Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to

Davangere city.

Module 1

INTRODUCTION

➢ 1.1 A brief overview of the company.

➢ 1.2 Inception of the company.

➢ 1.3 Nature of business carried.

➢ 1.4 Mission, vision, values of the company.

➢ 1.5 Goals and objectives of the company.

➢ 1.6 Quality policy

➢ 1.7 Product and services profile.

➢ 1.8 Area of operation.

➢ 1.9 Ownership pattern.

➢ 1.10 Competitor information.

➢ 1.11 Infrastructural facilities.

➢ 1.12 Achievements – Awards, Rewards, Highest sales

➢ 1.13 Strategic perspectives plans

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CHAPTER -1

INTRODUCTION

➢ 1.1 A Brief overview of the company: -

Today, one-third of India's population needs glasses. The term “need” applies to people
diagnosed with vision problems, but only about a quarter of them actually wear glasses. When
adding up the number of people who choose to wear glasses as a fashion accessory, the number
is staggering. Customers in this group want many pairs of glasses to go with many types of
outfits.

Every day in India, more than 1.5 million (15 lakh) glasses are sold. The sector is highly
divided, with family-run stores dominating. This eyewear industry has had a new
transformation since 2010, the year Lenskart was founded.

Lenskart is a prescription optical eyewear retail chain that operates as an e-commerce

marketplace for prescription eyeglasses, BLU glasses, frames and goggles. Additionally,
Lenskart also focuses on physical stores and has more than 1,500 omnichannel stores across
more than 175 cities in India, Singapore and Dubai. Its manufacturing facility in Delhi produces
more than 300,000 lenses every month. Lenskart also has a factory in Zhengzhou, China, which
processes nearly 20% of its frame output. Hailed as the largest eyewear brand in India, the
company is also known as the unicorn eyewear company, having joined the Indian unicorn club
in December 2019.

Lenskart is a leading eCommerce company that maintains an online optical store packed with
both classic and trendy eyeglasses, lenses, and more at affordable prices.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
Davangere city.

These glasses can be easily ordered online by the customers, who will get them delivered with
many discounts that come and go.

Unlike many other players, Lenskart operates on both an online and offline distribution
platform. Customers can shop online at lenskart.com or in person at their distinctively built
offline store. With the first-of-its-kind ‘Home eye checkup,’ Lenskart is revolutionizing the
eyewear industry. They use specialized robots to deliver glasses in Lenskart that are accurate
to 3 decimal places.

To the nearest three decimal places, lenses are delivered by specialized robots through Lenskart.

5000+ various eyewear models are available at Lenskart, which also provides free home
delivery and a 14-day replacement guarantee. The business produces all types of eyewear,
including sunglasses, reading glasses, and contact lenses.

The following success elements apply to this industry: product, quality, portfolio, turnaround
time, and after-sales support. The brand's simple value proposition is to "deliver a high-quality
product at a reasonable price."

➢ 1.2 Inception of the company.

The Indian eyewear industry was dominated by brick-and-mortar stores with minimal digital
presence. Bansal recognized that a vast segment of the Indian population required spectacles,
but the market was still underserved. The lack of standardized pricing, limited choice, and the
inconvenience of visiting physical stores presented a ripe opportunity.

The Early Days

Initially, Lenskart functioned purely as an online model. The company's focus was on providing
high-quality frames and lenses at affordable prices directly to consumers, cutting out
intermediaries. Their platform offered a diverse range of products and incorporated tools to
ensure customers could choose glasses that suited them – like the 'Virtual Try-On' feature,
which was revolutionary at the time.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
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The Indian eyeglasses business Lenskart was established in 2010 by Peyush Bansal, Amit
Chaudhary, and Sumeet Kapahi. Since then, it has grown to be one of the biggest online
eyeglasses merchants in the nation, with over 700 locations spread throughout 175 cities. This
blog post will go in-depth on Lenskart's success and everything you need to know about it.

The creator of Lenskart, Peyush Bansal, was born in India's Chandigarh. He earned his
engineering degree in Canada and spent a few years working for Microsoft before moving back
to India in 2007. He made the decision to launch his own business after discovering a lack of
organized retail in the eyewear sector while he was in India.

To transform the Indian eyewear market, Bansal and his co-founders launched Lenskart in
2010. They wanted to make it simple and affordable for people to purchase high-quality
eyewear, and they recognized an opportunity to do so by selling glasses online.

Most Indians preferred to purchase eyewear from physical stores rather than online, so
encouraging them to do so was one of the main challenges that Bansal and his team faced while
establishing Lenskart. However, they maintained and eventually developed a devoted customer
base.

In the Indian e-commerce sector, Lenskart is a remarkable success story. By providing high
quality, reasonably priced eyewear online and in physical stores, the company's founders have
revolutionized the eyewear market in India. The dedication of Lenskart to technology and
sustainability has also distinguished it from its rivals. With its ongoing expansion and
inventiveness, Lenskart is well-positioned to continue to dominate the Indian e-commerce
market for many years to come.

➢ 1.3 Nature of business carried.

When Lenskart realized that Indian buyers want to touch and feel a product before purchasing
a high involvement product, they modified to the Omni Strategy from their initial online
business model. Since it was crucial for them to use technology to actively engage with
customers and adjust to the constantly shifting demands of their customers.

The company's focus with this strategy is on providing the right product, at the right time, at
the right location.

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Customer involvement is extremely crucial for Lenskart because they assist clients in receiving
a purchasing experience that is customized to their preferences. By offering a value proposition,
Lenskart aims to maintain its relationship with clients and build trust.

