COMPANY ANALYSIS ON “LENSKART SOLUTIONS PRIVATE LIMITED” WITH

SPECIAL REFERENCE TO DAVANGERE CITY.

CHAPTER - 1

INTRODUCTION

 1.1 A Brief overview of the company:

Today, one-third of India's population needs glasses. The term “need” applies to
people diagnosed with vision problems, but only about a quarter of them actually
wear glasses. When adding up the number of people who choose to wear glasses as
a fashion accessory, the number is staggering. Customers in this group want many
pairs of glasses to go with many types of outfits.

Every day in India, more than 1.5 million (15 lakh) glasses are sold. The sector is
highly divided, with family-run stores dominating. This eyewear industry has had a
new transformation since 2010, the year Lenskart was founded.

Lenskart is a prescription optical eyewear retail chain that operates as an e-

commerce marketplace for prescription eyeglasses, BLU glasses, frames and
goggles. Additionally, Lenskart also focuses on physical stores and has more than
1,500 omnichannel stores across more than 175 cities in India, Singapore and Dubai.
Its manufacturing facility in Delhi produces more than 300,000 lenses every month.
Lenskart also has a factory in Zhengzhou, China, which processes nearly 20% of its
frame output. Hailed as the largest eyewear brand in India, the company is also
known as the unicorn eyewear company, having joined the Indian unicorn club in
December 2019.

Lenskart is a leading eCommerce company that maintains an online optical store

packed with both classic and trendy eyeglasses, lenses, and more at affordable prices.

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These glasses can be easily ordered online by the customers, who will get them
delivered with many discounts that come and go.

Unlike many other players, Lenskart operates on both an online and offline
distribution platform. Customers can shop online at lenskart.com or in person at
their distinctively built offline store. With the first-of-its-kind ‘Home eye checkup,’
Lenskart is revolutionizing the eyewear industry. They use specialized robots to
deliver glasses in Lenskart that are accurate to 3 decimal places.

To the nearest three decimal places, lenses are delivered by specialized robots
through Lenskart.

5000+ various eyewear models are available at Lenskart, which also provides free
home delivery and a 14-day replacement guarantee. The business produces all types
of eyewear, including sunglasses, reading glasses, and contact lenses.

The following success elements apply to this industry: product, quality, portfolio,
turnaround time, and after-sales support. The brand's simple value proposition is to
"deliver a high-quality product at a reasonable price."

 1.2 Inception of the company

The Indian eyewear industry was dominated by brick-and-mortar stores with
minimal digital presence. Bansal recognized that a vast segment of the Indian
population required spectacles, but the market was still underserved. The lack of
standardized pricing, limited choice, and the inconvenience of visiting physical
stores presented a ripe opportunity.

The Early Days

Initially, Lenskart functioned purely as an online model. The company's focus was
on providing high-quality frames and lenses at affordable prices directly to
consumers, cutting out intermediaries. Their platform offered a diverse range of
products and incorporated tools to ensure customers could choose glasses that suited
them – like the 'Virtual Try-On' feature, which was revolutionary at the time.

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The Indian eyeglasses business Lenskart was established in 2010 by Peyush

Bansal, Amit Chaudhary, and Sumeet Kapahi.

Since then, it has grown to be one of the biggest online eyeglasses merchants in the
nation, with over 700 locations spread throughout 175 cities.

The creator of Lenskart, Peyush Bansal, was born in India's Chandigarh. He earned
his engineering degree in Canada and spent a few years working for Microsoft
before moving back to India in 2007.

He made the decision to launch his own business after discovering a lack of
organized retail in the eyewear sector while he was in India.

To transform the Indian eyewear market, Bansal and his co-founders launched
Lenskart in 2010. They wanted to make it simple and affordable for people to
purchase high-quality eyewear, and they recognized an opportunity to do so by
selling glasses online.

Most Indians preferred to purchase eyewear from physical stores rather than online,
so encouraging them to do so was one of the main challenges that Bansal and his
team faced while establishing Lenskart. However, they maintained and eventually
developed a devoted customer base.

In the Indian e-commerce sector, Lenskart is a remarkable success story. By

providing high quality, reasonably priced eyewear online and in physical stores, the
company's founders have revolutionized the eyewear market in India. The
dedication of Lenskart to technology and sustainability has also distinguished it
from its rivals. With its ongoing expansion and inventiveness, Lenskart is well-
positioned to continue to dominate the Indian e-commerce market for many years
to come.

 1.3 Nature of business carried.

When Lenskart realized that Indian buyers want to touch and feel a product before
purchasing a high involvement product, they modified to the Omni Strategy from
their initial online business model.

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Since it was crucial for them to use technology to actively engage with customers
and adjust to the constantly shifting demands of their customers.

The company's focus with this strategy is on providing the right product, at the right
time, at the right location. Customer involvement is extremely crucial for Lenskart
because they assist clients in receiving a purchasing experience that is customized
to their preferences. By offering a value proposition, Lenskart aims to maintain its
relationship with clients and build trust.

The company Lenskart, which has expanded to 80 cities and is based on the
franchise business model in which 35% of all revenue is shared with the franchisee
in exchange for an annual fee of 2, 00,000 lakhs, is well known for offering bundled
offers like buying two at the price of one or cross offers like giving the first frame
for free, in addition to real-time offers, personalized recommendations, email
coupons, etc.

Lenskart has a B2C business model which is highly sales-oriented. They sell their
product directly to customers at an affordable price. They have a wide variety of
frames within a price range of Rs.345 to Rs.30,000 and also the first frame you buy
is absolutely free.

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Lenskart Funding
Lenskart has raised a total of $554.6 million in funding over 10 rounds. Their latest
funding was raised on May 16, 2021, from a Secondary Market round. The company
is funded by 15 investors - Kohlberg Kravis Roberts, Temasek Holdings, SoftBank
Vision Fund, Kedaara, Chiratae Ventures, T&R, Unilazer, IFC, TPG, Adveq, IDG
Ventures. Lenskart has four investments and their most recent investment was on
13th October 2020 when Tango Eye and Ditto valued at $500k each.

The total funding of Lenskart is $554.6 million which are:

• October 2011 raised $4 million in series A.

• December 2012 raised $10 million in series B.
• January 2015 raised $21.9 million in series C.
• May 2016 raised $60.1 million in series D.
• September 2016 raised $2 billion in series E.
• January 2017 raised $240 million in a Secondary Market round.
• September 2019 raised $55 million in series F.
• December 2019 raised $275 million in Series G.
• May 2021 raised $95 million in the Secondary Market round.

 1.4 Mission, vision, values of the company.

Lenskart embarked on a mission to revolutionize the Indian eyeglasses market.

Driven by a steadfast commitment to quality, affordability, and unparalleled
customer satisfaction, the brand aimed to establish itself as the prime destination for
all eyewear necessities. Today, not only has Lenskart ascended as one of India's
premier eyewear brands, but it has also broadened its horizons to international
markets. This journey, transitioning from modest origins to its eminent stature,
epitomizes its innovative spirit, resilience, and profound grasp of consumer desires.

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MISSION

Lenskart's mission is to make eyewear accessible, affordable, and fashionable to all.

They aim to transform the way people perceive and buy eyewear by offering a wide
range of high-quality eyeglasses, sunglasses, and contact lenses. Lenskart is
committed to providing exceptional customer experiences through innovative
technology, a vast product selection, and a customer centric approach. Their goal is
to be the go-to destination for all eyewear needs, both in India and internationally,
while ensuring customer satisfaction, affordability, and style remain at the core of
their mission.

VISION

Lenskart's vision was to "Revolutionize eyewear in India" and to become the

"number one eyewear provider in India and globally."
India, known as the world's blind capital, faces a significant challenge. With a
staggering 15 million blind individuals, the country accounts for half of the world's
blind population. Alarmingly, 75% of these cases stem from preventable blindness,
largely due to a dire shortage of optometrists and a lack of donated eyes essential
for treating corneal blindness.

