Peyush Bansal – Biography
Peyush Bansal- The Visionary man who founded Lenskart to transform the way people see and experience the World. Since the beginning of the Company, Lenskart has defied expectations on how people engage with eyewear. Yes Lenskart is all about eyewear and eye care. Peyush Bansal and His company visions for a world where eyewear helps you Do More, Be More. He focused for disrupt in eye wear industry and today Lenskart is one of Biggest Eyewear Brand in India. Let us understand his journey in detail.
Early Life and Education of Peyush Bansal
- Peyush Bansal studied at Don Bosco School, Delhi. After completing his schooling, he prepared for IIT but didn’t get through it. Peyush then decided to study engineering at a foreign university and after so much hard work and effort, he finally got admission to McGill University, Canada.
- Later he got admission into Bachelor of Engineering Honors in Electrical- IT, Control and Automation. From 2002 to 2006 he completed his bachelor’s degree there. While doing their studies he used to work as a part-time receptionist where we developed his interest in computers and coding.
- After completing his studies at McGill University, he started his career as a Program Manager in a popular Tech Giant- Microsoft, USA. He worked there for nearly one year from January 2007 to December 2007. He also completed (MPEFB- Management) from IIM, Bangalore.
- Peyush left his job and in 2008 he moved to India. Despite not having a business idea and experience, he decided to start a new business with a small capital that he had earned from his previous job. In December 2007 he started a company basically an online portal (SearchMyCampus.com) to solve the various issues of college students such as housing, coaching, jobs, transportation, books, etc. After this, he with his friends founded Valyoo Technologies Pvt. Limited which is now known as Lenskart.
Peyush Bansal Net Worth and Investments
- Through dedication and expertise, he has become a beacon of motivation for budding entrepreneurs. As of 2024, Lenskart founder Peyush Bansal’s net worth is estimated to stay approximately Rs. 600 crores.
- Peyush Bansal lives a luxurious life with many luxury cars, as he has a BMW, Mercedes, Audi, and Land Rover. Furthermore, he has also invested in an employee engagement platform at Feedo and dailyobjects.com, a lifestyle brand.
- Peyush Bansal has made numerous investments in companies like Push Sports, Yes Madam, and Jewel box (Accessories)within the Educational and Training Services (B2C), Services (B2C Non-Financial), and Accessories industries. Peyush Bansal’s latest investment was on 19-Feb-2024 in Push Sports, a company within the Educational and Training Services (B2C) industry.
Peyush Bansal Family
Venture Capitalist | Funding Amount |
ADIA (Abu Dhabi Investment Authority) | Rs.4,100 crore |
DSP Mutual Fund | Rs.320 crore |
Ravi Modi Family Trust | Rs.100 crore |
Avendus Capital, Temasek Holdings | Rs.220 crore |
Alpha Wave Incubation, Epiq Capital | Rs.760 crore |
Alpha Wave Global, Temasek Holdings | Rs.1,650 crore |
SoftBank Vision Fund | Rs.2,255 crore |
Kohlberg Kravis Roberts | Rs.779 crore |
Kedaara Capital | Rs.451 crore |
Competition Analysis: What Makes Lenskart Stand Out?
- Integrated Model: Lenskart controls its supply chain, including manufacturing and assembly units. This gives them an edge in ensuring quality control, quicker delivery, and inventory management.
- Hybrid Retail Strategy: Lenskart’s combination of online and offline stores allows them to cater to a wide range of customers. While the online platform provides convenience, the physical stores offer a touch-and-feel experience, credibility, and immediate service.
- Technological Innovation: The Company has been at the forefront of using technology to enhance the customer experience. Features like the virtual 3D try-on technology set them apart from many traditional eyewear retailers.
- Diverse Product Range: Lenskart offers various styles, categories, and price points, ensuring that different customer segments can find products to their liking.
- Home Services: Their home eye check-up service offers unmatched convenience, helping them stand out in a crowded market and cater to those hesitant or unable to visit physical stores.
- Private Label Advantage: By creating its private-label brands, Lenskart ensures higher margins and can offer competitive prices. This also allows them better control over product design and innovation.
- Aggressive Marketing: Lenskart’s branding and marketing campaigns have been prominent, making them one of the top-of-mind brands in the eyewear sector in India.
- Customer-Centric Initiatives: From easy returns to warranties on products, Lenskart has always focused on building trust and ensuring customer satisfaction.