The company Lenskart, which has expanded to 80 cities and is based on the franchise business
model in which 35% of all revenue is shared with the franchisee in exchange for an annual fee
of 2, 00,000 lakhs, is well known for offering bundled offers like buying two at the price of one
or cross offers like giving the first frame for free, in addition to real-time offers, personalized
recommendations, email coupons, etc.

Lenskart has a B2C business model which is highly sales-oriented. They sell their product
directly to customers at an affordable price. They have a wide variety of frames within a price
range of Rs.345 to Rs.30,000 and also the first frame you buy is absolutely free.

Lenskart Funding
Lenskart has raised a total of $554.6 million in funding over 10 rounds. Their latest funding
was raised on May 16, 2021, from a Secondary Market round. The company is funded by 15
investors - Kohlberg Kravis Roberts, Temasek Holdings, SoftBank Vision Fund, Kedaara,
Chiratae Ventures, T&R, Unilazer, IFC, TPG, Adveq, IDG Ventures. Lenskart has four
investments and their most recent investment was on 13th October 2020 when Tango Eye and
Ditto valued at $500k each.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
Davangere city.

The total funding of Lenskart is $554.6 million which are:

• October 2011 raised $4 million in series A.

• December 2012 raised $10 million in series B.
• January 2015 raised $21.9 million in series C.
• May 2016 raised $60.1 million in series D.
• September 2016 raised $2 billion in series E.
• January 2017 raised $240 million in a Secondary Market round.
• September 2019 raised $55 million in series F.
• December 2019 raised $275 million in Series G.
• May 2021 raised $95 million in the Secondary Market round.

➢ 1.4 Mission, vision, values of the company.

From its inception, Lenskart embarked on a mission to revolutionize the Indian eyeglasses
market. Driven by a steadfast commitment to quality, affordability, and unparalleled customer
satisfaction, the brand aimed to establish itself as the prime destination for all eyewear
necessities. Today, not only has Lenskart ascended as one of India's premier eyewear brands,
but it has also broadened its horizons to international markets. This journey, transitioning from
modest origins to its eminent stature, epitomizes its innovative spirit, resilience, and profound
grasp of consumer desires.1.4 Mission, vision, values of the company.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
Davangere city.

MISSION

Lenskart's mission is to make eyewear accessible, affordable, and fashionable to all. They aim
to transform the way people perceive and buy eyewear by offering a wide range of high-quality
eyeglasses, sunglasses, and contact lenses. Lenskart is committed to providing exceptional
customer experiences through innovative technology, a vast product selection, and a customer
centric approach. Their goal is to be the go-to destination for all eyewear needs, both in India
and internationally, while ensuring customer satisfaction, affordability, and style remain at the
core of their mission.

VISION

Lenskart's vision was to "Revolutionize eyewear in India" and to become the "number one
eyewear provider in India and globally."

India, known as the world's blind capital, faces a significant challenge. With a staggering 15
million blind individuals, the country accounts for half of the world's blind population.
Alarmingly, 75% of these cases stem from preventable blindness, largely due to a dire shortage
of optometrists and a lack of donated eyes essential for treating corneal blindness. Furthermore,
an estimated 153 million people in India require reading glasses, yet lack the means to access
them. The nation's requirement stands at 40,000 optometrists, but there are only 8,000 currently
available.

VALUES OF THE COMPANY

1. Customer Centricity: Ensuring customer satisfaction through high-quality products, post-

purchase support, and innovative features like virtual try-ons and home trial options.

2. Innovation: Continually investing in technology and new ideas, be it through their online
platform, in-store tech experiences, or manufacturing processes.

3. Quality: They strive to provide high-quality eyewear at affordable prices, ensuring that their
products are both stylish and durable.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
Davangere city.

4. Affordability: Making eyewear accessible to a broader audience by offering competitive

pricing.
5. Integrity: Being honest and transparent in their dealings with both customers and partners.

6. Expansion & Growth: A desire to grow not just within the Indian market, but also
internationally.

Latest Shareholding Summary

Lenskart's Legal Entity Valuation Founders' Net worth Founders' Net worth

LENSKART
SOLUTIONS PRIVATE 35,000Cr 4,380Cr 4,380Cr

LIMITED

Lenskart India's vision, "Vision to India," aims to reach the masses by developing a low-cost
franchise model. Lenskart Lite is a model that will help them introduce the framework in Tier
3 and 4 cities, as well as expand their presence in Tier 2 cities. It also introduced regular contact
lenses that can be quickly discarded. Lenskart's goal is to provide affordable and simple
eyewear solutions with the aid of its Aqualens product. It would be extremely affordable to the
daily masses who want both trends and costs. The main aim of Lenskart India is to close the
distance between selected and unselected lenses.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
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➢ 1.5 Goals and objectives of the company.

Lenskart, as one of the leading eyewear companies in India, has had clear goals and objectives
since its inception. Some of the broader goals and objectives that can be discerned from their
business operations, growth trajectory, and communications include:

1.Market Leadership: To be the leading eyewear provider in India and make significant inroads
in international markets.

2.Affordability and Accessibility: Democratize eyewear by making it affordable and accessible

to all, even in the remotest parts of the country.

3.Innovative Customer Experience: Continue enhancing the customer buying experience

through technological innovations, like the virtual try-on, home trials, and eye tests at home.

4.Offline Expansion: While starting as an online platform, they’ve steadily expanded their
physical store presence. This objective is likely to continue, allowing customers to touch and
feel products and get in-person consultations.

5.Diversify Product Range: Beyond just glasses and sunglasses, expand into various eyewear
categories like contact lenses, specialized lens solutions, and more.

