Discover how Lenskart's business model revolutionised India's eyewear market, outpacing Titan Eye+ with innovative strategies, a strong retail presence, and efficient manufacturing.

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Imagine this: It's 2010, and the eyewear market in India is like the Wild West—chaotic, unorganised, and run by your friendly neighbourhood optician.

Branded spectacles? Not even on the radar for most people. But fast forward a decade, and Lenskart has not only emerged as a dominant force but has left its biggest competitor, Titan Eye+, struggling to keep pace.

Now, let's rewind a bit to see how a former Microsoft employee with zero experience in eyewear pulled off this eyewear revolution 🎢

If you are interested in uncovering the business models of other internet-first companies, you can check out MakeMyTrip Business Model & other blogs here.

How was Lenskart founded? 🌱

In 2010, Peeyush Bansal, an electrical engineer thriving at Microsoft, had an epiphany during a visit to Bill Gates' home.

Inspired by Gates' vision to change the world, Peeyush decided to leave his cushy tech job in the U.S. and return to India to create something impactful.

Lenskart wasn’t his first venture. Peeyush initially launched "searchmycampus.co," a classifieds site for college students, which later evolved into Flyer.com, targeting the U.S. market.

However, he felt this wasn't the breakthrough idea he was seeking.

Teaming up with Amit Chaudhary and Sumeet Kapahi, they launched Valyoo Technologies, experimenting with multiple e-commerce platforms like Jewelskart, Watchkart, and Bagskart.

But it was the glaring gap in India’s eyewear market that caught Peeyush’s attention—a lack of a big, reliable brand.

Hence, this trio decided to focus solely on Lenskart, betting on eyewear. This was a bold move, especially with Titan Eye+ dominating the market. But their vision was clear: create a brand that’s stylish, accessible, and appeals to everyone.

Lenskart: Seeing the Future, Clearly 👓

Today, Lenskart is the undisputed leader in India’s organized eyewear market, with over 2000 stores in 300+ cities.

💰

They’ve outpaced Titan Eye+ by 5X, boasting a massive ₹3788 crores in revenue for FY23.

And not just this — their manufacturing facility in New Delhi manufactures 3L glasses a month.

Plus they’re also building an automated factory in Bhiwadi, Rajasthan, with an annual production capacity of 5 crore glasses!! 🤯

Lenskart’s success stems from constant innovation. Whether launching their trendy in-house brand John Jacobs or acquiring the Japanese brand Owndays, Lenskart has consistently stayed ahead of the curve.

💡

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Lenskart’s MOAT (Competitive Advantage) 💪🏻

1. Cracking the Accessibility Code 🔓

Lenskart didn’t just enter the eyewear market—they disrupted it by tackling the biggest issue: accessibility.

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In a country where 40% of the world’s visually impaired reside, the potential market was enormous.

To stand out in a crowded field dominated by Titan Eye+ and local opticians, Lenskart needed a revolutionary approach.

Their answer? The Omnichannel or Phygital model—a seamless blend of physical stores and digital platforms that made eyewear accessible to everyone, everywhere.

→ To address customer concerns about fit, appearance, and prescriptions, Lenskart pioneered innovations like Virtual try-on, home eye checkups for just ₹99, home trials with multiple frames, free delivery and free repairsViral Referral Program turning customers into brand ambassadors

→ They expanded aggressively both online and offline, and became the first player in the industry to launch their own app in 2017 and opening over 2,000 stores in 200+ cities.

2. In-House Manufacturing & AI-Driven Supply Chain

With a cutting-edge facility in New Delhi which manufactures 3L glasses a month and by building an automated factory in Rajasthan, with an annual production capacity of 5CR glasses they’re not just meeting demand—they’re leading it.

Their advantage lies in precision and efficiency.

Using AI to monitor stock levels and real-time sales trends, Lenskart ensures the right products are always available.