Furthermore, an estimated 153 million people in India require reading glasses, yet
lack the means to access them. The nation's requirement stands at 40,000
optometrists, but there are only 8,000 currently available.

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VALUES OF THE COMPANY

 Customer Centricity.
 Innovation.
 Quality.
 Affordability.
 Integrity.
 Expansion & Growth.

Latest Shareholding Summary

Lenskart's Legal Entity Valuation Founders' Net Founders' Net

worth worth

LENSKART
SOLUTIONS PRIVATE 35,000Cr 4,380Cr 4,380Cr

LIMITED

Lenskart India's vision, "Vision to India," aims to reach the masses by developing a
low-cost franchise model. Lenskart Lite is a model that will help them introduce the
framework in Tier 3 and 4 cities, as well as expand their presence in Tier 2 cities. It
also introduced regular contact lenses that can be quickly discarded.

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Lenskart's goal is to provide affordable and simple eyewear solutions with the aid
of its Aqualens product. It would be extremely affordable to the daily masses who
want both trends and costs. The main aim of Lenskart India is to close the distance
between selected and unselected lenses.

 1.5 Goals and objectives of the company.

Lenskart, as one of the leading eyewear

companies in India, has had clear goals and
objectives since its inception. Some of the
broader goals and objectives that can be
discerned from their business operations,
growth trajectory, and communications
include:

1. Market Leadership: To be the leading eyewear provider in India and make

significant inroads in international markets.
2. Affordability and Accessibility: Democratize eyewear by making it affordable
and accessible to all, even in the remotest parts of the country.
3. Innovative Customer Experience: Continue enhancing the customer buying
experience through technological innovations, like the virtual try-on, home trials,
and eye tests at home.
4. Offline Expansion: While starting as an online platform, they’ve steadily
expanded their physical store presence. This objective is likely to continue, allowing
customers to touch and feel products and get in-person consultations.
5. Diversify Product Range: Beyond just glasses and sunglasses, expand into
various eyewear categories like contact lenses, specialized lens solutions, and more.
6. International Expansion: After establishing a dominant position in India, expand
the brand and its presence in global markets.
7. Sustainable Growth: While growth is a clear objective, they would also be
focusing on sustainability, ensuring that their business model remains profitable.
8. Collaborations and Brand Partnerships: Partner with international brands,
celebrities, and influencers to expand their product offerings and enhance brand
visibility.

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9. Focus on Quality: Ensure that every product meets quality standards, keeping
customer satisfaction at the core of their operations.
10. Digital Transformation: Continuously invest in digital technologies to improve
the online shopping experience, customer service, and back-end operations.
It is important to note that, while these are some broad goals and objectives derived
from their activities and statements, the specifics may change over time.

 1.6 Quality Policy

Produced by robots
They are the first and only company in India
to employ the robotic method to produce
glasses with a three-decimal place accuracy.
With an automated system that makes it
possible to inspect lenses, find the geometric
centre, and load lenses for edging without the
need for a finishing block, these imported
German equipment guarantee perfection on all fronts. Their employees have zero
tolerance for errors, and our call centre strives to satisfy every client, address their
issues, and take feedback seriously.

 1.7 Product and services profile.

Lenskart BLU
Digital devices like phones, laptops, and tablets emit harmful blue rays that can
damage our eyes. Once powered by Lenskart BLU, the computer glasses effectively
block 98% of these blue rays.

They are available with prescription and zero power, and they relieve eye strain on
screen heavy days. With Lenskart BLU, you can transform your everyday seeing
experience.

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Lenskart is a leading eyewear brand based in India. The company was established
with a vision to offer affordable and quality eyewear solutions to its customers.
Lenskart has witnessed significant growth, primarily due to its online-first model
and later expanding into offline retail as well.

Here's a brief overview of Lenskart's product and service profile:

1. Products:

• Prescription Eyeglasses: Lenskart offers a wide variety of frame designs for both
men and women. This includes rimless, full-rim, and half-rim options in various
materials like metal, acetate, and titanium. Price ranges from Rs.499 & maximum
Rs.13000

• Sunglasses: The company offers sunglasses in a variety of styles, ranging from

aviators to wayfarers, and more. Price ranges from Rs.350 to Rs.27,950.

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• Contact Lenses: Lenskart sells daily, bi-weekly, and monthly contact lenses. They
carry major brands such as Bausch & Lomb, Acuvue, and more. Price Ranges from
Rs.450 to1119.

• Kids Eyewear: They offer a range of glasses specially designed for children. Price
Range from Rs.599 to Rs.2000.

• Accessories: This includes lens cleaning solutions, eyeglass cases, and more.

• Specialties: Eyewear, Eyeglasses, Sunglasses, Contact Lenses, Power Sunglasses,

Optical, Retail, Fashion, Vision, Eyecare, Vision care, Digital, Omnichannel,
Ecommerce, Technology, Manufacturing.

2. Services:

• Home Eye Check-up: Lenskart provides a service where trained professionals visit
the customer's home to conduct a comprehensive eye examination.
• 3D Try-On: Online shoppers can use their webcam to virtually "try on" different
frames and see how they look.
• Home Trial: Customers can select a few frames to be sent to their homes, try them
on in person, and then decide which one(s) to purchase.
• Physical Stores: Despite starting as an online-first model, Lenskart has expanded
its footprint with physical retail stores across India, where customers can directly
browse and buy products.

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• Lenskart Gold Membership: A membership program that offers benefits like buy
one get one free on frames, among other perks.
• Easy Returns: If a customer isn't satisfied with their product, they can opt for easy
returns or exchanges.

3. Technology and Innovation:

• Blu Smartphone Lenses: These are lenses designed to block harmful blue light
emitted by screens.
• Robotic Lens Edging: To ensure precise cutting and fitting of lenses into the frames.
Expansion Efforts: By 2021, Lenskart had also made efforts to expand
internationally, with a presence in markets like Singapore.

 1.8 Area of operation.

Lenskart, which started as an online platform, expanded its operations and has since
had a presence in multiple domains. Lenskart, which started its operations in India,
has significantly expanded its footprint within the country and started making
strides in international markets.

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1. Domestic Operation (India):

Lenskart initially began as an online platform, but over the years, it expanded its
presence with offline stores. They have a network of physical stores across major cities
and towns in India.

 Online Platform: Serving customers across the length and breadth of the country
through its website and mobile app.
 Physical Retail Stores: Lenskart has opened several retail outlets in metros, tier-
1, and even tier-2 cities in India.

2. International Operations:

By 2021, Lenskart had begun its international expansion:

Singapore: Lenskart made its overseas debut by launching in Singapore. They

operated both an online platform and offline stores in the country.
Potential Expansion: There were reports and plans about Lenskart looking to expand
to other Southeast Asian markets and the Middle East.

1.Online Presence: Lenskart's primary area of operation when it started was its
online platform, which allows customers to browse and purchase eyewear products
from their website or mobile app. The platform provides features like a virtual 3D
try-on, customer reviews, and more.

2.Offline Retail Stores: Lenskart diversified into the brick-and-mortar space by

opening retail stores across various cities in India. These stores allow customers to
physically try on frames, get their eyes tested, and avail other in-store services.

3.Home Services: Lenskart introduced services like home eye check-ups, where
trained professionals visit customers' homes to conduct eye examinations. They also
had a home trial service allowing customers to try frames at home before
purchasing.

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4.International Operations: As part of its expansion strategy, Lenskart began

establishing its footprint outside India. By 2021, they had ventured into markets like
Singapore and were looking into further global expansion.

5.Manufacturing: Lenskart invested in its manufacturing processes, using

advanced technology to ensure precision in lens cutting and fitting. The company
claimed to have a robotic system to achieve accuracy in their lenses.

