The joy of achievement is always within the reach of those who strive. Born and bought up in a middle-class family, Peyush worked hard to advance his career. He returned to India to make changes from the light of his experience. To address the “vision” of India, he decided to focus on the eyewear industry.
Peyush Bansal is the Co-Founder and CEO of Lenskart, India’s fastest-growing eyewear company. He is an entrepreneur and businessman from Delhi.
Educational Status
Peyush completed his education at Don Bosco School. He then prepared for IIT, but after failing, he decided to pursue an engineering degree abroad. Peyush did his engineering at McGill University in Canada. He also holds a bachelor’s degree in management from IIM Bangalore (MPEFB).
Part-time Job
He worked as a part-time receptionist while continuing his education in Canada, where he developed an interest in computer science and coding. As he began coding, he was assigned to coding jobs.
In The World Of Microsoft
He applied for an internship at Microsoft but was not selected. He tried again and was selected the following year. It was a new world for him. After completing college, he went to America and worked for a year as a project manager at Microsoft. There, he concentrated on enhancing the client experience. His practice there turned him to become more customer friendly.
Back To India
Due to his desire to make some changes and create a business in his motherland, Peyush quit his job and returned there. He came back to India in 2008 to find solutions for specific problems.
SearchMyCampus.com
He initially developed an online resource (SearchMyCampus.com) to address the different problems faced by college students, including accommodation, tutoring, employment, transportation, and books. Despite having no commercial ideas, he carried them out using the skills he had learned at Microsoft. He addressed their difficulties gradually.
Focussed To Eyewear
Peyush decided to focus his attention on the eyewear field after learning that 40% of the world’s blind people reside in India and just a few per cent of people use glasses. He also met others who agreed with his views.
Lenskart
Peyush along with Amit Chaudary and Sumeet Kapahi founded Valyoo Technologies Pvt Ltd, now known as Lenskart. It started in 2011. The business began by selling contact lenses, then expanded to include the sale of sunglasses and eyewear. During their journey, they were approached by many investors. After Lenskart, they launched Watchkart in May 2011, Bagskart in August 2011, and Jewelskart in 2012. Today, Lenskart is trying to identify new problems and solve them.
Make Meaning Then Everything Will Follow
They were fearless, took risks and excelled in their business. Following the policy of recovering from setbacks and rebuilding, they are now focusing on providing spectacles to their country and the entire world. They focus on customer problems and seek answers, which helps them grow their business.
Shark Tank India
Peyush Bansal served as a judge in the business show Shark Tank India. Peyush believed that Shark Tank was a highly effective platform for encouraging entrepreneurship. It serves as an excellent foundation to further concepts.
Reached The unicorn club
In December 2019, Lenskart entered the unicorn club when it raised around $231 million in a Series G funding round led by Japanese financial conglomerate SoftBank.In 2020, the total revenue of Lenskart was more than Rs. 1,000 crores. Lenskart announced in June 2022 that it had acquired a majority stake in Japanese eyewear company On days. The deal bought Ondaze for about $400 million.
Honours
Peyush was included in Fortune India’s 40 Under 40 Entrepreneurs list in 2019. He received the India TV Yuva Awards in 2015 and 2006, and McGill University awarded him the British Association Medal.
Peyush Bansal worked hard to excel during his college days. He developed an interest in coding as a side job connecting with customers. After college, he chose to work for Microsoft, which helped him focus more on customers. Consequently, he returned to India to make some changes. He focused on the eyeglasses industry and adopted a customer-friendly strategy that helped the company become successful. Today, Lenskart employs approximately 4,000 people at 600 retail locations in 450 cities nationwide. According to him, he found meaning by resolving his client’s issues, and business followed him.
Credits and References
https://www.youtube.com/watch?v=YQXw0VR-cuU&t=586s
https://visionplusmag.com/interview/in-conversation-with-peyush-bansal-ceo-lenskart/