🤌🏻

Lenskart is India's first and only brand that uses robotic techniques to deliver glasses accurate to 3 decimal places.

While competitors like Titan Eye+ rely on imports (60%), Lenskart’s focus on in-house production and tech-driven operations has turned their supply chain into a powerful moat, enabling rapid expansion and market dominance.

3. The Power of Affordability 💰

In India, price is king, and Lenskart nailed this with value-based pricing.

They positioned themselves as affordable, yet offered a premium experience, drawing in the masses with a simple tagline: "Starting from 500."

Their strategy? Get customers in with budget-friendly frames, then upsell premium lenses like anti-glare or blue light protection.

They also introduced a Gold Membership, offering "Buy 1 Get 1 Free" deals, turning Lenskart into a habit, not just a purchase.

4. Building a Brand that Sticks 🎯

Lenskart didn’t just sell eyewear—they built a brand that resonates.

Their in-house brands, like Vincent Chase and John Jacobs, have become household names, catering to different price points just like TATA’s Westside and Zudio.

By marketing glasses as fashion accessories and offering over 5,000 styles, Lenskart made owning multiple pairs the norm.

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Peeyush Bansal’s presence on Shark Tank further solidified the brand, with customers wanting to wear the frames Peeyush wore on TV. This deep brand connection set Lenskart apart from Titan Eye+, turning customers into loyal fans.

But beyond product placement and brand loyalty, there's an even more powerful tool: Founder Branding.

And when it comes to mastering this, Peyush Bansal is a prime example.

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Market Overview 😎

Let’s take a look at the broader eyewear market across Lenskart’s key regions—India, Singapore, and the UAE. This will help us understand the playground where Lenskart is flexing its muscles.

1. India

India’s eyewear market is on fire! In 2024, it’s expected to generate a whopping ₹48,970 crores in revenue.

And guess what? This is just the beginning. The market is anticipated to grow at an annual rate of 5.36% from 2024-2029.

🇮🇳

Lenskart primarily generated revenue from the sale of eyewear and its collections from india formed 59% of its total revenue

What’s driving this growth? 🤔

Well, India has a huge population, and almost one-third of it needs optical care. But here’s the kicker—only about 25% of those who need spectacles actually wear them.

So, there’s a massive untapped market, just waiting for a player like Lenskart to swoop in.

Lenskart, with its affordable pricing and stylish frames, is perfectly positioned to ride this wave, especially considering that 94% of the market in India is dominated by non-luxury eyewear.

2. Singapore

Now, let’s jet over to Singapore, where the eyewear market is smaller but just as dynamic.

🇸🇬

In 2024, the revenue here is expected to be ₹3,426 crores. It’s growing too, but at a steadier pace, with a projected annual growth rate of 2.92% from 2024 to 2029.

The biggest chunk of this market? Eyewear Frames, which are expected to rake in ₹1,247 crores in 2024.

And here’s something interesting: per person, the revenue generated is a cool ₹5,760 ($69.40) That’s a significant amount, showing that Singaporeans are willing to invest in their eyewear.

By 2029, the market volume is expected to reach 37.9 million pieces, with a per-person average of 6 pieces in 2024.

What’s driving this?

Singapore’s rapidly aging population is leading to a surge in demand for durable, high-quality frames.

Lenskart, with its 70 stores across Singapore, is tapping into this demand by offering a blend of affordability and premium quality.

3. UAE

Finally, let’s head to the UAE, where the sun shines bright and the demand for eyewear is just as dazzling.

In 2024, the revenue from the eyewear market here is expected to hit ₹4,822 crores

🇦🇪

With a steady growth rate of 3.17% annually from 2024 to 2029, the UAE’s market is all about luxury and style.

The biggest player in this space? Sunglasses. With an expected market volume of ₹1,918 crores in 2024, it’s clear that in the UAE, sunglasses aren’t just a necessity—they’re a fashion statement.