6.International Expansion: After establishing a dominant position in India, expand the brand
and its presence in global markets.

7.Sustainable Growth: While growth is a clear objective, they would also be focusing on
sustainability, ensuring that their business model remains profitable.

8.Collaborations and Brand Partnerships: Partner with international brands, celebrities, and
influencers to expand their product offerings and enhance brand visibility.

9.Focus on Quality: Ensure that every product meets quality standards, keeping customer
satisfaction at the core of their operations.

10.Digital Transformation: Continuously invest in digital technologies to improve the online

shopping experience, customer service, and back-end operations.

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It is important to note that, while these are some broad goals and objectives derived from their
activities and statements, the specifics may change over time.

➢ 1.6 Quality Policy

Produced by robots

They are the first and only company in India to employ the robotic method to produce glasses
with a three-decimal place accuracy. With an automated system that makes it possible to inspect
lenses, find the geometric centre, and load lenses for edging without the need for a finishing
block, these imported German equipment guarantee perfection on all fronts. Their employees
have zero tolerance for errors, and our call centre strives to satisfy every client, address their
issues, and take feedback seriously.

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 Company analysis towards “Lenskart spectacles & Goggles” in “Lenskart” with special reference to
Davangere city.

➢ 1.7 Product and services profile.

Lenskart BLU

Digital devices like phones, laptops, and tablets emit harmful blue rays that can damage our
eyes. Once powered by Lenskart BLU, the computer glasses effectively block 98% of these
blue rays.

They are available with prescription and zero power, and they relieve eye strain on screen heavy
days. With Lenskart BLU, you can transform your everyday seeing experience.

Lenskart is a leading eyewear brand based in India. The company was established with a vision
to offer affordable and quality eyewear solutions to its customers. Lenskart has witnessed
significant growth, primarily due to its online-first model and later expanding into offline retail
as well.

Here's a brief overview of Lenskart's product and service profile:

1. Products:

• Prescription Eyeglasses: Lenskart offers a wide variety of frame designs for both men and
women. This includes rimless, full-rim, and half-rim options in various materials like metal,
acetate, and titanium. Price ranges from Rs.499 & maximum Rs.13000

• Sunglasses: The company offers sunglasses in a variety of styles, ranging from aviators to
wayfarers, and more. Price ranges from Rs.350 to Rs.27,950.

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• Contact Lenses: Lenskart sells daily, bi-weekly, and monthly contact lenses. They carry major
brands such as Bausch & Lomb, Acuvue, and more. Price Ranges from Rs.450 to 1119.

• Kids Eyewear: They offer a range of glasses specially designed for children. Price Range from
Rs.599 to Rs.2000.

• Accessories: This includes lens cleaning solutions, eyeglass cases, and more.

• Specialties: Eyewear, Eyeglasses, Sunglasses, Contact Lenses, Power Sunglasses, Optical,

Retail, Fashion, Vision, Eyecare, Vision care, Digital, Omnichannel, Ecommerce,
Technology, Manufacturing.

2. Services:

•Home Eye Check-up: Lenskart provides a service where trained professionals visit the
customer's home to conduct a comprehensive eye examination.

•3D Try-On: Online shoppers can use their webcam to virtually "try on" different frames and
see how they look.

•Home Trial: Customers can select a few frames to be sent to their homes, try them on in person,
and then decide which one(s) to purchase.

•Physical Stores: Despite starting as an online-first model, Lenskart has expanded its footprint
with physical retail stores across India, where customers can directly browse and buy products.

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•Lenskart Gold Membership: A membership program that offers benefits like buy one get one
free on frames, among other perks.

•Easy Returns: If a customer isn't satisfied with their product, they can opt for easy returns or
exchanges.

3. Technology and Innovation:

• Blu Smartphone Lenses: These are lenses designed to block harmful blue light emitted by
screens.

• Robotic Lens Edging: To ensure precise cutting and fitting of lenses into the frames.

Expansion Efforts: By 2021, Lenskart had also made efforts to expand internationally, with a
presence in markets like Singapore.

This provides a broad overview of Lenskart's offerings as of 2021, the company may have
added new products, services, or updated their existing ones since then.

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➢ 1.8 Area of operation.

Lenskart, which started as an online platform, expanded its operations and has since had a
presence in multiple domains. Lenskart, which started its operations in India, has significantly
expanded its footprint within the country and started making strides in international markets.

1. Domestic Operation (India):

Lenskart initially began as an online platform, but over the years, it expanded its presence with
offline stores. They have a network of physical stores across major cities and towns in India.

• Online Platform: Serving customers across the length and breadth of the country through
its website and mobile app.
• Physical Retail Stores: Lenskart has opened several retail outlets in metros, tier-1, and even
tier-2 cities in India.

2. International Operations:

By 2021, Lenskart had begun its international expansion:

Singapore: Lenskart made its overseas debut by launching in Singapore. They operated both
an online platform and offline stores in the country.

Potential Expansion: There were reports and plans about Lenskart looking to expand to other
Southeast Asian markets and the Middle East.

1.Online Presence: Lenskart's primary area of operation when it started was its online
platform, which allows customers to browse and purchase eyewear products from their website
or mobile app. The platform provides features like a virtual 3D try-on, customer reviews, and
more.

2.Offline Retail Stores: Lenskart diversified into the brick-and-mortar space by opening retail
stores across various cities in India. These stores allow customers to physically try on frames,
get their eyes tested, and avail other in-store services.

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3.Home Services: Lenskart introduced services like home eye check-ups, where trained
professionals visit customers' homes to conduct eye examinations. They also had a home trial
service allowing customers to try frames at home before purchasing.

