Peyush Bansal was working as a program manager at Microsoft in the US when he decided to return to India and start an eyewear company. The problem? India’s eyewear market was dominated by unorganized local shops and a few expensive brands. Over 550 million Indians needed glasses, but most couldn’t afford quality eyewear or trusted optical stores. E-commerce was barely a concept in 2010 India. Selling glasses online—where customers couldn’t try them on—seemed impossible. Traditional retailers laughed at the idea.
The Turning Point
Peyush started by selling contact lenses online under the name ‘Valyoo Technologies’ and later ‘Lenskart.’ The business struggled—people didn’t trust buying eyewear online without trying it first. The breakthrough came when he introduced the ‘Home Try-On’ model: customers could order 5 frames, try them at home for free, and only pay for what they kept. This eliminated the biggest barrier to online eyewear. Then he made an even bolder move: opening physical stores alongside the online platform, creating an omnichannel experience that combined online convenience with in-person service.
The Strategy
Peyush’s strategy was democratizing eyewear through vertical integration and technology. He manufactured his own frames, cutting out middlemen and reducing costs by 50%. He built tech-driven stores with digital eye-testing machines and virtual try-on using AR. He expanded aggressively across tier-2 and tier-3 Indian cities where quality eyewear was unavailable. He also offered affordable pricing—glasses starting at $10 compared to $100+ at traditional retailers. He made eyewear accessible to millions who previously couldn’t afford it.
The Results
Lenskart is now valued at over $5 billion, making it one of India’s most successful unicorns. The company operates 2,000+ stores across India, Singapore, and the Middle East, serving over 10 million customers annually. Peyush became a household name in India as a judge on ‘Shark Tank India,’ inspiring millions of entrepreneurs. He proved that combining online and offline retail, using technology to reduce costs, and focusing on underserved markets can build massive businesses. Lenskart is now eyeing an IPO that could value it at $6+ billion.