And with a per-person revenue projection of US$60.56, it’s obvious that the Emiratis love their high-end eyewear.

The total market volume is expected to reach 43.4 million pieces by 2029, with an average of 4.3 pieces per person in 2024.

Competitive Landscape 🥊

1. Titan Eye Plus

Titan Eye Plus isn’t just another name in the eyewear business; it’s a major competitor in India’s organised eyewear market with over 860+ stores spread across 384+ cities.

Titan Eye Plus offers an impressive array of more than 1,000 frames and sunglasses from 40+ brands like RayBan, Vogue, Oakley, and even premium names like Cartier and Dior.

Revenue: ₹689 crore in FY23.

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With a strong emphasis on premium eyewear, Titan is doubling down on its physical presence while continuing to import 60% of its frames and sunglasses down from almost 100% four years ago—a significant shift from earlier reliance on imports.

Since launching in 2007, Titan Eye Plus has focused heavily on the in-store experience, arguing that the intricacies of optometry and prescription eyewear are best handled offline.

Even though e-commerce has gained traction, only 10% of Titan’s sales come from online channels.

2. Vision Express

Vision Express entered the Indian market in 2009 as a joint venture between Reliance Retail and GrandVision Europe, the world’s largest optical retailer.

Globally, Vision Express boasts over 6,000 stores across 44 countries, with 160 of those in India, spread over 30 cities.

Vision Express prides itself on offering not just eyewear, but eye care—European Certified 6-step eye tests by certified optometrists ensure high standards.

Their approach focuses on delivering international quality with a local touch, blending transparent pricing, contemporary designs, and lifetime service guarantees.

3. Specsmaker

Specsmaker is South India’s largest retail optical chain, founded in 2007 by Mr. Shah.

With around 300 stores across Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana, Specsmaker is making significant strides in the southern market.

They’re planning to double their footprint with 600-700 stores in the near future.

Revenue: ₹98 crore (FY23)

Specsmaker’s online presence is growing too, with over 80,000 visitors in Q1 2023 alone, 80.6% of whom found them organically through search engines.

Their strong regional focus and expansion plans are setting them up as a formidable competitor in South India.

4. Clear Dekho

Clear Dekho is the minicorn on a mission to democratize eyewear in India’s tier 2, 3, 4, and 5 cities.

Founded in 2016, Clear Dekho is unique in its approach—rather than going head-to-head with the unorganized sector, they’re empowering small opticians through an O2O (Online-to-Offline) model.

Their light franchise model is easily scalable, making it possible for them to expand rapidly across underserved regions.

Revenue: ₹8.12 crore as of March 2023.

They’ve delivered over 3,00,000 eyeglasses from 80+ stores in 30+ cities, and they’re just getting started.

5. EyeMyEye

EyeMyEye is the youngest player on the block, founded in 2021 by Mr. Ganesh Iyer. Though primarily an e-commerce platform, EyeMyEye has a small “Explore Nearby” feature that connects users to local optical stores.

Their 4,000+ designs cater to both the millennial crowd and vintage enthusiasts.

Revenue: ₹32.45 crore during FY23.

EyeMyEye has quickly captured consumer attention, drawing over 1 million visitors to its website monthly.

With nearly $5 million in funding and a team of 150 people, EyeMyEye is poised to make waves in the digital eyewear space.

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Lenskart, as of 2023, is said to have a 25% market share in the organised eyewear market as opposed to 5% of titan eye plus.