6.Research and Development: Lenskart showed interest in continuously evolving

its product range and improving customer experience, which indicates operations in
R&D to innovate in the eyewear space. Given the dynamic nature of businesses, the
areas of operation for Lenskart might have expanded or shifted after 2021. For the
most updated information on their current areas of operation, it would be best to
consult Lenskart's official sources or recent corporate publication.

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 1.9 Ownership pattern.

The above pie chart representation is about Lenskart ownership.

Funds own the majority of Lenskart's shares, accounting for 84.16%, while Founder
hold 12.50%, ESOP hold 2.50%, Angel hold 0.46%, Enterprise hold 0.34% and
Other People hold 0.03%.

Eyewear brand Lenskart and its CEO/co-founder Peyush Bansal shot to fame
following his 'Shark Tank India' appearance last year. Post-season 1, all the 'sharks',
including Bansal, attained celebrity status and, as a result, viewers aspired to be like
them.

 1.10 Competitors information

Lenskart, being a major eyewear player in India, faces competition from various
brands, both online and offline.

Here are some of the key competitors in the eyewear market in India:

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1.Titan Eye Plus: A part of the renowned Tata Group, Titan Eye Plus offers a range
of eyeglasses, sunglasses, and contact lenses. They have a strong offline retail
presence with stores across India.

2.Coolwinks: An online eyewear platform, Coolwinks offers eyeglasses,

sunglasses, and prescription sunglasses. They have tried to differentiate themselves
with various offers and promotions.

3.Specsmakers: An optical retail chain, Specsmakers has stores in several cities in

India and offers eyeglasses, sunglasses, and computer glasses.

4.ClearDekho: Touted as one of India's fastest-growing budget eyewear brands,

ClearDekho operates both as an online platform and an offline retail chain.

5.Vijaya Optical House (VOH): One of the older brands, VOH has been around
for decades and offers a range of eyewear solutions.

6. Local Opticians: Apart from these brands, numerous local opticians and eyewear
stores operate in various cities and towns across India. These local stores pose
competition, especially in areas where people prefer a more personalized touch and
relationship-based service.

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7. Global Players: Brands like Ray-Ban, Oakley, and others, although primarily
sunglass brands, also pose competition in the premium segment.

8. E-commerce platforms: Websites like Amazon and Flipkart that host multiple
eyewear brands can also be seen as competitors, especially in the non-
prescription sunglasses category.

 1.11 Infrastructural facilities

Lenskart had invested considerably in infrastructural facilities to support its

business model and to provide quality eyewear products and services to its
customers. Here are some key aspects of Lenskart's infrastructure:
 Retail Stores: Lenskart has established numerous retail stores across various
cities in India. These physical stores allow customers to try on frames, get their
eyes tested, and make purchases in person.
 Manufacturing & Processing Facilities: Lenskart prides itself on using
advanced technology to ensure precision in lens manufacturing and fitting. For
instance, they've mentioned using robotic systems to achieve superior accuracy
in their lenses. This requires state-of-the-art manufacturing facilities.
 Online Platform: Lenskart's primary mode of operation initially was its online
platform. They've invested in building a user-friendly website and mobile app
equipped with features like virtual 3D try-ons and an easy-to-navigate interface.
 Logistics & Supply Chain: To ensure timely delivery of products to customers
across the country, Lenskart has a robust logistics infrastructure. This includes
warehouses, inventory management systems, and partnerships with delivery
service providers.
 Technology & Innovation Labs: Lenskart continually innovates in the eyewear
space, which would require research and development facilities or labs. These
labs focus on improving existing products, developing new products, and
enhancing the customer experience.

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 Training Centres: Given that Lenskart provides home eye check-ups, they
likely have training centres or facilities to train their optometrists and ensure
they offer standardized services to customers.
 Customer Support Centres: To handle customer queries, returns, and
feedback, Lenskart would have customer support centres equipped with trained
personnel, technology, and systems to manage customer communications
efficiently.

 1.12 Achievements – Awards, Rewards, Highest sales

Lenskart.com has been awarded GOLD award in the flagship IT Innovation-Micro,

Small and Medium Enterprises (MSME) category and the SILVER award in the
prestigious e-commerce category at the Express I.T. Awards 2016.

• Lenskart's e-mail marketing campaign was included in the "honourable

mention" in the "Create and Design - E-commerce" category at Marketing
Sherpa Email Awards 2014.
• Peyush Bansal, Founder & CEO Lenskart.com was one of the most searched
businessmen of the year in 2014.

After a flat growth in FY21, omnichannel eyewear retailer Lenskart has delivered
66% growth in its operating revenue during the last fiscal year. However, the growth
extracted a cost as the company slipped into losses in the fiscal year ending March
2022.

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Lenskart’s operating income surged 66% to Rs 1,503 crore in FY22, according to

its annual financial statement filed with the Registrar of Companies (RoC).

The primary source of income, accounting for about 94.3% of the total operating
income, was the sale of eyeglasses items. In FY22, revenue from this vertical
increased by 65.8% to Rs 1,418 crore, while revenue from subscription fees
increased by 14% to Rs 49 crore. In FY22, the combined revenue from lease,
website license fees, scrap, and customer support fees was Rs 36 crore.

 1.13 Strategic perspectives plans

Online + Offline presence

Lenskart does not just serve its customers on online platforms but also through
offline stores. The customers can avail of the services and products by Lenskart
from their brick-and-mortar stores, ordering online through their app or website, and
even booking eye checkup appointments at their homes.

Lenskart serves its customer using an omnichannel strategy to spread across

multiple customer touchpoints and offer a seamless customer service and experience
across all the touchpoints.

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Lenskart, an online eyewear retailer, leveraged a multi-channel digital marketing

strategy, including search engine optimization, social media advertising, and email
marketing, resulting in increased website traffic, online sales, and brand awareness.

• Lenskart's Social Media Marketing Strategies

2.76% of Lenskart's engagement comes from different social media platforms like
YouTube, Facebook, and Instagram. That means that almost 2.8k visitors a month
are solely pouring in through ads marketed on these social media platforms. Social
media marketing refers to promoting a business online on specific platforms based
on the requirements of that business.
Lenskart has a well-rounded and engaging social media presence on YouTube,
Facebook, Instagram, LinkedIn, and WhatsApp.

Platform No. of followers Average Traffic Source

YouTube 166K Subscribers 53.42%

Facebook 1.5M Followers 19.79%

LinkedIn 174K Followers 08.83%

Instagram 668K Followers -

Twitter 30.6K Followers -

YouTube is One of their most popular channels. It has 166k followers and more than
3.5 million views overall. It is the biggest contributor, accounting for 53.42% of the
total traffic. For their YouTube channel, they mostly curate updates on the most recent
collections, offers, and unboxing videos. To improve their visibility, they also repost
content created by influencers.

The contributions from Facebook and LinkedIn, which are in second and third
place, are 19.79% and 08.83%, respectively. With around 174k LinkedIn followers,
Lenskart is one of the few companies utilizing the platform effectively to connect
with a very niche market.
1.5 million people follow them on Facebook and often interact with their content.
Updates on the newest deals and other stuff are posted on their Facebook page.

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WhatsApp occupies the 4th position by bringing in 7.91% of the traffic respectively.

• Lenskart's SEO Strategies

Optimizing your online presence is the best approach to improve your online
visibility ranking and reach. And the process of doing that is SEO.
Search Engine Optimization refers to the process of optimizing a website to improve
its ranking on search engines and increase visibility and online presence. It helps
generate organic traffic and is great for adding credibility and transparency to any
business.
SEO also helps with quality lead generation and conversions. It is a great cost-
effective strategy to improve the growth of your business. 35.21% of Lenskart's
traffic is generated by organic searches. This indicates a highly optimized online
presence. The business receives 5.6 million visits a month for an average duration
of 4.2 minutes each.
They occupy the 16th position in the country concerning online shopping and the
marketplace. Having said this, Lenskart's bounce rate is rather high with 45.6% of
its visitors leaving the site after surfing through only 1 page.

