Peyush Bansal is the CO Founder of Lenskart, an eyewear and sunglasses company.
Lenskart does not need any introduction in India today. Lenskart is the first preference of majority of Indian users today. Lenskart has more than 1000 retail stores working in India and the maximum credit goes to Lenskart’s CO Founder Peyush Bansal and his team.
Peyush lives in Delhi and belongs to a middle class family. He is a degree holder from IIM Bangalore and went to Saskatchewan University in Canada for further studies.
One day he got to meet Bill Gates, the owner of Microsoft. He was so impressed by meeting him that he decided not to be like the millions, but to be one of the millions.
Thinking of this, he left a stable job and came back to India with the idea of doing something.
Peyush Bansal Startups
After coming back to India, between 2007 and 2009, Peyush explored many opportunities and in the meantime earned a degree in business and entrepreneurship from IIM Bangalore.
But he was still not able to understand properly that in which field the business should be done.
Then finally the idea of selling 2010 eyeglasses came. He did a market study and found that money can be made by solving a problem by making glasses in India.
This is how Lenskart started.
Lenskart Co-Founders
Peyush started Lenskart with his friend Amit Chowdhary, both of them studied together in Canada. Later Sumit Kapahi joined Piyush and Amit as CO Founder. Sumit Kapahi used to have knowledge of this eyewear trade, due to which Piyush and Amit got benefited from his company. Now Peyush’s sister Neha Bansal has also become a part of Lenskart’s CO Founder team.
Peyush Bansal's Wife
Peyush Bansal’s wife’s name is Nimisha Bansal.
Both of them tied the knot in 2011 and they both have one Son.
Peyush Bansal Net Worth
Peyush Bansal net worth is approximately $75 million in 2022 and Lenskart’s valuation is $4.5 billion in the last funding round.
Peyush Bansal Success Story
Peyush success story is not a gamble or a bluff, but behind it is hard work day and night and a well thought out strategy.
It is also not that all the decisions taken by Peyush and Lenskart will always be right. Indian market sometimes does not react as we think. Sometimes the study fails to understand the consumer of India, to understand the need and solve the problem and you have to get down to the ground level and understand the ground reality. Excel doesn’t work everywhere and same with happened with Lenskart.
Selling eyeglasses is not that easy in India. in the beginning when
When Lenskart started selling eyeglasses, it used to sell only online. The customer had to get eye testing done and Lenskart didn’t have a solid solution for that problem.
Then Lenskart started opening its showrooms to solve the problem of eye testing.
With the thought of maintaining a leader in today’s competition and providing better service to the customer, Eye Testing has been started at the customer’s home itself.
Peyush had come to know that eyesight vision is a big problem in India. Here people don’t wear eyeglasses knowingly.
India market population wise is very big and the problem of eyes is also big here. Peyush worked on this problem and started providing a good pair of eyeglasses to the customer at an affordable cost.
Lenskart was able to gradually win the trust of the customers and this trust and consumer’s love is a success story for Lenskart and for Peyush.
Peyush Bansal Future Plan
Lenskart raised back to back funding. According to the last funding round, the valuation of Lenskart has been estimated at $4 billion.
He strengthened the company’s reach and process by doing multiple funding rounds.
Lenskart kept on strengthening himself from time to time. Lenskart bought a company ditto, which allows customers to try frames on their faces by using the camera on their mobiles while sitting at home.
Later also invested in American reading glasses company thin optics and recently bought Japan’s eyewear company owndays and took Lenskart’s reach outside India to Taiwan and Japan.
Lenskart has not limited itself to India only, Piyush has understood that Vision Weak is a worldwide problem.
At this time Lenskart is also making eyeglasses to the customer in US UAE Singapore and Middle East both online and offline.
Lenskart raised another funding round in December 2022, valuing Lenskart at $4.5 billion. The sovereign wealth fund Abu Dhabi Investment Authority took 10% equity in Lenskart by investing $350 million to $400 million.
Peyush Bansal’s future plan is to make Lenskart a global brand and make people’s life easy by using continuous technology.
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Peyush A Man with Golden Heart
As you all must have seen that Peyush Bansal appeared as a shark as an investor in Shark Tank India.
But seeing Peyush, his nature and understanding impressed many people and people were eager to know about him.
Seeing Peyush in Shark Tank, one thing is understood that technology is his priority area, whatever project Peyush invested in, Peyush invested according to how big that project can be made with technology.
There Peyush cleared one thing that he is not much interested in profit of 5-10 crores, unless the project solves a big problem.
A project is presented in front of Peyush in which a presenter who belongs to a village and despite having limited resources prepares a proto model, the name of that presenter is Kamlesh Jugadu. He was looking at every shark with hopeful eyes that someone would invest in his project but one by one every investor refused him.
But seeing Kamlesh’s desire to do something, Peyush gave him an investment of 30 lakhs. The amount of 30 lakhs was not a big amount for any shark sitting there, but then no one took the risk of even 30 lakhs on Kamlesh, who would do anything, but Peyush Golden Heart man won the hearts of crores of Indians by investing 20 lakhs.
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Peyush Controversy and Apology
In the middle of a pitch in Shark Tank, Piyush knowingly and unknowingly gave a statement on the Chartered Accountant, due to which the Chartered Accountant community pulled him up and later Piyush had to issue an apology statement.
Peyush Apology Statement:
“My Dear CAs, I am sorry. My choice of words and the way it came out was wrong. My intent was not what came out in the show. It was a light-hearted comment made in jest, that has been taken completely out of context. I love and have the utmost respect for CAs. My co-founder and sister is a CA. She is the backbone of Lenskart. My father is a CA. My first investor who has backed me to date and who I value the most is a CA. My company CFO, who’s been with us for over 5 years is a CA. And I depend on all of them to run Lenskart. Without CAs people like me, can’t even run one day, I want you to know. And neither can any business. And I mean it.”
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