The surname Bansal is well-known in the Indian e-commerce horizon as they own three of the largest e-commerce portals of India namely Flipkart, Snapdeal and Myntra. But many must be unaware about another Bansal who has marked his presence in the e-commerce sector by choosing an area of business, which remained ignored by the other big guns.
Peyush Bansal, who started his online optical store Lenskart in 2010, is today listed as one of the most successful startup entrepreneurs of the country. However, his journey towards success was never a smooth joy ride and he had to face numerous challenges and difficulties before reaching this level of success.
Peyush’s father was a chartered accountant and always wanted his son to be well-educated and enjoys life of a salaried person. His father did everything to offer him a good education and Peyush, too, never disappointed his father. He studied hard and obtained the engineering degree from Canada. After that, he got a good placement with Microsoft, USA. His annual package was quite attractive as well, but he got bored with his job after working for a few years. In 2007, he decided to return to India. As one would expect, his decision made his parents extremely annoyed. He tried in vain to explain the situation and convince them.
After coming back home, Peyush started to plan his own business rather than trying to get decent jobs in top companies. At that time e-commerce was a new concept in India and there was immense potential in this area. Peyush was smart enough to understand this potential and started a search portal called “My Campus.com”. This website provided students with information such as accommodations, books, car pool services, part time job opportunities etc. He ran this website for three years and by 2010 the online business in India had grown experienced rapid growth. In order to achieve supremacy in the changing e-commerce landscape of India, he decided to launch four websites known as Lenskart.com, Jewelry.com, WatchKart.com, and Bags.com for the online sale of eyewear, jewelry, watches, and bags.
With changing times, Peyush gave most of his focus on Lenskart.com and managed to make it the largest online optical store of the country. Today, Lenskart has opened its own offline stores as well with all the advanced facilities in all major cities across India. Currently, the company is providing eyewear to 1,000 people daily in more than 1,500 cities in India. Not only this, it also gives over 500 daily with eye check-up facilities at their home. Lenskart is expanding its business across the country following the franchise model.
According to experts, the business of eyewear is very profitable with margins as high as 500 percent. Launching such a lucrative business on a large scale through technology is truly revolutionary. This is the reason behind the exponential success of Lenskart and it is steadily making more progress. Currently, the annual turnover of the company is over Rs 100 crores and is preparing to bring an IPO in the coming three years.