Lenskart has revamped its website for top search rankings and mobile-friendliness.
They use specific CTA buttons for lead conversion and retargeting. Regular SMS
and email bundles boost conversions and retargeting. Over 61% of traffic is organic,
supported by an extensive keyword database of 3000+ keywords.

• Lenskart’s Website Strategy

Lenskart's official website has been optimized by embedding 54 technologies to

ensure a smooth customer experience. These technologies have been taken from 13
different industries like advertising, currency converters and payment systems,
conversions and analytics, mobile, and so much more. The website has been
optimized for search engines. It has a mobile-first approach and facilitates easy
navigation through clear and simple categories.

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They also display their vast visual inventory in an organized format along with their
international stores. Eyeglasses, computer glasses, kids' glasses, lenses, sunglasses,
hope tests and trials, and store locators are the major categories. And each of these
has been further classified for easy access and ordering. They also provide a user-
friendly order tracking system to update customers on their purchases.
The visuals are engaging and have a lot of movement in them which is great for
grabbing and maintaining the attention of the consumers. The filters are highly
versatile and flexible which contributes to a hassle free and enjoyable customer
experience.
And Lenskart also emphasizes flexibility in payments
which is great for confirming successful purchases.
Overall, Lenskart has a well-rounded and highly
optimized website which is great for improving its
online visibility, generating leads, and increasing
revenue.

• Lenskart’s paid ad Strategies

Lenskart utilizes influencer marketing effectively by partnering with a renowned

YouTuber as its brand ambassador. This strategic move allows them to engage with
a specific and already captivated audience, maximizing their reach and resonating
with the digital-savvy demographic. Through this approach, Lenskart not only
leverages the influencer's established credibility but also taps into their expansive
follower base, enhancing brand visibility and engagement.

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MODULE 2
FINANCIAL & MARKET ANALYSIS

 2.1 Analyse the company’s financial statement:

Statement of Profit or Loss

A profit and loss statement is a financial report that shows how much your business
has spent and earned over a specified time.
Lenskart had reported a profit in the 2021 financial year but dropped into a loss of Rs
102 crore in the 2022 fiscal.

Omnichannel eyewear retailer Lenskart turned to a net loss of ₹102.3 crore in FY22
compared to a net profit of ₹29 crore in the previous year as a sharp rise in total
expenses offset other income of about ₹115 crore. The company, run by Lenskart
Solutions Pvt.

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Lenskart - Statement of Profit or Loss.

For the Fiscal Year Ended March 2022 2021-22 2020-21 2019-20
(Amounts in Rs Crore) Particulars

Revenues:
Sale of Eyewear Products 1,418 855.70 851.21
Subscription Fees 49 43 37.20
Revenue from Lease, License & Other Fees 36 8.37 11.79
Interest on Fixed Deposits & Investments 115 0.0 7.25%

Total Revenue 1,618 907.07 963.7

Expenses:
Cost of Procurement/ materials 635 338 340
Commission to Selling Agents and market fees 305 216.73 203.74
Employee Benefits 245 176 176.50
Marketing & Promotion Expenses (advertising) 235 136.52 111.10
Tele Postage 42.3 27.7 40.0
IT Cost 39 0.0 30
Freight & Travel expenses 39 22.21 26.78
Net Profit/Loss for the year (102.3) 29 17.7
Total Expenses 1,726 999 945.9

Revenue from Operations 1502.7 905.3

Other information:
Growth in Operating Revenue 66% -- --
-Contribution of Eyewear to Total Revenue 94.3% -- --
Expenses Growth 72.8% -- --
Cash from operations (183) (117) --

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Analysis
 Sales for the year 2021-2022 is RS. 1418 crores.
 Gross profit for the year 2021 is Rs. 983 crores.
 Operating profit for the year 2021 is 77.7 crores.
 Net loss for the year 2021 is (102.3) crores
Lenskart incurred a net loss of Rs. 102.3 crores in 2021-22.
 Cash Flow Negative trend in cash from operations, moving from (Rs. 117) crores
(2020-21) to (Rs. 183) crores (2021-22) due to increased expenses.

Interpretation
 Gross Profit: Gross profit can be calculated as Total Revenue minus Cost of
Procurement/Materials. For the fiscal year 2021-2022, the gross profit is 1,618
Crore (Total Revenue) - 635 Crore (Cost of Procurement/Materials) = 983 Crore.

 Net Profit or Loss: The company incurred a net loss of (102.3) Crore for the fiscal
year 2021-2022. This indicates that the company's expenses exceeded its total
revenue, resulting in a negative net profit. This is a significant decrease in
profitability compared to the previous year when it had a net profit of 29 Crore.

 Sales: Sales revenue primarily consists of revenues from selling eyewear products,
subscription fees, and other income sources. For the fiscal year 2021-2022, the
total sales revenue is 1,418 Crore (Sale of Eyewear Products) + 49 Crore
(Subscription Fees) + 36 Crore (Revenue from Lease, License & Other Fees) =
1,503 Crore.

 Operating Profit: Operating profit can be calculated as Total Revenue minus

Total Expenses. For the fiscal year 2021-2022, the operating profit is 1,618 Crore
(Total Revenue) - 1,726 Crore (Total Expenses) = (108) Crore, indicating an
operating loss.

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Lenskart Solutions Private Ltd's financial performance for the year ended March 31,
2022, showed a significant 66% growth in revenue, driven by eyewear product sales.
However, expenses surged by 72.8%, resulting in a net loss of Rs. 102.3 crores and a
negative net profit margin of (6.82%).

 Statement Financial position (Balance sheet)

Meaning of financial position

Financial position is the current balance of the recorded assets, liabilities and equity
of an organization. This information is recorded in the balance sheet, which is one of
the financial statements. The financial position of an organization is stated in the
balance sheet as of the date noted in the header of the report.

Balance sheet for the year ended on --

Particulars Notes March 31, March 31, March 31,
2023 2022 2021
Rs.in Crores Rs.in Crores Rs.in Crores
EQUITY AND
LIABILITIES
Shareholder's
Funds
Share Capital 1 304 273 241
Reserves and 2 -10,06,469 11,09,601 11,09,601
Surplus

Non-current - - -
liabilities
Long-term 36,06,335 35,99,605 35,99,605
borrowings
Deferred tax
liabilities (net)

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Current
Liabilities
Short term 3 - - -
borrowings
Trade payables 4 8,15,166 6,81,758 6,81,758
Other current 5 - - -
liabilities
Short term 6 89,600 1,40,100 1,40,100
provisions
TOTAL 35,04,937 55,31,337 55,31,305

Particulars Notes March 31, March 31, March 31,

2023 2022 2021
Rs. Rs. Rs.
ASSETS
Non- Current
Assets
Property, Plant and - - - -
Equipment's
Tangible Assets 16 175 9,18,650 9,18,650
Long-term loans 7 14,07,627 30,43,799
and advances 30,43,799
Current Assets
Current 27,892 52,689 52,689
Investments
Inventories 19,20,470 22,00,969 22,00,969
Cash and Cash 8 10,24,259 11,45,995 11,45,995
equivalents
Short-term loans 7 1,51,409 1,68,961 1,68,961
and advances
TOTAL 45,31,832 75,31,063 75,31,063

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Analysis:
Assets: Total Assets for the financial year 2021-2022 amount to 75,31,063 Crores.
Shareholders' Equity: Share holders’ equity for the financial year 2021-2022
amount to 11,09,905 Crores.
Provisions: Provisions for the year 2021-2022 amount to 1,40,100 Crores.
Liabilities: Liability and other items for the financial year 2021-2022 amount to
55,31,337 Crores.

