Peyush Bansal: The Visionary Person Behind Lenskart Success

lenskart's Visionary Founder's Journey to Success

Lenskart is considered as india's most reliable eyewear brand but do you have any idea who is the person responsible for this success. He is none other than Peyush Bansal who is a founder and CEO of Lenskart. This blog is going to be about his journey and how he achieved and progressed from his early days to a successful and established entrepreneur. 

 

Early Years and Education

Born in 1985 into a middle class family in Delhi, Peyush Bansal consistently showed hunger for intellect and a mindset to acquire knowledge. He was Excelling in his academics from the start which helped him to secure a reputable spot at globally renowned  McGill University in Canada and later pursued an MBA from the reputed Indian Institute of Management Bangalore(IIM). Despite a promising start at the corporate giant Microsoft, Peyush sensed a need for entrepreneurship, a passionate desire to create something unique.

Switching from Microsoft to the head of Lenskart is proof of Peyush's journey of passion and the desire to create an impact. After completing his engineering degree in Canada, Peyush worked at Microsoft but felt drawn to entrepreneurship. In 2007, he returned to India and launched SearchMyCampus, his first startup, which was the first step for his upcoming trail of successful ventures, including Lenskart.

 

 

Personal Details

Name:	Peyush Bansal
Wife:	Nimisha Bansal
Father:	Bal Kishan
Mother:	Kiran Bansal
Marital Status:	Married
Children:	Son - Ivaan
Date of Birth:	April 26, 1985
Age:	39 yrs
Background:	Middle-class family
Education:	McGill University and IIM Bangalore
Company:	Lenskart
Position:	Co-founder and CEO
Net Worth:	INR 600 crores (As of 2024)

 

 

5 Companies Launched by Peyush Bansal before Lenskart's Success

 Peyush Bansal, co-founder of Lenskart and a prominent judge on Shark Tank India, revealed in a show episode that Lenskart wasn't his first project. Before discovering his true passion, he started many businesses. Here are five companies that Peyush Bansal started before Lenskart became success.

 

1. SearchMyCampus.com

Peyush Bansal started his entrepreneurial journey with a startup name SearchMyCampus.com in December 2007, investing Rs.25,00,000. Operating from his parent's basement, the online portal aimed to assist college students in resolving common challenges related to jobs, housing, coaching, books, and transportation. Peyush dedicated two years to developing SearchMyCampus.

 

2. Flyrr 

In June 2009, Peyush Bansal founded Flyrr, an online store selling spectacles, sunglasses, and contact lenses, targeting the US market. Facing operational challenges, he realised the importance of internal control over both operations and delivery. This information led to the birth of Lenskart in November 2010.

 

3. Watchkart.com

With Lenskart gaining attention, Peyush Bansal launched Watchkart in May 2011. Specialising in branded watches from various labels like Emporio Armani, Tommy Hilfiger, and Fossil, Watchkart became another niche venture under Valyoo Technologies.

 

4. Bagskart

August 2011 saw the introduction of Bagskart, another niche portal by Peyush Bansal under Valyoo Technologies. Bagskart focused on offering a diverse range of handbags, adding to the growing portfolio of ventures.

 

5. JewelsKart

With Lenskart, Watchkart, and Bagskart already established, Peyush Bansal expanded his business with JewelsKart. Specialising in jewellery, JewelsKart complemented the assembling of opportunity ventures created by Bansal.

 

Despite Lenskart's remarkable 200% growth by 2014, Peyush Bansal faced challenges. In 2015, due to low purchase and financial losses, he made the strategic decision to shut down Watchkart, Bagskart, and Jewelskart. This move allowed him to channel his focus and resources more effectively into Lenskart, shaping it into the influential brand it is today.

 

 

Lenskart : Making of a A Unicorn

In 2010, Peyush, along with his co-founders Sumeet Kapathi and Amit Chaudhary, started a journey that would later transform the Indian eyewear industry through the launch of Lenskart. The idea behind it was Initially to focus on selling contact lenses online, they faced challenges due to low internet dependency and a preference for physical stores in the Indian market. And convincing customers to buy contact lenses online without trying them on turned out to be a tough task.

From humble beginnings to a global contact lens distributor, Lenskart has evolved into an eyewear retail giant in a very short span of time. With over 1550 stores across India, the company offers a diverse range of sunglasses, eyeglasses, and contact lenses. Lenskart's commitment to accessibility has been important to its success, reaching even remote areas through its franchise model.

Beyond merely selling glasses, Lenskart has established over 700 eye checkup centers within its stores, addressing the crucial need for affordable eye care, particularly in rural areas. This initiative democratises access to vision correction and promotes eye health awareness, addressing a significant social issue.

Despite the obstacles, Peyush and his team never gave up. They adopted an multi-channel approach by combining physical stores with their online platform. A significant investment in technology led to the introduction of virtual try-on features and eye measurement tools, improving the online shopping experience. Prioritising affordability, they ensured that high-quality eyewear became accessible to everyone.

 

Achievements & Honors

Peyush Bansal's struggle with Lenskart in making it into a globally renowned multi million company has not gone unnoticed. His commitment to innovation, accessibility, and social responsibility has received a lot of appreciation from numerous achievements. 

In 2019, he was featured on Fortune India's 40 Under 40 list, acknowledging his achievements as a young entrepreneur. Serving as a judge on the popular TV show "Shark Tank India" further endeared him to audiences, showcasing his extraordinary appearance and authentic passion for supporting young  and aspiring entrepreneurs

 

Catch Peyush Bansal on Shark Tank Season Three! To learn more about the other judges and what's new this season, Click Here for our blog on Shark Tank Season Three.

 

 

Net Worth & Investments: Building a Legacy

As of 2024, Peyush Bansal's net worth stands at an impressive INR 600 crores, a testament to Lenskart's success. However, his focus extends beyond personal wealth. Actively investing in promising startups like the employee engagement platform Feedo and the lifestyle brand dailyobjects.com, he demonstrates commitment to fostering innovation and empowering others.

 

Did You Know?

In May 2023 Peyush bought a Rs 18 crore house in Delhi's Neeti Bagh. The property is about 5,056 sq ft. Apart from Lenskart, Bansal is known for investing in businesses on Shark Tank India. He once gave a no-interest loan to Jugaadu Kamlesh's company KR Agrotech, which is doing well. Kamlesh's pesticide spraying machine, supported by Bansal, is making progress, and a new equipment called Bharat-K2 will be available soon on his products theme.

 

 

Conclusion: A Guiding Light for Aspiring Entrepreneurs

Peyush Bansal's story is a clear reminder that success doesn't happen overnight. It's a journey that needs constant effort, strong determination, and a clear vision. From facing early challenges to creating a billion-dollar company like Lenskart, Peyush's success is built on believing in himself, working with a great team, and embracing innovative ideas. His struggles show that hard work is a key ingredient for young entrepreneurs.

As seen on Shark Tank India, Peyush Bansal's journey is a motivating example for new entrepreneurs, highlighting the important lesson that success often comes after trying multiple times and making improvements in the business world.

 

Disclaimer-

This information is for informational purposes only and should not be considered as investment/trading advice. Always do your research and consult with a financial advisor.