10 Things You Didn’t Know about Lenskart CEO Peyush Bansal
Peyush Bansal is an Indian entrepreneur. Currently, he is running Lenskart, which is an Indian retail chain that sells prescription eyewear. Since Bansal is an entrepreneur, it should come as no surprise to learn that he is one of the co-founders of the retail chain that he runs.
1. Born in Delhi
Bansal was born in Delhi, which is one of the true megacities of the world. As such, it makes sense that it would be one of a kind in a wide range of ways. For example, while Delhi is classified as one of India’s union territories, it possesses a fair amount of resemblance to one of India’s states, as shown by how it has its own legislature as well as its own high court. Likewise, its urban area isn’t limited to its borders but instead encompasses a number of its neighboring cities, which have been pulled into its orbit through the sheer weight of its incredible influence.
2. Studied At McGill University
Initially, Bansal studied at an Indian school. However, he went on to receive further education from McGill University, which can be found in the city of Montreal in the Canadian province of Quebec. For those who are unfamiliar, Quebec is famous for being a Francophone province. However, Montreal is unusual in that it has a very high number of residents who speak both English and French in a fluent manner. In fact, McGill University’s main language of instruction is English rather than French, though its students are permitted to write everything in French in most courses.
3. Studied Electrical Engineering
In school, Bansal studied electrical engineering, which is the part of engineering that encompasses everything related to electricity, electronics, and electromagnetism. As a result, it is further sub-divided for the sake of practicality, with examples ranging from computer engineering to power engineering. Besides this, it is interesting to note that electrical engineering is older than what most people would expect because it came into existence in the 19th century when telephones, electric telegraphs, and electric power started seeing more and more use.
4. Studied Entrepreneurship
Besides that, Bansal studied entrepreneurship at the Indian Institute of Management Bangalore. It seems safe to say that this was a very sensible course of action on his part. After all, running a business is tough because it requires a wide range of skills. However, running a start-up as an entrepreneur tends to be even tougher because there is minimal margin for error, meaning that even a small mistake can have catastrophic consequences for the start-up’s prospects in the long run.
5. Spent Some Time At Microsoft
For a time, Bansal was a program manager at Microsoft. However, that wasn’t enough for him, as shown by how he made the choice to leave his position to pursue his own path as an entrepreneur. Given Bansal’s current position, his is one of the success stories.
6. Lenskart Not His First Start-Up
Lenskart isn’t the first start-up founded by Bansal. In fact, it isn’t even the first eyewear-related start-up that he has founded. This is because Bansal founded Valyoo Technologies in 2008, which specialized in selling eyewear through the Internet in the United States. Presumably, Bansal’s earlier efforts as an entrepreneur provided him with valuable expertise and experience that he put to use in running Lenskart, thus contributing to its current success.
7. Runs a Business with a Hybrid Model
Bansal runs a business with a hybrid model in the sense that it operates in a click and mortar manner. Basically, this means that it has both online and offline operations, which enable businesses to target more of their potential market but requires more complexities in the process. This choice is unsurprising when one remembers that there are still huge swathes of the Indian population with either no access to the Internet or very limited access to the Internet. However, it will be interesting to see how Lenskart’s operations continue to change in the future because India is continuing to make a serious effort to make the Internet more available to Indians.
8. His Business Is Big Business
It is no exaggeration to say that Bansal’s business is big business. This is because it has more than 500 stores in 70 Indian cities, thus making it one of the biggest competitors in its chosen field. On top of that, it has plenty of room for expansion, meaning that it promises to become bigger and bigger still. One can’t help but be curious whether Lenskart will ever set its eyes on non-Indian markets, though for the time being, its international presence seems to be limited to a production facility in China that produces about 50 percent of its products.
9. His Business Has Become Profitable
One of the signs that a start-up has managed to make it is that it has become profitable. After all, a business needs to be capable of sustaining its own revenue-earning operations before it can become even start thinking about becoming profitable. This means that a profitable business has a much firmer existence than an unprofitable business, though the latter is a stage that a lot of start-ups have to pass through because of the time it takes for businesses to build up their presence in their chosen market. Naturally, surviving said process wouldn’t be possible without investors, who in turn, cannot be convinced to invest without a sense of confidence that their investments will be worth it in the long run.
10. Seems to Have a Vision
Like a lot of entrepreneurs, Bansal seems to have perceived a problem before stepping in to provide a solution. In his case, it is the poor state of eye health in India, which seems to be caused by a lack of awareness as well as a shortage of resources. It is interesting to note that Bansal made sure to point out that blindness and other eye problems didn’t just affect the victims but also everyone else around them in an article that he penned, which is true of either all or just about all health problems.