Using Technology to Deliver an Omni-channel Experience to Consumers
Organic growth has been the way of growth for Lenskart so far with current revenue looking at about $7 billion a month.
The self-proclaimed obsession around customers service has made Peyush Bansal leave his job with Microsoft in US and launch Lenskart in India. After sailing though different business models and without any external investment, Lenskart has managed to raise a total of Rs 721 crore which was utilized in terms of building backend infrastructure and for delivery of spectacles. Its marquee list of investors include Premji Invest, Ronnie Screwvala, IFC, TPG Growth, and Adveq.
Talking about his plans on building a company of the future, Peyush Bansal, Founder and CEO, Lenskart says, "Mainly it will be a tech focused company whether we run online or offline. The idea is to use technology to deliver an omni-channel experience to consumers. Besides, we are working on getting into hyper market and will also be looking at tying up with hospitals." The company is also exploring a portable mobile model in tier III and IV cities where putting up an offline store is not viable.
When asked about most e-commerce players undertaking losses for high GMV, Bansal says, "For us profitability has not been an issue and by the end of this year we will be profitable." Organic growth has been the way of growth for Lenskart so far with current revenue looking at about $7 billion a month. With a team of 500 people, it has kept its focus on brand building, customer satisfaction and building a culture of innovation.
(This article was first published in the May issue of Entrepreneur Magazine. To subscribe, click here)