๐ Beyond the Lens: Lenskart's Success Story
Looking beyond the frame - Lenskart's mission is to bring clarity to everyone's vision. But will this vision be enough to keep it profitable?
Startups.
They're like tiny ships sailing on a vast ocean of possibilities, each with a purpose or "why" that sets them apart from the rest.ย
And when a startup has a strong "why", it's like a beacon of hope shining bright in the midst of the stormy seas of entrepreneurship.ย
Such is the case with Lenskart, a company that has set out on a mission to help the blind population of India.
๐ค The Story of Lenskart's Why
With a valuation of $4.5 billion (July 2022), Lenskart's "why" is to help the 93 lakh visually impaired people in India, where 75% of this population could be treated if only there were enough eye clinics and proper eye treatment.ย
And do you know how much India loses annually because of this? A whopping $118 billion!
So, what did Lenskart do to achieve this mission, you ask?
Two things:ย
make eye-testing and specs trial easier,
make specs more affordable.
To make eye-testing and specs trial easier, Lenskart implemented tech for 3D trial of glasses and free at-home trial.ย
And to make specs more affordable, it had to face a major challenge.
You see, glasses were super expensive due to:
multiple middlemen,ย
supply chain issues,
and dominant players in the industry setting high price benchmarks.
And boy, did they solve this problem!ย
Lenskart introduced its own manufacturing facilities, cutting costs by 30%. This also reduced supply chain issues and dependence on dominant frame sellers.ย
No wonder it's the favourite of millions! It has over 70 lakh annual customers.
As the sails of Lenskart's tiny ship flap in the winds of uncertainty, it's clear that their journey ahead won't be easy.ย
The unorganised eyewear market still holds a whopping 70% of the share, posing a significant challenge.
That's not all. Lenskart is currently battling mounting losses, with every Re. 1 earned costing them Rs. 1.15. They report losses of Rs. 102 crores in FY22.
Yet, despite these challenges, there's no denying the strength of Lenskart's "why".ย
They're driven by a sense of purpose, a desire to help the blind population of India, and to tackle the lack of eye clinics and proper eye treatment in the country.ย
Will this purpose be strong enough to take it to profitability?
Let us know if you found this informative. You can reply to this email with your responses or ping us directly on WhatsApp!ย
The fact that even after facing so many losses, Lenskart has always prioritized its 'vision' over its money game. This is really inspiring.