A third of people in India need glasses for their eye problems. 15 lakh glasses are sold daily in the country. The respective segment opticals catered to this market demand. In 2010, Piyush Bansal came up with the idea that using digital technologies to create an online gallery could easily reach many people. After completing his MBA from IIM, Bengaluru, he worked with Amit and Sumit to give shape to the startup Lenscard.
Companies like Ratan Tata, SoftBank, TPG Capital have invested in this company. After establishing their business online, they have now opened brick-and-mortar stores across the country. As of now there are more than 500 stores in around 30 cities. They produce lakhs of lenses daily through their optical manufacturing facility. They have 5000 types of glasses frames and 45 types of lenses available.
It is noteworthy that tech startups are currently downsizing and struggling to raise capital. In this case, the Abu Dhabi Investment Authority has estimated the market value of Lenscard Company at Rs.32 thousand crores. At that valuation, Abu Dhabi Investment Authority is going to buy Lenscard’s shares for Rs 4000 crore. Only the rarest startups are profitable. Lenskart is one of them. The company plans to go public in 2024.