However if you look at it from a revenue point of view, the revenue generated in the Eyewear market of India is estimated to be ₹46,314 crores and Lenskart made ₹3788 crores in annual revenue in FY23 💰

So if you calculate the market share from a revenue POV, here’s how it looks like 👇

Revenue generated from eyewear market: ₹46,314 crores (US$5.58 billion)

Lenskart’s Revenue: ₹3,788 crores

Market Segment	Revenue generated in FY23	Lenskart’s Share
Overall Market	₹46,314 crores	8.18%
Organized Market (Considering 30% of Total Market)	₹13,894 crores	27.26%
Organized Market (Considering 20% of Total Market)	₹9,263 crores	40.89%

How Does Lenskart make money? 💰

Lenskart typically makes money from two avenues. Let’s break it down 👇

1. Sale of Goods

Sale of goods in the context of Lenskart is code for “chashme bech ke” (translation: by selling glasses). This category is said to account for 95% of their revenue. It includes two things

A. Sale of prescription eyewear

Eyeglasses - Frames & Lenses for correcting vision (including Single-Vision, Bifocal or Progressive, Zero power, Tinted Single-Vision etc)

Contact Lenses - They have roughly 12 contact lens brands. These are further categorised by power & disposability — daily, bi-weekly, monthly, yearly etc.

Screen Lenses - Which are basically lenses designed to reduce eye strain, often offered with prescriptions.

B. Sale of other goods

Sunglasses - Non-prescription sunglasses sold primarily for fashion and UV protection, though sometimes they offer power sunglasses (for prescription vision correction).

Accessories - Includes items like Lens solutions, Lens cases, and eyewear chains or straps.

Non-prescription Contact Lenses - Colored contact lenses or fashion lenses that do not require a prescription but are sold for cosmetic/aesthetic purposes.

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Less than 50% of Lenskart’s overall numbers are coming from metro cities so they plan to go deeper into the tier II markets such as Jaipur, Cochin, Pune and Chandigarh, where they’ve seen good responses.

2. Sale of Services

Membership fee - First up we have the Lenskart Gold Membership fee. This one year membership fee is priced at ₹500 (with offers like Buy 1 Get 1 Free, Free eye test (At Home & In Store etc) is another huge revenue stream for Lenskart.

Home Eye Check up - See Lenskart charges ₹99 for an at home eye check up which offers a 12 Step Eye Checkup by certified professionals, with latest eye test equipments, and getting try 150+ frames at home. Given the affordability factor, this stream also cashes in a nice chunk.

Training fee - Lenskart Academy offers specialised training programs for optometrists, sales staff, and franchisees. These programs ensure that all personnel, whether at company-owned or franchise stores, meet Lenskart's stringent quality and service standards.

By charging fees for these training programs, Lenskart creates an additional revenue stream.

Franchise Model - Lenskart also earns revenue through its franchise model. Franchisees pay an upfront fee and a share of ongoing sales revenue to operate Lenskart-branded stores, expanding the brand’s reach without significant capital expenditure from Lenskart itself.

Cost Levers ⚖️

1. Procurement Costs: INR 1,368 Cr (34% of Total Expenses)

Think of procurement costs as the price tag for everything that Lenskart needs to make and sell its products—lenses, frames, accessories, and more.

More products on the shelves (both virtual and real) mean more choices for customers, but also more money out of Lenskart’s pocket.

2. Employee Benefit Expenditure

Here’s where Lenskart invests in its people.

Employee costs, including salaries, PF contributions, and other benefits, nearly tripled in FY23.

Why? As Lenskart grows, so does its workforce.

In a customer-focused business like eyewear, having well-trained, motivated employees is crucial. They’re the ones fitting glasses, handling prescriptions, and ensuring customers leave with a smile (and a new pair of specs).

3. Advertising & Promotional Expenditure

You’ve probably seen a Lenskart ad or two—they’re everywhere, and for good reason.

Lenskart spent ₹294 Cr on advertising in FY23, up 25% from the previous year.

This isn’t just about getting their name out there—it’s about staying top-of-mind in a competitive market.

Whether it’s through catchy ads, influencer partnerships, or in-store promotions, Lenskart knows that visibility drives sales. But all that buzz comes at a cost.

4. Commission & Incentive Expenses

Lenskart’s sales strategy isn’t just about putting glasses on shelves; it’s about getting them into customers’ hands.