4.International Operations: As part of its expansion strategy, Lenskart began establishing its
footprint outside India. By 2021, they had ventured into markets like Singapore and were
looking into further global expansion.

5.Manufacturing: Lenskart invested in its manufacturing processes, using advanced

technology to ensure precision in lens cutting and fitting. The company claimed to have a
robotic system to achieve accuracy in their lenses.

6.Research and Development: Lenskart showed interest in continuously evolving its product
range and improving customer experience, which indicates operations in R&D to innovate in
the eyewear space. Given the dynamic nature of businesses, the areas of operation for Lenskart
might have expanded or shifted after 2021. For the most updated information on their current
areas of operation, it would be best to consult Lenskart's official sources or recent corporate
publication.

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➢ 1.9 Ownership pattern.

The above pie chart representation is about Lenskart ownership.

Funds own the majority of Lenskart's shares, accounting for 84.16%, while Founder hold
12.50%, ESOP hold 2.50%, Angel hold 0.46%, Enterprise hold 0.34% and Other People hold
0.03%.

Eyewear brand Lenskart and its CEO/co-founder Peyush Bansal shot to fame
following his 'Shark Tank India' appearance last year. Post-season 1, all the 'sharks',
including Bansal, attained celebrity status and, as a result, viewers aspired to be like
them.

➢ 1.10 Competitors information

Lenskart, being a major eyewear player in India, faces competition from various brands, both
online and offline. Here are some of the key competitors in the eyewear market in India:

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1.Titan Eye Plus: A part of the renowned Tata Group, Titan Eye Plus offers a range of
eyeglasses, sunglasses, and contact lenses. They have a strong offline retail presence with stores
across India.

2.Coolwinks: An online eyewear platform, Coolwinks offers eyeglasses, sunglasses, and

prescription sunglasses. They have tried to differentiate themselves with various offers and
promotions.

3.Specsmakers: An optical retail chain, Specsmakers has stores in several cities in India and
offers eyeglasses, sunglasses, and computer glasses.

4.ClearDekho: Touted as one of India's fastest-growing budget eyewear brands, ClearDekho

operates both as an online platform and an offline retail chain.

5.Vijaya Optical House (VOH): One of the older brands, VOH has been around for decades
and offers a range of eyewear solutions.

6. Local Opticians: Apart from these brands, numerous local opticians and eyewear stores
operate in various cities and towns across India. These local stores pose competition, especially
in areas where people prefer a more personalized touch and relationship-based service.

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7. Global Players: Brands like Ray-Ban, Oakley, and others, although primarily sunglass
brands, also pose competition in the premium segment.

8. E-commerce platforms: Websites like Amazon and Flipkart that host multiple eyewear
brands can also be seen as competitors, especially in the non-prescription sunglasses
category.

The eyewear market in India is vast and fragmented, with various players aiming to capture
different market segments. The competitive landscape is dynamic, with brands continuously
evolving their strategies, product offerings, and customer engagement initiatives to gain an
edge. If you require the most recent information on competitors or the latest market dynamics,
it might be useful to consult recent market research reports or industry publications.

➢ 1.11 Infrastructural facilities

Lenskart had invested considerably in infrastructural facilities to support its business model
and to provide quality eyewear products and services to its customers. Here are some key
aspects of Lenskart's infrastructure:

• Retail Stores: Lenskart has established numerous retail stores across various cities in India.
These physical stores allow customers to try on frames, get their eyes tested, and make
purchases in person.
• Manufacturing & Processing Facilities: Lenskart prides itself on using advanced
technology to ensure precision in lens manufacturing and fitting. For instance, they've
mentioned using robotic systems to achieve superior accuracy in their lenses. This requires
state-of-the-art manufacturing facilities.
• Online Platform: Lenskart's primary mode of operation initially was its online platform.
They've invested in building a user-friendly website and mobile app equipped with features
like virtual 3D try-ons and an easy-to-navigate interface.

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• Logistics & Supply Chain: To ensure timely delivery of products to customers across the
country, Lenskart has a robust logistics infrastructure. This includes warehouses, inventory
management systems, and partnerships with delivery service providers.
• Technology & Innovation Labs: Lenskart continually innovates in the eyewear space,
which would require research and development facilities or labs. These labs focus on
improving existing products, developing new products, and enhancing the customer
experience.
• Training Centres: Given that Lenskart provides home eye check-ups, they likely have
training centres or facilities to train their optometrists and ensure they offer standardized
services to customers.
• Customer Support Centres: To handle customer queries, returns, and feedback, Lenskart
would have customer support centres equipped with trained personnel, technology, and
systems to manage customer communications efficiently.

It's worth noting that the specifics about the size, capacity, and exact locations of these
infrastructural facilities might not be public knowledge unless disclosed by the company. For
detailed and up-to-date insights on Lenskart's infrastructural facilities.

➢ 1.12 Achievements – Awards, Rewards, Highest sales

Lenskart.com has been awarded GOLD award in the flagship IT Innovation-Micro, Small and
Medium Enterprises (MSME) category and the SILVER award in the prestigious e-commerce
category at the Express I.T. Awards 2016.

• Lenskart's e-mail marketing campaign was

included in the "honourable mention" in the "Create
and Design - E-commerce" category at Marketing
Sherpa Email Awards 2014.

• Peyush Bansal, Founder & CEO; Lenskart.com was

one of the most searched businessmen of the year in 2014.

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After a flat growth in FY21, omnichannel eyewear retailer Lenskart has delivered 66% growth
in its operating revenue during the last fiscal year. However, the growth extracted a cost as the
company slipped into losses in the fiscal year ending March 2022.

