The exciting journey of Shark tank India Season 1 comes to end with its last pitch. The last pitch of the show is given by Peyush Bansal, pitching Lenskart in front of other judges; Namita Thapar, Ashneer Grover, Aman Gupta, Vineeta Singh, Anupam Mittal, and Ghazal Alagh.
The pitch in 2010 that changed the future of Lenskart, Peyush recreated that pitch in front of sharks in Shark tank India. Peyush Bansal started his amazing pitch with this statement.
“Sapne toh bahot log dekhte hain par duniya mein bahut log aise hain jo dekh hi nahi sakte”.
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Some Data on Vision Correction
He stated some facts and statistics on vision problems. In India almost 50% of people are there who need glasses, but out of that only one fourth of people actually have glasses. Around 40cr Indians need vision correction. A child’s 80% learning is done through vision but In the world around 23cr children are there who need glasses but are unable to access it.
Just through vision correction, an employee can increase its productivity by 30% and raise income by 25%. Globally in the economy due to vision correction productivity loss, annual loss is 227 billion dollars. According to many studies, one of the world’s largest health issues is vision correction. Out of 3, 1 Indian can’t even see properly. To solve this problem, he made Lenskart.
Lenskart is not just a company, it is a mission to revolutionise vision correction. This is a vision to give 50% of Indians access to glasses. They want to become the Maruti of eyewear in India. Just like Maruti has given pleasure of cars to indians, they want to give pleasure of eyewears to the indians. Peyush stated about three problems of vision.
- Lack of awareness. In India when a child goes to school, his vision is never tested. In insurance policy, there is no such criteria for vision testing. Then how will people know about this problem.The household women who come across TV screens but do not test their vision.
- Lack of access. Nowadays, every household and streets have phone shops but only 40k glasses shops are there in india.
- Affordability. This industry is quite small and controlled by limited people. For this,total ownership of glasses is quite expensive than the actual cost.
Background of Peyush Bansal
Peyush is born and brought up in a middle class family of Delhi.His father is CA. He did his schooling from Don Bosco school and did engineering in electrical engineering from Canada. He worked at Microsoft. He also met Bill Gates there and got inspired from him. Then he came back to India and started his journey in India.
Ask by Peyush Bansal
Peyush, being founder and CEO of Lenskart and 26 years old back ten years, ask for 1 crores at 1% equity of the company and guidance at company valuation of 100cr.
Co-Sharks on Peyush’s Pitch
Ghazal praised Peyush and asked him to show his products. Aman Gupta asked the reason behind the name Lenskart. He said ” Did you copy it from Flipkart”. To this Peyush replied that he registered this domain name before Flipkart. He has also registered 30 other kart names like perfumekart, toykart,etc. On being asked by Anupam, Peyush told he was making 3.5 cr revenue back then. Vineeta asked for 75% of the company, this makes Peyush and other sharks laugh. Aman offered 1cr for 50% equity. Namita Thapar offers 1cr for 20% equity. Ashneer hilariously gives his offer counting equity. Between all this conversation, Aman jumped out of his chair and made the deal final.
Overall It was an inspiring pitch by Peyush and the banter is followed with fun too. In short, Shark tank India has given a thrilling experience to the audience. The Topic of business has become a dinner table conversation now. Season 1 ended with a remarkable note.