact lenses online—but quickly expanded to prescription glasses and sunglasses, realizing that the need was much greater than they had first imagined.

The Indian eyewear market at the time was chaotic and fragmented, dominated by small opticians with inconsistent pricing and limited options. Shopping for glasses was a tedious process, often requiring visits to multiple stores, and there was little innovation in customer experience. Lenskart set out to change this by leveraging technology: they introduced a user-friendly online platform, later adding features like AI-powered virtual try-ons and home eye check-up services, making the process not only convenient but also trustworthy for customers wary of buying eyewear online.

As Lenskart grew, they realized the importance of an omnichannel approach. They began opening physical stores, blending the ease of online shopping with the assurance of in-person service. This strategy paid off Lenskart now operates over 2,000 stores across India and has expanded internationally.

Their journey wasn’t without challenges. Convincing Indians to buy glasses online was tough, and building a robust supply chain required relentless innovation. But by manufacturing their own eyewear and cutting out middlemen, Lenskart managed to offer high-quality products at prices previously unheard of in the market.

Today, Lenskart stands as a unicorn valued at over $1.5 billion by 2019 and is recognized as a pioneer that transformed an unorganized sector into a tech-driven, customer-focused industry giant. The story of Lenskart is ultimately a tale of vision, grit, and the relentless pursuit of making a real difference one pair of glasses at a time.

Insights

Technology as a Game-Changer: Lenskart’s use of technology AI-driven virtual try-ons, data analytics, and home eye check-ups—transformed the eyewear buying experience from a tedious, offline process to a seamless, personalized journey. This digital-first approach set them apart from traditional optical retailers and built strong customer engagement.

Omnichannel Retail: Realizing that Indian consumers valued the ability to try before they buy, Lenskart blended online convenience with offline assurance by opening physical stores. This omnichannel approach not only addressed consumer skepticism but also expanded their reach across India and into international markets.

Direct-to-Consumer Model: By manufacturing its own eyewear and cutting out middlemen, Lenskart ensured quality control and cost efficiency, making quality eyewear affordable and accessible for millions.

Challenges Faced

Consumer Skepticism: Convincing Indians to buy eyewear online was a major hurdle. Eyewear shopping had always been a tactile, in-person experience, and customers were wary of purchasing something as personal as glasses without trying them on.

Building Trust: Overcoming trust issues required innovation—Lenskart introduced AI-powered virtual try-ons, home eye check-ups, and easy return policies to reassure customers and build credibility.

Supply Chain & Scale: Creating a robust, vertically integrated supply chain from scratch was complex. Lenskart invested in robotic manufacturing and logistics to maintain quality and scale rapidly.

Aggressive Expansion: Balancing rapid growth with sustainable operations was a constant challenge, especially as they moved into new markets and opened hundreds of stores.

Lessons Learned

Customer-Centricity is Key: Lenskart’s focus on convenience, affordability, and after-sales service built long-term trust and loyalty. Seamless service and transparent policies are crucial for brand credibility.

Technology Drives Differentiation: Continuous investment in technology—AI, robotics, data analytics—kept Lenskart ahead of competitors and enhanced the customer experience.

Sustainable Scaling: Raising capital is important, but sustainable, strategic use of funds matters more. Lenskart’s growth was fueled by major investors, but it prioritized long-term stability over unchecked expansion.

Brand Building Beyond Product: Lenskart’s marketing made eyewear fashionable, not just functional, using influencer partnerships and digital campaigns to change consumer perception and build a strong, recognizable brand.

Adaptability: The willingness to pivot from online-only to omnichannel, and to continuously innovate based on consumer feedback, was crucial to Lenskart’s success.

Lenskart’s journey shows that disrupting a traditional industry requires a blend of technology, customer focus, and adaptability and that building trust is as important as building a great product.

So far till 2025:

Public Company Transition & IPO Plans: Lenskart transitioned from a private to a public limited company in May 2025, a necessary step ahead of its highly anticipated IPO. The company is preparing to file its Draft Red Herring Prospectus (DRHP) publicly in July 2025, targeting a $1 billion IPO at a $10 billion valuation.

Financial Performance: Lenskart has demonstrated strong financial health, reducing its net loss by 84% in FY24 to ₹10 crore and increasing operating revenue by 43% year-on-year to ₹5,427.7 crore.. The company’s profitability and growth have attracted major investors, with over $1 billion raised in the last 18 months and a secondary investment of $200 million from Temasek and Fidelity.

Global Expansion: Lenskart operates over 2,500 stores and serves more than 20 million customers across India, the UAE, Singapore, and Japan, with aggressive expansion in Southeast Asia and the US.

Innovation & Investment: The company continues to invest in technology and innovation, such as its recent investment in Ajna Lens, a deeptech startup developing AI-powered glasses.

Future Plans:

IPO Launch: Lenskart is set to file its DRHP in July 2025, opting for a full public filing to emphasize transparency. The IPO, expected to raise $1 billion at a $10 billion valuation, is poised to be one of India’s largest consumer tech listings and a benchmark for other startups.

Stake Buyback: Founder Peyush Bansal plans to buy back a 1.5–2% stake (worth around $150 million) from existing investors prior to the IPO, signaling confidence in the company’s future.

Continued International Growth: Lenskart aims to further scale operations in key global markets, including Singapore, Dubai, the US, and Southeast Asia.

Strengthening Technology Leadership: The company is expected to deepen its investments in AI, robotics, and smart eyewear, as seen with its recent partnership with Ajna Lens, to maintain its competitive edge and drive future growth.

Market Leadership & Brand Building: Lenskart will continue leveraging its omnichannel model and direct-to-consumer strategy to consolidate its leadership in the eyewear market, both in India and abroad.

Lenskart’s journey so far reflects a blend of robust financial management, aggressive expansion, and technological innovation, with its upcoming IPO and international ambitions set to define its next growth phase.

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Changing the Lens: How Lenskart Made Eyewear a Fashion Statement

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