Lenskart’s operating income surged 66% to Rs 1,503 crore in FY22, according to its annual
financial statement filed with the Registrar of Companies (RoC).

The primary source of income, accounting for about 94.3% of the total operating income, was
the sale of eyeglasses items. In FY22, revenue from this vertical increased by 65.8% to Rs
1,418 crore, while revenue from subscription fees increased by 14% to Rs 49 crore. In FY22,
the combined revenue from lease, website license fees, scrap, and customer support fees was
Rs 36 crore.

➢ 1.13 Strategic perspectives plans

Online + Offline presence

Lenskart does not just serve its customers on online platforms but also through offline stores.
The customers can avail of the services and products by Lenskart from their brick-and-mortar
stores, ordering online through their app or website, and even booking eye checkup
appointments at their homes.

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As we stated earlier, Lenskart serves its customer using an omnichannel strategy to spread
across multiple customer touchpoints and offer a seamless customer service and experience
across all the touchpoints.

Lenskart, an online eyewear retailer, leveraged a multi-channel digital marketing strategy,

including search engine optimization, social media advertising, and email marketing, resulting
in increased website traffic, online sales, and brand awareness.

• Lenskart's Social Media Marketing Strategies

2.76% of Lenskart's engagement comes from different social media platforms like YouTube,
Facebook, and Instagram. That means that almost 2.8k visitors a month are solely pouring in
through ads marketed on these social media platforms. Social media marketing refers to
promoting a business online on specific platforms based on the requirements of that business.

It is one of the most effective marketing strategies due to its cost-effectiveness, potential to
convert leads, and high flexibility Social-media marketing is a budget-friendly way to create
an updated and engaging online and social presence that reflects your brand identity and value.

Lenskart has a well-rounded and engaging social media presence on YouTube, Facebook,
Instagram, LinkedIn, and WhatsApp.

Let's briefly look at their YouTube, Facebook, LinkedIn, Twitter, and Instagram, marketing
channels & followers:

Platform No. of followers Average Traffic Source

YouTube 166K Subscribers 53.42%

Facebook 1.5M Followers 19.79%

LinkedIn 174K Followers 08.83%

Instagram 668K Followers -

Twitter 30.6K Followers -

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YouTube is One of their most popular channels. It has 166k followers and more than 3.5 million
views overall. It is the biggest contributor, accounting for 53.42% of the total traffic. For their
YouTube channel, they mostly curate updates on the most recent collections, offers, and unboxing
videos. To improve their visibility, they also repost content created by influencers.

The contributions from Facebook and LinkedIn, which are in second and third place, are
19.79% and 08.83%, respectively. With around 174k LinkedIn followers, Lenskart is one of
the few companies utilizing the platform effectively to connect with a very niche market.

Additionally, 1.5 million people follow them on Facebook and often interact with their content.
Updates on the newest deals and other stuff are posted on their Facebook page.

WhatsApp occupies the 4th position by bringing in 7.91% of the traffic respectively.

• Lenskart's SEO Strategies

Optimizing your online presence is the best approach to improve your online visibility ranking
and reach. And the process of doing that is SEO.

Search Engine Optimization refers to the process of optimizing a website to improve its ranking
on search engines and increase visibility and online presence.

It helps generate organic traffic and is great for adding credibility and transparency to any
business.

SEO also helps with quality lead generation and conversions. It is a great cost-effective strategy
to improve the growth of your business.

35.21% of Lenskart's traffic is generated by organic searches. This indicates a highly optimized
online presence. The business receives 5.6 million visits a month for an average duration of 4.2
minutes each.

They occupy the 16th position in the country concerning online shopping and the marketplace.
Having said this, Lenskart's bounce rate is rather high with 45.6% of its visitors leaving the site
after surfing through only 1 page.

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Lenskart has updated its website to ensure it always ranks first when its name is searched,
regardless of any new updates that happen in the search engine. It is a mobile-first, SEO friendly
website. They have highly specific CTA buttons which are great for converting leads into
conversions and retargeting.

They have an optimized SMS and email bundle which is sent out regularly which helps
consumers complete their purchases and again helps with retargeting. Over 61% of its traffic is
organic and Lensakrt has optimized its keyword database with over 3000 keywords to help with
its ranking.

• Lenskart’s Website Strategy

Lenskart's official website has been optimized by embedding 54 technologies to ensure a

smooth customer experience. These technologies have been taken from 13 different industries
like advertising, currency converters and payment systems, conversions and analytics, mobile,
and so much more.

The website has been optimized for search engines. It has a mobile-first approach and facilitates
easy navigation through clear and simple categories.

They also display their vast visual inventory in an organized format along with their
international stores. Eyeglasses, computer glasses, kids' glasses, lenses, sunglasses, hope tests
and trials, and store locators are the major categories. And each of these has been further
classified for easy access and ordering. They also provide a user-friendly order tracking system
to update customers on their purchases.

The visuals are engaging and have a lot of movement in them which is great for grabbing and
maintaining the attention of the consumers. The filters are highly versatile and flexible which
contributes to a hassle-free and enjoyable customer experience. And Lenskart also emphasizes
flexibility in payments which is great for confirming successful purchases.

Overall, Lenskart has a well-rounded and highly optimized website

which is great for improving its online visibility, generating leads, and
increasing revenue.

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• Lenskart’s paid ad Strategies

Lenskart utilizes influencer marketing effectively by partnering with a renowned YouTuber as

its brand ambassador. This strategic move allows them to engage with a specific and already
captivated audience, maximizing their reach and resonating with the digital-savvy
demographic. Through this approach, Lenskart not only leverages the influencer's established
credibility but also taps into their expansive follower base, enhancing brand visibility and
engagement.