Interpretation:
 Share Capital increased due to capital infusion.
 Negative Reserves and Surplus raise financial health concerns.
 No significant non-current liabilities.
 Stable long-term borrowings.
 Fluctuations in current liabilities.
 Significant decrease in non-current assets may require investigation.
 Reduction in current assets affects liquidity.
 Decline in total assets impacts the company's financial position. Interpretation:

Lenskart Solutions Private Limited's balance sheet for 2022-2023 indicates a

significant decrease in both total assets (from Rs. 75,31,063 crores to Rs.
45,31,832 crore) and total liabilities (from Rs. 55,31,337 crores to Rs. 35,04,937
crore) compared to the previous year. This decrease has led to a reduction in
shareholder's funds from Rs. 20,00,000 crores to Rs. 10,27,000 crores, which is
a concerning trend for the company's financial health.

 Statement of Cash inflows and cash outflows.

Lenskart's total revenue rose 56.7% to INR 1,618.3 Cr in FY22 from INR 1,032.2 Cr
in FY21, while revenue from operations surged 66% to INR 1,502.7 Cr from INR
905.3 Cr in FY21. With this, Lenskart became the second Indian D2C startup after
New Delhi-based boAt to cross the INR 1,500 Cr mark in operating revenue.

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CASH FLOW STATEMENT

Particulars 2022-23 2021-22 2020-21

Cash Flows from Operating

Activities
Revenue from Operations 35,04,937 55,31,337 35,31,305
Less: Operating Expenses 36,06,335 35,99,605 35,99,605
EBITDA (1,01,398) -6,832 -3,618
Add: Depreciation and Amortization 175 9,18,650 9,18,650
EBIT (1,01,223) -42,650 -32,570
Add: Interest Income 14,07,627 30,43,799 30,43,799
EBT -87,146 -12,211 -1,931
Add: Tax Expense 89,600 1,40,100 1,40,100
Net Cash Flow from Operating (1,76,746) (1,52,311) (1,42,031)
Activities
Cash Flows from Investing Activities
Purchase of Property, Plant, and (9,18,650) (1,51,409) (1,68,961)
Equipment
Proceeds from Sale of Property, Plant, - 27,892 52,689
and Equipment
Net Cash Flow from Investing (9,46,542) (1,23,517) (1,16,272)
Activities
Cash Flows from Financing Activities
Proceeds from Borrowings 36,06,335 35,99,605 35,99,605
Repayment of Borrowings (25,15,885) (26,01,012) (25,52,121)
Net Cash Flow from Financing 10,90,450 9,98,593 10,47,484
Activities
Net Increase/(Decrease) in Cash and 2,07,162 -84,735 (1,04,318)
Cash Equivalents
Cash and Cash Equivalents at the 10,24,259 11,45,995 12,50,313
Beginning of the Year

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Cash and Cash Equivalents at the End 12,31,421 10,61,260 11,45,995

of the Year

Analysis

Net profit: In March 2023, the company reported a net profit of 3,83,908 Crores. Net
profit is not directly provided in the given data. To calculate it, you would typically
subtract the "Net Cash Flow from Operating Activities" from the "Net
Increase/(Decrease) in Cash and Cash Equivalents."

Net Profit = Net Increase/(Decrease) in Cash and Cash Equivalents - Net Cash Flow
from Operating Activities

Net Profit = 2,07,162 Crores - (-1,76,746 Crores) = 3,83,908 Crores

Cash and Cash Equivalents: The ending balance of "Cash and Cash Equivalents at
the End of the Year" for 2022-23 is 12,31,421 Crores.

Interpretation

Net Cash Flow Used in Investing: For the year 2022-23 Net Cash Flow Used in
Investing = Net Cash Flow from Investing Activities. For 2022-23, Net Cash Flow
Used in Investing is -9,46,542 Crores.

Net Cash Flow from Operating Activities:

Net Cash Flow from Operating Activities for 2022-23 is -1,76,746 Crores.

Cash and cash equivalents: In the fiscal year 2022-23, the company experienced a
net increase in cash and cash equivalents of INR 2,07,162. This is a positive sign as
the company improved its cash position compared to the previous year when it had a
decrease of INR 84,735.

Cash Flows from Investing Activities: Significant investment in property, plant, and
equipment: Rs. 9,18,650 Crores. Cash generated from the sale of assets exact amount
unspecified.

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Cash Flows from Operating Activities: Net cash outflow: Rs. 1,76,746 Crores.
Operating expenses exceeded revenue, reflecting financial challenges.

Cash Flows from Financing Activities: Raised substantial funds through

borrowings: Rs. 36,06,335 Crores. Substantial debt repayments: Rs. 25,15,885 Crores.

 2.2 Financial ratios:

Meaning Ratio Analysis:

“Ratio Analysis” refers to the analytical technique wherein various financial ratios are
computed based on the financial information available in the company’s annual reports
or other public domains. Using various ratio analysis formulas helps assess the subject
company’s financial and operational position.

Liquidity Turnover: It is a measure of the ability of a company to pay off its short-
term liabilities.

Particular 2022-Mar 2021-Mar 2020-Mar

Liquidity And Solvency Ratios
Current Ratio 6.83 2.14 1.46

Current Liabilities 36.73 -- --

Current Assets -7.56 -- --
Debt Equity Ratio 0.53 0.23 0.27
Long Term Debt Equity Ratio 0.06 0.09 --

Calculation of liquidity ratio for the year ended on 31-3-2022:

Liquidity Ratio = Current assets / Current liabilities
= -7.56/36.73
= 0.2058263

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Calculation of Liquidity Ratio for the Year Ended 31-3-2022

Net Working Ratio = Current Asset-Current Liability
= -7.56-36.73
= -44.29
Analysis: Liquidity ratio for the year 2022 is 0.2058263. The current ratio improved
significantly to 6.83, indicating strong short-term liquidity.

The debt equity ratio increased to 0.53, suggesting higher debt relative to equity.
The long-term debt equity ratio remained low at 0.06, reflecting a conservative
approach to long-term financing

Interpretation of the provided liquidity and solvency ratios for Lenskart Solutions
Private Ltd for the fiscal year ended March 2022:
Lenskart's liquidity position has improved significantly in recent years. The
company is in a better position to meet its short-term obligations, but the company
is taking on more debt. Lenskart should continue to monitor its debt level and take
steps to reduce its reliance on debt if necessary.

 Profitability and turnover to evaluate financial health.

Profitability ratios assess a company’s ability to earn profits from its sales or
operations, balance sheet assets, or shareholders’ equity. They indicate how
efficiently a company generates profit and value for shareholders. Profitability
ratios include margin ratios and return ratios.

1. Profitability Ratios: It is a type of accounting ratio that helps in determining the

financial performance of a business at the end of an accounting period.

Year Gross Profit Sales Ratio

2021-2022 783 1,418 0.55218617
2020-2021 517 855.70 0.60418370
2019-2020 511 851.21 0.60047003

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Gross Profit = Sale of Eyewear Products - Cost of Procurement.

Gross Profit = 1,418 - 635 = 783

Formula to calculate is Net profit / Sales * 100

Analysis: Gross profit margin for the year 2021, 2020 and 2019 are 0.55218617,
0.60418370 and 0.60047003.

Interpretation: There was a slight increase in gross profit from $50.0244 in 2020 to
$50.6969 in 2021. This indicates a potential improvement in the company's
profitability from its core operations during this year

2. Asset turnover ratio: Asset turnover ratio measures the value of a company’s
sales or revenues relative to the value of its assets. This Ratio can be used as an
indicator of the efficiency with which a company is using its assets to generate
revenues.
Asset turnover ratio = Net sales / Total assets
Year Net Sales Total Assets Ratio
2021-2022 1418 45,31,832 0.0003128977
2020-2021 855.70 75,31,063 0.0001136227

Calculation of the profitability ratio for the year end on 31-3-2022:

Net profit margin= Net loss/sales x 100
Net Profit Margin = -102.3crores / 1418 crores * 100
= -7.2143%

Analysis
Asset turnover ratio for the year 2021, 2020 are 0.0003128977, 0.0001136227.