Peyush Bansal in Shark Tank
- Peyush Bansal, who is arguably the most-admired shark on the show, would have not accepted the show’s offer. When he was first made the offer, he wanted to turn it down. But his wife, Nidhi, insisted that it was a great opportunity.
- And then when they went on their vacation to Maldives. Peyush watched back-to-back episodes on the television in his room while facing some of the most pristine waters one can. He did the same at other engagements as well. Despite him enjoying the show, he wasn’t sure.
- Like most entrepreneurs he was hard-pressed for time, and the show needed lots of it. It’s funny that even when he shot the first time, he wasn’t sure. That’s why he hadn’t signed the show’s contract. Then the lights went on. The shoot and the start-up founders’ energy inspired him. Then, there was no looking back.
Peyush Bansal Personal and Professional Achievements
- He is the recipient of the Red Herring Top 100 Asia Award 2012 for his venture Valyoo Technologies and was awarded ‘Emerging Entrepreneur of the year’ in the Indian e-tail Awards 2012.
- He received the ‘India TV Yuva Awards in 2015.
- Economic Times recognized Peyush Bansal under India’s Hottest Business Leaders under 40. He was also listed in Fortune India’s Best 40 under 40 entrepreneurs in 2019.
5 Companies Launched by Peyush Bansal before Lenskart’s Success
- SearchMyCampus.com
- Peyush Bansal started SearchMyCampus.com in December 2007 with ₹25,00,000 from the basement of his parent’s house. It was an online portal that helped college students to easily solve common issues faced by them like jobs, housing, coaching, books, transportation, etc. He worked on SearchMyCampus for 2 years.
- Peyush Bansal founded Valyoo Technologies in 2008. Valyoo Technologies is the parent company of Lenskart.
- Flyrr
- Peyush Bansal started Flyrr in June 2009. It was an online store that sold spectacles, sunglasses and contact lenses. The same idea as Lenskart but concentrated on the US market.
- Peyush faced some problems, which made him realize that in order to run a business smoothly, both operations and delivery had to be controlled by him and his team. He decided to replicate the same model in India, and hence Lenskart was born in November 2010.
- Watchkart.com
- With Lenskart on track, Peyush Bansal launched another niche venture in May 2011 called Watchkart. Watchkart sold branded watches and catered to a lot of brands like Emporio Armani, Tommy Hilfiger, Fossil, etc.
- Bagskart
- In August 2011, Peyush Bansal launched Bagskart. Bagskart was another of Peyush Bansal’s niche portals under Valyoo Technologies. BagsKart sold different varieties of handbags.
- JewelsKart
- With three niche verticals, Lenskart, Watchkart, and Bagskart, already in place, Peyush Bansal started another vertical, Jewelskart. As the name would suggest, JewelsKart sold jewellery of different kinds.
- With a growth of 200%, Lenskart was performing better than all its sister verticals by 2014. Because of low traction and financial losses, Peyush Bansal shut down Watchkart, Bagskart, and Jewelskart in 2015. This helped him focus on Lenskart better and make it the brand it is today.
Lessons to Learn from Peyush Bansal
- Peyush believed firmly in his vision of bringing technology driven eye care to everyone. After doing his Electrical Engineering from Canada, he worked for Microsoft, but in 2007 he left the job to come back to India. He did MBA from IIM Bangalore and founded Lenskart in 2010. It takes guts to leave a well-paid job to pursue your passion.
- Peyush is humble. Not to generalize but people who have studied abroad usually would be more humble as they experience the same in foreign lands, unlike people who have studied in India who would be more boastful of their tags and can be rude as well. In India it is common that’s why we like Ashneer. However, Peyush retained his humbleness after coming back to India as well.
- He respects people and he would like to invest or take a bet on people rather than businesses. He invested in Jugaadu Kamlesh.
- He also believe in Social causes. He invested in Gold life anti suicide rods. He is highly technology centric since he worked at Microsoft in past. He believe that technology can help solve many of the today’s issues. He also has shown the same through his Unicorn Company “Lenskart”..
- He has a purpose to bring eye care to every Indian. He is driven by that purpose. Lastly but not the least, Peyush shows that one don’t need to be cunning or utmost selfish to succeed in business, one can still be successful in business with clear purpose or goal, conviction in that goal and then with the help of technology and automation can produce world class product. Rather than cutting his competition, he has made his product a world class with constant innovation with no competition which can match him. I am not aware of anyone who is competition to Lenskart.