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MODULE 2

FINANCIAL & MARKET ANALYSIS.

2.1 Analyse the company’s financial statement:

➢ Statement of Profit or Loss.

➢ Statement Financial position.

➢ Statement of Cash inflows and cash outflows.

2.2 Assess the key financial ratios:

➢ Liquidity turnover.

➢ Profitability and turnover to evaluate financial health.

2.3 Market analysis.

➢ Evaluate company position within its industry.

➢ Examine market trends, competition, and potential growth opportunities.

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➢ 2.1 Analyse the company’s financial statement:

a) Statement of Profit or Loss

Lenskart had reported a profit in the 2021 financial year but dropped into a loss of Rs 102 crore
in the 2022 fiscal.

Omnichannel eyewear retailer Lenskart turned to a net loss of ₹102.3 crore in FY22 compared to
a net profit of ₹29 crore in the previous year as a sharp rise in total expenses offset other income
of about ₹115 crore. The company, run by Lenskart Solutions Pvt.

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Lenskart - Statement of Profit or Loss.

For the Fiscal Year Ended March 2022 (Amounts in 2022 2021 2020
Rs Crore) Particulars
Revenues:
Sale of Eyewear Products 1,418 855.70 851.21
Subscription Fees 49 43 37.20
Revenue from Lease, License & Other Fees 36 8.37 11.79
Interest on Fixed Deposits & Investments 115 7.25%

Total Revenue 1,618 963.7

Expenses:
Cost of Procurement/ materials 635 338
Commission to Selling Agents and market fees 305 216.73 203.74/196.4
Employee Benefits 245 176 176.50/167.4
Marketing & Promotion Expenses (advertising) 235 136.52 111.10
Tele Postage 42.3 27.7
IT Cost 39
Freight & Travel expenses 22.21 26.78
Net Profit/Loss for the year (102.3) 29 17.7
Total Expenses 1,726 999 945.9

Revenue from Operations 1502.7 905.3

Other information:
Growth in Operating Revenue 66%
Contribution of Eyewear to Total Revenue 94.3%
Expenses Growth 72.8%
Cash from operations (183) (117)

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Statement Financial position (Balance sheet)

BALANCE SHEET OF LENSKART 2022 2021 2020

(amount in cr.)

Equity and liabilities

Shareholder’s funds equity:
Share capital 216.15

Reserves and surplus

Paid-up capital 181.92

Other Equity Items

Liabilities:
Current liabilities: 36.73%
Accounts payable 9lakhs
Short term borrowings
Accrued liabilities
Other current liabilities

Non-current liabilities:
Long term borrowings
Deferred tax liabilities
Long term provisions

Total liabilities

Assets
Current Assets: -7.56%
Cash and cash equivalents
Accounts receivable
Inventory
Pre-paid expenses

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Other current assets

Non-current assets:
Plant, property, equipment
Intangible assets
Investments
Other current assets

Total Assets:

➢ Statement of Cash inflows and cash outflows.

Lenskart's total revenue rose 56.7% to INR 1,618.3 Cr in FY22 from INR 1,032.2 Cr in FY21,
while revenue from operations surged 66% to INR 1,502.7 Cr from INR 905.3 Cr in FY21.
With this, Lenskart became the second Indian D2C startup after New Delhi-based boAt to cross
the INR 1,500 Cr mark in operating revenue.11-Nov-202

➢ Financial ratios

Liquidity turnover

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➢ Profitability and turnover to evaluate financial health.

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➢ 2.3 Market analysis.

1. Evaluate company position within its industry.

The company reached a valuation of $1 billion in December 2019 after SoftBank invested
around $275 million. In March 2023, the Abu Dhabi Investment Authority invested $500
million in Lenskart at a valuation of $4.5 billion.

2. Examine market trends, competition, and potential growth opportunities

Market Trends:

Online Retail Growth: The e-commerce sector has been booming globally, and the eyewear
market is no exception. As consumers become more comfortable shopping online, companies
like Lenskart that have a robust online presence stand to benefit.

Awareness and Need for Eye Care: There's a rising awareness about eye health, especially with
the increasing screen time due to the digitalization of most tasks and entertainment. This leads
to higher demand for eyewear, both prescription and protective (like blue light glasses).

Preference for Branded Eyewear: The younger generation, in particular, views eyeglasses not
just as a necessity but also as a fashion accessory. This leads to a growing demand for trendy,
branded eyewear.

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Omni-channel Retailing: Combining online sales with physical store experiences, like trying
on glasses in-store after browsing options online, is a growing trend.

Competition:

Local Competitors: As mentioned, Lenskart faces competition from brands like Titan Eyeplus
and GKB Opticals in the Indian market. These brands have their loyal customer base and retail
presence.

Unorganized Sector: A significant portion of the eyewear market in India is still unorganized.
These are local optical stores that might not have a brand name but have been serving
communities for years.

International Brands: As Lenskart expands internationally, it would face competition from

global eyewear giants and regional players in markets like Singapore, Dubai, and the US.

Potential Growth Opportunities:

• Expansion in Untapped Markets: As mentioned, about 70% of the eyewear market in India is
yet to be created, and only about 200 million out of an estimated 600 million Indians who
require glasses are using them. This presents a huge growth opportunity.

• Diversification of Product Line: Introducing new types of eyewear, including premium

brands, specialized sports eyewear, or smart glasses, can be an avenue of growth.

