Lenskart Pitched in 2010 | Shark Tank India
The pitch which changed the fortune of Peyush Bansal who is the founder of Lenskart that pitch is going to be repeated in Shark Tank India.
Peyush Bansal started the pitch by telling that many people see dreams but there are a lot of people who can see. In India 50% of people need specs but only 1/4th of them have specs.
40 Crore Indians require Spectacles. Workers can increase 30% Income by vision correction and globally by vision correction the yearly loss is 2.6 Billion Dollars. In India, every 1 person out of 3 can not see. To solve all these problems they have developed Lenskart.
Lenskart is not a company but it is a vision to make 50 Crore Indians wear spectacles. They wanted to make Maruti of eyewear. Peyush Bansal introduced himself as co-founder and CEO of Lenskart at age of 26 years (10 Years back).
What is Peyush’s ask from Sharks? | Shark Tank India
His ask is Rs1 Crore for 1% Equity. The valuation of the Company is Rs 100 Crores
How Eyewear is an important sector in India?
Awareness related to Vision
- No Vision test has been done on children who go to school.
- Health Insurance policies never check the vision of the person.
- Women come close to television but never focus on their eyesight.
Access to Eyewear
There are 800 Million Mobile phone holders in India and at every corner, there is a mobile shop but there are only 40,000 Eyewear stores in India.
Affordabilty
This industry is very close-knit and is controlled by limited people. This is reason why the cost of spectacles is increased by huge difference in comparison to its original cost.
Why did Peyush start Lenskart?
The domain name of Lenskart was registered before Flipkart. He had registered 20-30 Kart ending domains like Perfumekart, toykart, watchkart, etc.
Know Peyush Bansal
Peyush has been born and brought up in Delhi. Like other students, he also studied very hard to get into it. He did not get into IIT, he regards this as fortune. Afterward, Peyush went to pursue Electrical engineering at McGill University in Montreal, Canada.
Having Lunch with Bill Gates
After completing his engineering he got placed in Microsoft Seattle. One fine day Bill Gates invited all interns to his home which is situated at the beach. After Meeting Bill, Peyush believed that they have done something big in their life as he cannot imagine his life without excel but he also does not want to be 1 in 50,000 Microsoft employees.
He returned to India with passion and started college classified business. Here he made 30 Members team. There they listed 1500 Colleges and made revenue of Rs30-40 Lakhs only from this.
Peyush’s father is CA but doing family business.
QnA | Sharks asking Lenskart | Shark Tank India
How do they make their logo?
They have got their logo final from crowdsourcing as they put a project online for a freelancer that whosoever will design best logo will be awarded.
Why did they shift from Tech to Product business?
This is not a product business as technology will help to transform and scale this business. You can not resell the specs due to its power.
Why do people buy on Internet?
They are not checking power online and in the future, they will do an eye test. Earlier lenskart was not also thinking of getting orders but now they are getting from all over India.
What are the sales of Lenskart?
They are making sales of Rs 30 Lakhs a month.
1:1 | Sharks investing in Lenskart | Shark Tank India
Aman Gupta
He understands the Tech Business and will help him build a business.
Offer- Rs 1 Crore for 50%
Vineeta Singh
She is interested in the business very much.
Offer- Rs1 Crore for 10% Equity
Ashneer Grover
Offer- Rs 1 Crore for 2% Equity.
There is a person in Japan Massasang who can help him out.
Where did the deal meet? | Lenskart
The deal got closed at Rs 1 Crore for 5% Equity by Aman Gupta in Lenskart.
Peyush guaranteed him that this investment of Aman is going to be his best one.
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This was the whole story of eyewear startup- Lenskart and is penned by Devansh, if you liked this story you can follow him over Instagram and Join us now on Instagram, Telegram, and Twitter
