Bansal, the founder of India’s three largest e-commerce portals Flipkart, Snapdeal and Myntra, is well known throughout India. But Bonsal is another one who has chosen an area for e-commerce business that is out of sight despite its huge business potential.
Peyush Bansal, who started an online optical store called Lenskart in 2010, is today one of the most successful startup entrepreneurs in the country but he has faced many difficulties in reaching this level of success. Piyush Bhansal’s father, a chartered accountant, wanted his son to study hard and get a good job.
The father never allowed the child to fail in his education. Piyush also studied well without disappointing his father and joined Microsoft in the United States after earning an engineering degree from Canada. Her annual package here was also very good, but after working for a few years, she got bored at the job.
In 2007, he decided to return to India. Piyush’s parents were angry at his decision. Although he tried to persuade the boy, Piyush did not agree. Back in the country, Piyush started thinking of starting his own business without working for any company. E-commerce was a new concept in India at that time and there was a lot of potential in this field.
Piyush launched a classified website setchmencampus.com. This website provides student accommodation, books, carpool facilities, part time job opportunities etc. This website has been running for three years. By 2010, online business in India had grown very fast.
To enter the space, he launched four websites, lenskart.com, jewelry.com, watchkart.com and bags.com, for online sales of glasses, jewelry, watches and bags. And was able to turn it into the largest online optical store in the country.
Today Lenskart has opened its offline stores in all major cities of the country with all modern conveniences. Not only that, at present the company is serving more than 1 lakh people every month with the help of its 500 outlets. Lenskart is expanding its business across the country by adopting the franchise model.
Experts believe that there are many benefits to the lens business. Sometimes a profit margin of up to 500% is possible. And starting such a profitable business through technology is really revolutionary. And this is why Lenskart is growing day by day and at present the market value of the company is around Rs 11000 crore.