• Technological Advancements: Leveraging technology for virtual try-ons, better e-commerce

interfaces, and integrating augmented reality (AR) can enhance user experience and boost
sales.

• Enhancing Eye Testing Infrastructure: Considering the inadequate eye tests and lack of
flexible eye testing options mentioned, Lenskart can invest in mobile eye-testing vans,
partnerships with ophthalmologists, or in-store rapid eye tests to cater to a larger audience.

• International Expansion: While Lenskart is already present in a few international markets,

there's potential to expand to other countries and regions.

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• Strategic Partnerships and Acquisitions: Collaborating with or acquiring smaller regional

players, technology startups in the eyewear space, or even fashion brands can provide growth
impetus.

In conclusion, Lenskart operates in a market with vast growth potential. With the right
strategies, leveraging technology, and understanding consumer preferences, it can capture
a significant share of the eyewear market, both in India and internationally.

MODULE 3
MANAGEMENT AND LEADERSHIP

➢ 3.1 Discuss the company’s leadership team and their qualification.

➢ 3.2 Assess the company’s corporate governance and decision-making process.

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➢ 3.1 The company’s leadership team and their qualification.

Team members

Education
Don Bosco School, New Delhi
McGill University (BEE)
IIM-Bangalore (Management Programme for Entrepreneurship
and Family Businesses)

Peyush Bansal
Founder, CEO & Customer Happiness Officer

Aditya Joshi studied Electrical Engineering at the Indian Institute

of Technology in Delhi before completing a Student Exchange
Program at KTH Royal Institute of Technology in Sweden.

Aditya Joshi

Indranil Chakravarty has a Master of Business Administration

(M.B.A.) from Xavier Institute of Management and a BE from
Bihar Institute of Technology.

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Indranil Chakravarty
Chief Business Officer

Luca Baldin studied business and commerce at Università

degli Studi di Bergamo and Liceo Scientifico Lussana.

Luca Baldin
Chief Merchandising Officer

Sunil Menon G R has completed an MBA in

marketing from IIMER Belgaum and a Bachelor of
Science (BSc) from Kendriya Vidyalaya.

Sunil Menon G R
Chief Retail Expansion Officer

Smeer Chopra
Chief Financial Officer

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Oliver Kaye
Chief Operations Officer & Chief Business Officer

➢ The company’s corporate governance and decision-making process

Government influence on a company like Lenskart, or any business, can occur through various
mechanisms, regulations, and policies. Here are some ways in which governments can
influence companies like Lenskart:

Regulations and Compliance: Governments impose regulations on various aspects of

business operations. In the case of Lenskart, this could include regulations related to eyewear
manufacturing, quality standards, and product safety. Lenskart would need to comply with
these regulations to operate legally.

Import and Export Regulations: Governments may impose restrictions on the import and
export of goods, including eyewear products. Lenskart, as a retailer, would need to navigate
these regulations when importing or exporting eyewear products.

Taxation: Governments levy taxes on businesses, which can include income tax, sales tax, and
import/export duties. Tax policies can significantly impact a company's finances, profitability,
and pricing strategies.

Intellectual Property Protection: Governments provide legal frameworks for the protection
of intellectual property, including trademarks and patents. Lenskart, like any other business,
may rely on these protections to safeguard its brand and innovations.

Health and Safety Standards: Governments set standards for health and safety in the
workplace and for products. Lenskart would need to adhere to these standards to ensure the
safety of its employees and the quality of its products.

Consumer Protection Laws: Governments often have consumer protection laws that
companies like Lenskart must adhere to, including fair advertising practices and return policies.
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Environmental Regulations: If Lenskart is involved in manufacturing or distribution, it may

be subject to environmental regulations, which govern issues like waste disposal and
emissions.

Licensing and Permits: Governments require businesses to obtain various licenses and
permits to operate legally. Lenskart would need to secure the necessary licenses to run its stores,
factories, or online operations.

Trade and Investment Policies: Governments may promote or restrict foreign direct
investment, which can affect Lenskart's ability to expand internationally or seek investment
from foreign entities.

Labor Laws: Labor laws, including minimum wage regulations and employment practices,
can influence Lenskart's human resource policies and labor costs.

Government Incentives: In some cases, governments offer incentives such as tax breaks or
grants to businesses that meet certain criteria, like creating jobs in specific regions.

Trade Agreements: If Lenskart operates internationally, it may be affected by trade

agreements that influence tariff rates, customs procedures, and trade relationships with other
countries.

Political Stability and Government Stability: The overall political and economic stability of
a country can impact a business like Lenskart. Political changes, government stability, and
overall economic conditions can influence the business environment.

Consumer Data Protection Laws: Governments increasingly regulate the collection and use
of consumer data. Lenskart, especially if it has an online presence, must comply with data
protection laws.

The extent of government influence on Lenskart or any company depends on the specific
industry, location, and the company's size and activities. Businesses like Lenskart typically
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need to navigate these government regulations and policies to ensure compliance and
successful operations. It's essential for companies to stay informed about evolving regulatory
changes and adapt their strategies accordingly.

MODUE 4th

SWOT ANALYSIS

• 4.1 STRENGTHS.

• 4.2 WEAKNESS.

• 4.3 OPPORTUNITIES.

• 4.4 THREATS.

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➢ Strengths

Integrated Model: Lenskart controls its supply chain, including manufacturing and assembly
units. This gives them an edge in ensuring quality control, quicker delivery, and inventory
management.

Hybrid Retail Strategy: Lenskart’s combination of online and offline stores allows them to cater
to a wide range of customers. While the online platform provides convenience, the physical stores
offer a touch-and-feel experience, credibility, and immediate service.