Interpretation
In 2021, the company generated Rs. 0.0003128977 in sales revenue for every
Rs.0.00031 of average total assets.

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The decrease in Lenskart's ratio of Net Sales to Total Assets could be due to a
number of factors, such as:
 Increased competition.
 Economic downturn.
 Changes in customer demand.
 Supply chain disruptions.
 Inefficient asset management

The company should investigate the root cause of the decrease in its ratio of Net Sales
to Total Assets and take steps to improve its efficiency.

 2.3 Market analysis.

 Evaluate company position within its industry.

The company reached a valuation of $1 billion in December 2019 after SoftBank
invested around $275 million. In March 2023, the Abu Dhabi Investment Authority
invested $500 million in Lenskart at a valuation of $4.5 billion.

Lenskart is a leading eyewear company in India and one of the fastest growing
eyewear companies in the world. It has a market share of over 30% in India and is
expanding its international presence.

Lenskart's position within the industry is strong for a number of reasons:

Strong brand reputation and loyal customer base: Lenskart has built a strong brand
reputation in India for its quality products, affordable prices, and convenient shopping
experience. The company has a loyal customer base that appreciates its wide range of
products, innovative features, and commitment to customer service.
Vertically integrated supply chain: Lenskart controls all aspects of its supply chain,
from manufacturing to retail. This gives the company a competitive advantage, as it
allows it to offer its products at lower prices and with better quality control.

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Innovative products and services: Lenskart is constantly innovating and introducing

new products and services to meet the needs of its customers. For example, the
company offers a variety of augmented reality features that allow customers to try on
glasses virtually before they buy them.
Wide range of products to choose from: Lenskart offers a wide range of eyewear
products to choose from, including prescription glasses, sunglasses, contact lenses,
and eye accessories. This gives customers the ability to find the perfect products for
their needs and budget.

Affordable prices: Lenskart offers its products at affordable prices, making them
accessible to a wide range of customers. The company also offers a variety of
discounts and promotions throughout the year.

Convenient shopping experience: Lenskart offers customers a variety of convenient

shopping options, including online shopping, in-store shopping, and home eye tests.
The company also offers fast and free delivery on most orders.
Strong online presence: Lenskart has a strong online presence, with a user-friendly
website and mobile app. The company also uses social media to connect with its
customers and promote its products.

 Examine market trends, competition, and potential growth opportunities

Market Trends:
Online Retail Growth: The e-commerce sector has been booming globally, and the
eyewear market is no exception. As consumers become more comfortable shopping
online, companies like Lenskart that have a robust online presence stand to benefit.

Awareness and Need for Eye Care: There's a rising awareness about eye health,
especially with the increasing screen time due to the digitalization of most tasks and
entertainment. This leads to higher demand for eyewear, both prescription and
protective (like blue light glasses).

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Preference for Branded Eyewear: The younger generation, in particular, views

eyeglasses not just as a necessity but also as a fashion accessory. This leads to a
growing demand for trendy, branded eyewear.
Omni-channel Retailing: Combining online sales with physical store experiences, like
trying on glasses in-store after browsing options online, is a growing trend.

Competition:
Local Competitors: As mentioned, Lenskart faces competition from brands like Titan
Eye-plus and GKB Opticals in the Indian market. These brands have their loyal
customer base and retail presence.

Unorganized Sector: A significant portion of the eyewear market in India is still

unorganized. These are local optical stores that might not have a brand name but have
been serving communities for years.
International Brands: As Lenskart expands internationally, it would face competition
from global eyewear giants and regional players in markets like Singapore, Dubai, and
the US.

Potential Growth Opportunities:

 Expansion in Untapped Markets: As mentioned, about 70% of the eyewear market
in India is yet to be created, and only about 200 million out of an estimated 600
million Indians who require glasses are using them. This presents a huge growth
opportunity.

 Diversification of Product Line: Introducing new types of eyewear, including

premium brands, specialized sports eyewear, or smart glasses, can be an avenue of
growth.

 Technological Advancements: Leveraging technology for virtual try-ons, better e-

commerce interfaces, and integrating augmented reality (AR) can enhance user
experience and boost sales.

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 Enhancing Eye Testing Infrastructure: Considering the inadequate eye tests and
lack of flexible eye testing options mentioned, Lenskart can invest in mobile eye-
testing vans, partnerships with ophthalmologists, or in-store rapid eye tests to cater
to a larger audience.

 International Expansion: While Lenskart is already present in a few international

markets, there's potential to expand to other countries and regions.

 Strategic Partnerships and Acquisitions: Collaborating with or acquiring smaller

regional players, technology startups in the eyewear space, or even fashion brands
can provide growth impetus.

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MODULE 3
MANAGEMENT AND LEADERSHIP
 3.1 The company’s leadership team and their qualification.

Team members

Education
Don Bosco School, New Delhi
McGill University (BEE)
IIM-Bangalore (Management Programme for
Entrepreneurship and Family Businesses)

Peyush Bansal
Founder, CEO & Customer Happiness Officer

Aditya Joshi studied Electrical Engineering at the

Indian Institute of Technology in Delhi before
completing a Student Exchange Program at KTH Royal
Institute of Technology in Sweden.

Aditya Joshi
Chief of Staff.

Indranil Chakravarty has a Master of Business

Administration (M.B.A.) from Xavier Institute of
Management and a BE from Bihar Institute of
Technology.

Indranil Chakravarty
Chief Business Officer

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Luca Baldin studied business and commerce at

Università degli Studi di Bergamo and Liceo
Scientifico Lussana.

Luca Baldin
Chief Merchandising Officer

Sunil Menon G R has completed an MBA in

marketing from IIMER Belgaum and a Bachelor of
Science (BSc) from Kendriya Vidyalaya.

Sunil Menon G R
Chief Retail Expansion Officer

Smeer Chopra
Chief Financial Officer

Oliver Kaye
Chief Operations Officer & Chief Business Officer

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 3.2 The company’s corporate governance and decision-making

process

Government influence on a company like Lenskart, or any business, can occur through
various mechanisms, regulations, and policies. Here are some ways in which
governments can influence companies like Lenskart:

Regulations and Compliance: Governments impose regulations on various aspects

of business operations. In the case of Lenskart, this could include regulations related
to eyewear manufacturing, quality standards, and product safety. Lenskart would need
to comply with these regulations to operate legally.
Import and Export Regulations: Governments may impose restrictions on the
import and export of goods, including eyewear products. Lenskart, as a retailer, would
need to navigate these regulations when importing or exporting eyewear products.
Taxation: Governments levy taxes on businesses, which can include income tax, sales
tax, and import/export duties. Tax policies can significantly impact a company's
finances, profitability, and pricing strategies.
Intellectual Property Protection: Governments provide legal frameworks for the
protection of intellectual property, including trademarks and patents. Lenskart, like
any other business, may rely on these protections to safeguard its brand and
innovations.
Health and Safety Standards: Governments set standards for health and safety in the
workplace and for products. Lenskart would need to adhere to these standards to
ensure the safety of its employees and the quality of its products.
Consumer Protection Laws: Governments often have consumer protection laws that
companies like Lenskart must adhere to, including fair advertising practices and return
policies.
Environmental Regulations: If Lenskart is involved in manufacturing or distribution,
it may be subject to environmental regulations, which govern issues like waste
disposal and emissions.
Licensing and Permits: Governments require businesses to obtain various licenses
and permits to operate legally. Lenskart would need to secure the necessary licenses
to run its stores, factories, or online operations.

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Trade and Investment Policies: Governments may promote or restrict foreign direct
investment, which can affect Lenskart's ability to expand internationally or seek
investment from foreign entities.

Labour Laws: Labor laws, including minimum wage regulations and employment
practices, can influence Lenskart's human resource policies and labour costs.

Government Incentives: In some cases, governments offer incentives such as tax

breaks or grants to businesses that meet certain criteria, like creating jobs in specific
regions.