To do this, they offer commissions and incentives to their sales team and partners. Think of it as a way to keep the sales engine running smoothly—motivating employees and partners to push for more sales, offer better service, and bring in repeat customers.

Market Opportunity

1.⁠ ⁠Data-Driven Eye Care Insights

With Lenskart’s digital-first approach, they can build a massive database of eye health data, using AI to predict trends in vision problems.

They could create a B2B product offering for healthcare providers, pharmaceuticals, and insurance companies, where this data can lead to new products or early diagnosis tools.

2.⁠ ⁠Acquisition of Small Regional Optical Chains

Instead of simply expanding globally or nationally through new outlets, Lenskart can speed up its global presence by acquiring local, trusted optical chains in key markets.

After all, around 70-80% eyewear market in India is unorganised. This gives them immediate brand trust and market penetration while leveraging existing distribution channels.

3.⁠ ⁠Corporate Vision Plans

Partner with large corporations to offer their employees not just eyewear but a complete eye-health management service (with regular checkups, vision care tips, etc.), turning Lenskart into a preferred vendor for corporate wellness programs.

This would bring in bulk orders and long-term contracts.

4.⁠ ⁠Eyewear Financing for Low-Income Consumers

Lenskart can revolutionise access to quality eyewear in Tier 2 & 3 cities by introducing zero-interest instalment plans and micro-financing options.

These solutions allow low-income consumers to purchase essential glasses through small, manageable payments without extra costs, expanding the brand's reach while building long-term loyalty in underserved communities.

💡

The depth you see here is just a feeler of the depth we teach at GrowthX 💫 GrowthX is an invite-only club of over 3000 members who are product, marketing, and business leaders, and founders from top internet-first companies like Google, Canva, CRED, Stripe, Netflix, and more 💎 We teach our members how to scale revenues via frameworks that can be applied starting next Monday morning. The GrowthX Membership is built on 3 core pillars:

Challenges

1. Franchise Model Challenges

Lenskart's franchise model, while expanding its reach, struggles with maintaining consistent service quality.

Franchisees might not always meet Lenskart's standards, leading to variability in customer satisfaction.

Additionally, disputes may arise over revenue sharing and the high initial investment required for Lenskart’s tech-heavy stores, creating friction within the franchise network.

Previously, many franchisees have expressed dissatisfaction due to delays in financial settlements and concerns about Lenskart opening new stores nearby, cannibalising their customer base.

2. Manufacturing Challenges

Lenskart aims to make eyewear affordable, but fluctuations in raw material costs, especially for frames and lenses, can significantly affect margins.

Supply chain disruptions, whether due to global factors or domestic logistics issues, can lead to delays in fulfilling orders, creating bottlenecks.

3. Market Challenges in India

Despite the growing awareness, India still has low penetration of corrective eyewear—7% as of 2024, especially in rural areas where vision care is not prioritised.

While Lenskart differentiates itself with AR, AI-based vision testing, and 3D scanning, not all Indian consumers are comfortable with tech-driven solutions.

Building trust and educating customers, particularly older demographics, on the accuracy and benefits of these technologies requires significant effort.

4. Competiton heating up

India’s eyewear market is extremely price-sensitive. Lenskart faces competition not only from other organized players like Titan EyePlus but also from unorganized, local opticians who offer cheaper products.

Speaking of organised players, ClearDekho is emerging as a formidable competitor to Lenskart, particularly in Tier III and IV cities.

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But how are they cracking this market?

→ By offering ultra-affordable eyewear (₹200–₹600) and focusing on underserved markets, ClearDekho is attracting budget-conscious consumers

→ Rapid expansion into small towns like Saharanpur, where it became the first to offer eyewear services, allows it to dominate these local markets before larger players enter.

→ Lower-cost franchise model to attract to partners in smaller towns

This creates pressure on Lenskart to maintain affordability without compromising on quality.

📌

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