Technological Innovation: The company has been at the forefront of using technology to
enhance the customer experience. Features like the virtual 3D try-on technology set them apart
from many traditional eyewear retailers.

Diverse Product Range: Lenskart offers various styles, categories, and price points, ensuring
that different customer segments can find products to their liking.

Home Services: Their home eye check-up service offers unmatched convenience, helping them
stand out in a crowded market and cater to those hesitant or unable to visit physical stores.

Private Label Advantage: By creating its private-label brands, Lenskart ensures higher margins
and can offer competitive prices. This also allows them better control over product design and
innovation.

Aggressive Marketing: Lenskart’s branding and marketing campaigns have been prominent,
making them one of the top-of-mind brands in the eyewear sector in India.

Customer-Centric Initiatives: From easy returns to warranties on products, Lenskart has always
focused on building trust and ensuring customer satisfaction.

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➢ Weaknesses

Operational Challenges: While being a strength, the hybrid model of both online and offline
stores can also present operational complexities. Managing inventory, logistics, and a uniform
brand experience across both platforms can be challenging.

Dependence on Discounts: Lenskart, like many e-commerce platforms, often relies on discounts
and offers to attract customers. This can potentially erode profit margins and set a discount-
oriented customer expectation.

Competition: The eyewear market, both online and offline, is becoming increasingly crowded.
Competing brands, especially well-established international ones, could pose a challenge.

Brand Perception: Given its aggressive pricing strategies, there’s a risk that some consumers
might perceive Lenskart’s products as lower in quality compared to premium or luxury eyewear
brands.

Standardization vs. Customization: While having standardized processes helps in scaling, it

may sometimes overlook localized preferences and tastes, especially in diverse markets.

Tech Glitches: Despite the innovations, the online platform, including the 3D try-on feature, can
sometimes face technical issues that might deter users.

Supply Chain Disruptions: Even though they have an integrated model, global events (like the
COVID-19 pandemic) can disrupt supply chains, affecting inventory and delivery.

Physical Store Overheads: The overhead costs associated with maintaining and operating
physical stores can be high, especially in prime locations. This might impact the overall
profitability.

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➢ Opportunities

Growing Eyewear Market: The increasing awareness about eye health and the rise in disposable
income in countries like India indicate a growing market for eyewear.

Digital Penetration: As internet usage continues to soar, especially in developing countries, the
potential customer base for online eyewear purchases is expanding.

New Product Lines: Diversifying into related product segments, such as specialized sports
eyewear, luxury segments, or smart eyewear, could offer new revenue streams.

Expansion in Tier 2 and Tier 3 Cities: There’s a significant potential in smaller cities and towns
where branded eyewear penetration is lower compared to metropolitan areas.

Global Expansion: Beyond existing international markets, Lenskart can explore other countries,
especially those with a young demographic or an increasing preference for online shopping.

Technological Innovations: Continued investment in AR, VR, or AI can further enhance the
online shopping experience, making virtual try-ons more realistic and personalized.

Partnerships and Collaborations: Collaborating with fashion brands, influencers, or tech

companies can help in tapping into new customer segments and create exclusive product lines.

Sustainability Initiatives: With a growing global emphasis on sustainability, creating eco-

friendly products or initiatives can resonate with environmentally-conscious consumers.

Health and Wellness Integration: Collaborating with health tech apps or platforms, especially
those focused on eye health, can offer cross-promotional opportunities.

Subscription Models: Offering subscription-based models for products like contact lenses,
where customers require regular replenishments, can ensure a recurring revenue stream.

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Acquisitions: Acquiring smaller players or tech startups in the eyewear or e-commerce domain
can provide competitive advantages and faster market penetration.

Tele-optometry Services: With telehealth gaining traction, Lenskart could offer online
consultations with optometrists or eye health experts.

➢ Threats

Intensified Competition: The eyewear industry has both well-established players and emerging
competitors. The rise of other online eyewear platforms, as well as international brands entering
or expanding in the Indian market, can pose significant competition.

Changing Consumer Behavior: While online shopping is growing, shifts in consumer

preferences, especially post-pandemic, can impact purchasing patterns.
Regulatory Challenges: Changes in e-commerce regulations, import/export rules, or health
standards in countries where Lenskart operates might pose challenges.

Economic Volatility: Economic downturns or uncertainties can lead to reduced discretionary

spending, affecting purchases of non-essential items like fashion eyewear.

Technological Disruptions: Rapid technological advancements mean that newer, potentially

disruptive technologies could change the eyewear market dynamics or make certain services
obsolete.

Supply Chain Vulnerabilities: Disruptions, be it due to geopolitical tensions, pandemics, or

natural disasters, can impact the supply chain, leading to inventory issues or delivery delays.

Quality Control: As the company scales and diversifies its product range, maintaining consistent
quality across all products can be challenging, and any lapse can impact the brand’s reputation.

Price Wars: With competition in the e-commerce space, there’s always a threat of price wars,
which can erode profit margins.

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Reliance on Discounts: If customers become conditioned to expect heavy discounts, selling

products at regular prices can be challenging, impacting profitability.

Counterfeit Products: The rise of counterfeit or imitation products can not only eat into the
market share but also damage the brand’s reputation if consumers cannot distinguish between the
original and fake products.

MODULE 5TH:

SUMMARY OF FINDINGS SUGGESTIONS AND

RECOMMENDATIONS.:

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➢ 5.1 Summarise the key findings of the analysis.

➢ 5.2 Provide the recommendations for enhancing its performance and

competitiveness.

➢ 5.3 Emphasize the overall outlook for the company

➢ 5.1 The key findings of the analysis.

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