Trade Agreements: If Lenskart operates internationally, it may be affected by trade

agreements that influence tariff rates, customs procedures, and trade relationships with
other countries.

Political Stability and Government Stability: The overall political and economic
stability of a country can impact a business like Lenskart. Political changes,
government stability, and overall economic conditions can influence the business
environment.

Consumer Data Protection Laws: Governments increasingly regulate the collection

and use of consumer data. Lenskart, especially if it has an online presence, must
comply with data protection laws.

The extent of government influence on Lenskart or any company depends on the

specific industry, location, and the company's size and activities. Businesses like
Lenskart typically need to navigate these government regulations and policies to
ensure compliance and successful operations. It's essential for companies to stay
informed about evolving regulatory changes and adapt their strategies accordingly.

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MODULE 4
SWOT ANALYSIS

Identify the company’s swot analysis

 4.1 STRENGTHS

1. 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.

2. 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.

3. 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.

4. Diverse Product Range: Lenskart offers various styles, categories, and price
points, ensuring that different customer segments can find products to their liking.

5. 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.

6. 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.

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7. 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.
8. Customer-Centric Initiatives: From easy returns to warranties on products,
Lenskart has always focused on building trust and ensuring customer satisfaction.

 4.2 WEAKNESSES

1. Operational Challenges: While being a strength, the hybrid model of both

online and offline stores can also present operational complexities. Managing
inventory, logistics, and a uniform brand experience across both platforms can be
challenging.

2. Dependence on Discounts: Lenskart, like many e-commerce platforms, often

relies on discounts and offers to attract customers. This can potentially erode profit
margins and set a discount-oriented customer expectation.

3. Competition: The eyewear market, both online and offline, is becoming

increasingly crowded. Competing brands, especially well-established international
ones, could pose a challenge.

4. Brand Perception: Given its aggressive pricing strategies, there’s a risk that
some consumers might perceive Lenskart’s products as lower in quality compared
to premium or luxury eyewear brands.

5. Standardization: While having standardized processes helps in scaling, it may

sometimes overlook localized preferences and tastes, especially in diverse
markets.

6. Tech Glitches: Despite the innovations, the online platform, including the 3D
try-on feature, can sometimes face technical issues that might deter users.

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7. Supply Chain Disruptions: Even though they have an integrated model, global
events (like the COVID-19 pandemic) can disrupt supply chains, affecting
inventory and delivery.

8. Physical Store Overheads: The overhead costs associated with maintaining and
impact the overall profitability.

 4.3 OPPORTUNITIES

1. Growing Eyewear Market: The increasing awareness about eye health and the
rise in disposable income in countries like India indicate a growing market for
eyewear.

2. Digital Penetration: As internet usage continues to soar, especially in

developing countries, the potential customer base for online eyewear purchases is
expanding.

3. New Product Lines: Diversifying into related product segments, such as

specialized sports eyewear, luxury segments, or smart eyewear, could offer new
revenue streams.

4. Expansion in Tier 2 and Tier 3 Cities: There’s a significant potential in smaller

cities and towns where branded eyewear penetration is lower compared to
metropolitan areas.

5. Global Expansion: Beyond existing international markets, Lenskart can explore

other countries, especially those with a young demographic or an increasing
preference for online shopping.

6. Technological Innovations: Continued investment in AR, VR, or AI can further

enhance the online shopping experience, making virtual try-ons more realistic and
personalized.

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7. Partnerships and Collaborations: Collaborating with fashion brands,

influencers, or tech companies can help in tapping into new customer segments
and create exclusive product lines.

8. Health and Wellness Integration: Collaborating with health tech apps or

platforms, especially those focused on eye health, can offer cross-promotional
opportunities.

9. Subscription Models: Offering subscription-based models for products like

contact lenses, where customers require regular replenishments, can ensure a
recurring revenue stream.

10. Acquisitions: Acquiring smaller players or tech startups in the eyewear or e-

commerce domain can provide competitive advantages and faster market
penetration.

11. Tele-optometry Services: With telehealth gaining traction, Lenskart could offer
online consultations with optometrists or eye health experts.

 4.4 THREATS

1. Intensified Competition: The eyewear industry has both well-established

players and emerging competitors. The rise of other online eyewear platforms, as
well as international brands entering or expanding in the Indian market, can pose
significant competition.

2. Changing Consumer Behaviour: While online shopping is growing, shifts in

consumer preferences, especially post-pandemic, can impact purchasing patterns.

3. Regulatory Challenges: Changes in e-commerce regulations, import/export

rules, or health standards in countries where Lenskart operates might pose
challenges.

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4. Economic Volatility: Economic downturns or uncertainties can lead to reduced

discretionary spending, affecting purchases of non-essential items like fashion
eyewear.

5. Technological Disruptions: Rapid technological advancements mean that newer,

potentially disruptive technologies could change the eyewear market dynamics or
make certain services obsolete.

6. Supply Chain Vulnerabilities: Disruptions, be it due to geopolitical tensions,

pandemics, or natural disasters, can impact the supply chain, leading to inventory
issues or delivery delays.

7. Quality Control: As the company scales and diversifies its product range,
maintaining consistent quality across all products can be challenging, and any
lapse can impact the brand’s reputation.

8. Price Wars: With competition in the e-commerce space, there’s always a threat
of price wars, which can erode profit margins.

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MODULE 5
SUMMARY OF FINDINGS, SUGGESTIONS AND
CONCLUSIONS

 5.1 Key findings of the analysis

Here are some key findings about Lenskart, a popular eyewear company in India:
 Lenskart incurred a net loss of Rs. 102.3 crores during the fiscal year 2021-2022,
a significant decrease in profitability compared to the previous year when it had a
net profit of Rs. 29 crores. This suggests financial challenges in the latest fiscal
year.
 Lenskart's gross profit for the year 2021-2022 was Rs. 983 crores, which was
calculated by subtracting the cost of procurement/materials from total revenue.
 Lenskart's operating revenue increased 66% to Rs 1,502 crore in FY2022.
However, the company reported a loss of Rs 102 crore after making a profit of Rs
28 crore in the previous financial year.
 Lenskart's EBITDA decreased by -0.11% over the previous year.
 Lenskart's book net worth increased by 27.36%.
 Lenskart's cash outflow from operations increased by 56% to Rs 183 crore in
FY2022.
 Lenskart's total cost increased by over 72%.
 Lenskart primarily operates as an online eyewear retailer, offering a wide range of
eyeglasses, sunglasses, and contact lenses. They also have a growing network of
offline stores across India.
 Lenskart is a B2C eyewear company that sells its products directly to customers at
an affordable price.
 Lenskart has raised a total of $554.6 million in funding from 15 investors.
 Lenskart has four investments and its most recent investment was on 13th October
2020 when Tango Eye and Ditto valued at $500k each.
 Lenskart's latest valuation is Rs. 35,000 crores.
 Lenskart's founders' net worth is Rs. 4,380 crore each.

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 Lenskart has been at the forefront of using technology to enhance the customer
experience, such as with its virtual 3D try-on technology.
 Lenskart franchisees benefit from the company's brand recognition, supply chain,
and marketing expertise. They also have access to Lenskart's latest eyewear
products and technologies.

 5.2 Recommendations for enhancing its performance and

competitiveness.

 Continuously improving and investing in customer service is crucial to ensure a

high level of customer satisfaction. Enhancing the online and offline shopping
experience with user-friendly interfaces and well-trained staff in physical stores is
essential.
 Optimizing supply chain and inventory management systems is key to reducing
costs, minimizing stockouts, and preventing overstocking. Implementing efficient
returns and exchange processes will further enhance the overall customer
experience.
 Continuing to invest in technological innovations, such as augmented reality try-
on features and telemedicine for eye check-ups, is essential. Exploring the use of
data analytics for personalized recommendations and targeted marketing will keep
Lenskart at the forefront of technology and innovation.
 Collaborating with influencers and fashion industry partners to promote eyewear
as a fashion accessory is a strategic move for marketing and branding. Regularly
assessing pricing strategies to remain competitive without compromising quality
and implementing loyalty programs and discounts to retain existing customers are
important aspects of maintaining competitiveness.
 Investing in training and development programs for employees to enhance their
product knowledge and customer service skills is crucial. Creating a positive and
empowering workplace culture will help retain and attract top talent.
 Regularly collecting feedback from customers and employees to identify areas for
improvement and acting on feedback to make necessary changes and innovations
is a continuous process that contributes to the overall enhancement of Lenskart's
performance and competitiveness.

