Peyush Bansal's Lenskart just raised $500m dollars.
He took the business from $4 million >>> $4.2 billion in 10 years. 🔥
Here's a deep dive into what makes Peyush Baba's dhanda so badass. 👇🏻
1/ Super-strong channel management. 💪🏻
Lenskart has some of the best omni-channel presence.
Omni-channel is MBA-speak for "they sell stuff online, offline, digitally, non-digitally, etc".
Want to buy glasses online? No problem, use the Lenskart app.
Want to try lots of glasses on? No problem, visit a Lenskart store.
Want to try lots of glasses at home? No problem, some Lenskart guy will come to your house with frames to try.
Customer feels like a king, and conversion rates are higher.
Which also means that the next time Raju breaks his glasses while playing football, he'll go to Lenskart.
2/ They own everything, from A to Z. 🏭
Most eyewear manufacturers outsource the production to some third-party, and slap their own logo on it.
Lenskart does it differently.
They own the glasses manufacturing facilities themselves, and that gives them absolute control over -
- Colors (Uncle ji wants black glasses, his kids want blue ones)
- Quality (Uncle ji wants a very well-made frame, his kids just want to see)
- Designs (Uncle ji wants to look like... an uncleji, his kids want something jazzy)
- Prices (Uncle ji will delete the app if the glasses are too expensive 🤣)
- and tons more
Plus, since the factories are their own, they have much faster delivery time.
As someone who wears glasses, the most painful part of breaking your frames is being blind for 3 days while your new ones arrive.
3/ They splash cash on technology. 💸
Lenskart has a cool feature that lets you try on glasses online as if it's a Snapchat filter.
Boosts conversion rates and makes sure that the customer sticks around.
Superior tech on their manufacturing side also helps control costs and streamline production to make their glasses at the quickest pace for the cheapest price. 🚀
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Peyush baba is transforming the way people see the world.
Literally.
Moral of the story though? The best businesses are often boring. 💀