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 The company should review its cost structure and identify areas where costs can
be reduced.
 The company should invest in new products and services to meet the needs of its
customers.
 The company should use its cash to invest in its growth and development.
 Continue to invest in technological innovation to enhance the customer experience
and stay ahead of the competition.
 Leverage its integrated model to further improve quality control, delivery, and
inventory management.
 Continue to focus on its home services, such as home eye check-up, to provide
convenience and cater to a wider range of customers.
 Maintain its aggressive marketing and branding efforts to remain a top-of-mind
brand in the eyewear sector.
 Reduce its dependence on discounts by focusing on other value propositions, such
as product quality, customer service, and convenience.
 Address any brand perception concerns by highlighting the quality and value of its
products and services.
 Balance standardization with customization to meet the needs of diverse markets.
 Invest in improving the reliability and performance of its online platform.
 Develop contingency plans to mitigate supply chain disruptions.

 5.3 Overall outlook for the company

Lenskart is a prominent player in the Indian eyewear market, offering a wide range of
eyeglasses, sunglasses, and contact lenses. The combination of online and offline retail
presence through their stores set Lenskart apart, providing convenience to customers.
Lenskart's 3D Try-On feature and home eye check-up services demonstrated a
commitment to technological innovation and improving the customer experience.
The company had received substantial funding, which was fuelling its expansion
within India and exploration of international markets.

The eyewear market was highly competitive, with both established brands and e-
commerce giants vying for market share.

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Lenskart faced the challenge of sustaining its position in a crowded market. It

Maintaining consistent and high-quality customer service can be a challenge as the
customer base grows.
Ensuring customer satisfaction is critical for long-term success. The eyewear market
could become saturated, leading to price competition and potentially reduced profit
margins.
Changes in regulations related to eyewear prescriptions or online sales could impact
Lenskart's operations, especially in terms of home eye check-up services.
Lenskart has emerged as a leading player in the Indian eyewear industry,
revolutionizing the way people perceive and purchase eyewear. From its humble
beginnings as an online retailer, Lenskart has expanded its reach to encompass over
1,500 omnichannel stores across India, Singapore, and Dubai. The company's success
can be attributed to its unwavering commitment to quality, affordability, and customer
satisfaction. Lenskart has consistently innovated to provide an exceptional customer
experience, offering a diverse range of products, including eyeglasses, sunglasses,
contact lenses, and eye care accessories. The company's focus on technology has
enabled it to streamline operations, personalize customer experiences, and expand its
reach.

Lenskart's strong brand reputation, coupled with its commitment to innovation and
customer-centricity, positions the company for continued growth and success in the
global eyewear market. Lenskart uses innovative technology to enhance the customer
experience. Its virtual try-on feature allows customers to see how different frames will
look on their face, making it easier for them to find the perfect pair of glasses.
Lenskart is a true success story in the Indian e-commerce industry. The company’s
founders saw an opportunity to revolutionize the eyewear industry in India, and they
have done so by offering high-quality, affordable eyewear online and in physical
stores. Lenskart’s commitment to technology and sustainability has also set it apart
from its competitors. With its continued growth and innovation, Lenskart is poised
to remain a leader in the Indian e-commerce industry for years to come.

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 Learning experience
Engaging in a project on Lenskart Solutions Private Limited has been a transformative
learning experience from a personal perspective. The exploration of Lenskart's journey
in the eyewear and online retail industry has provided valuable insights into various
aspects of business, innovation, and customer-centricity.
One of the significant takeaways has been witnessing the power of entrepreneurship
and the vision that drives a company forward. Learning about Lenskart's founding
story and the persistence of its founders in disrupting the traditional eyewear market
has been inspiring. It underscores the importance of passion and determination in
overcoming challenges and achieving success.

Understanding Lenskart's commitment to innovation has been enlightening. The

company's embrace of cutting-edge technologies, such as virtual try-on experiences,
reflects a forward-thinking mindset. This experience has reinforced the idea that
continuous innovation is crucial for staying relevant in a rapidly changing business
landscape.
Exploring Lenskart's customer-focused strategies has deepened my appreciation for
the significance of building strong relationships with consumers. The emphasis on
providing personalized solutions and an enhanced customer experience highlights the
human aspect of business. Recognizing the impact of positive customer interactions
on brand loyalty has been a valuable personal lesson.
The lens of personal growth through this project extends to an increased awareness of
the ethical and social responsibilities of businesses. Learning about Lenskart's
initiatives in sustainability and social impact has reinforced the idea that companies
can play a positive role in addressing broader societal issues.

The personal learning experience from the Lenskart project has been multifaceted,
encompassing aspects of entrepreneurship, innovation, customer relations, global
operations, and corporate social responsibility. It has not only expanded my knowledge
of the business world but has also inspired a deeper appreciation for the human and
ethical dimensions of successful enterprises.

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 Bibliography
Company Website
https://www.lenskart.com/about-us.html

News Articles
https://m.economictimes.com/tech/technology/lenskart-acquires-ai-powered- video-
analytics-startup-tango-eye/articleshow/104819171.cms
https://m.economictimes.com/tech/technology/cci-clears-kedaara-capital-fund-stake-
purchase-in-lenskart/articleshow/104157759.cms

Annual Reports
https://m.economictimes.com/tech/startups/lenskart-fy22-revenue-jumps-66-to-rs-
1502-crore-but-slips-into-losses/articleshow/95432691.cms
https://www.tofler.in/lenskart-solutions-private
limited/company/U33100DL2008PTC178355

Business and Finance Websites

https://en.wikipedia.org/wiki/Lenskart

Academic Research
https://www.tofler.in/lenskart-solutions-private-
limited/company/U33100DL2008PTC178355/financials

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 Annexures.

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Appendix I

Registration Form

1. Name of the Student: NITHYA N G

2. Name of the Guide: Mrs. SHILPA R.Y

3. Name of the Company: LENSKART SOLUTIONS PRIVATE LIMITED

4. Write a brief note on your company:

Lenskart is a leading e-commerce company that sells eyewear and accessories in India.
Founded in 2010, Lenskart has revolutionized the eyewear industry in India with its
omni-channel approach. The company has an ever-growing number of offline stores
across major cities in the country, as well as an innovative online platform that makes
it easy for customers to purchase eyewear from the comfort of their own homes.
Lenskart offers a wide variety of eyewear products, including eyeglasses, sunglasses,
contact lenses, and accessories. The company also offers a variety of services, such as
eye exams, eye care, and repairs. Lenskart is committed to providing its customers
with the best possible experience, and it offers a variety of features that make it easy
to shop for eyewear online, such as a virtual try-on tool and a home eye test kit.

Lenskart is a popular choice for consumers in India, and it has been recognized for its
innovative approach to the eyewear industry. The company has won numerous awards,
including the Economic Times Retail Awards India 2019 and the ET Now Leaders
Award for Retail Innovation. The branch of Lenskart is situated AM Arcade, Shop No
289/5B Vidyarthi Bhavan Circle, Davanagere, Karnataka 577002. This branch was
started on 2014. The Vidyarthi Bhavan Circle branch of Lenskart has 5 employees.
And they have 11 brands, 11 frame quality, Goggles, Lens.

STUDENT SIGNATURE GUIDE SIGNATURE

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Appendix II

Daily Progress Report

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