“The Shark with a big heart”, is what the world is calling Peyush Bansal. He has won the validation of many fans due to his stellar character on the show Shark Tank India, in which he is an investor.
Peyush Bansal is the founder and CEO of Lenskart. He was born in New Delhi and completed his primary education from Don Bosco High School. He went on to pursue Bachelor in Technology from Mcgill University in Montreal, Canada, where he specialized in Electrical, IT, Control and Automation from the year 2002-2006. He also received his post-graduate degree in Entrepreneurship from IIM Bangalore.
Read: Who is Anupam Mittal? Net Worth, Biography, Investor and much more…
While he was a student at McGill university, he was awarded the British Association Medal in 2006.
The journey of Lenskart, which has become one of the top eyewear brands in India was not easy. Peyush Bansal initially invested INR 25 Lakh in his other start-up called SearchMyCampus, an online portal for students who were looking for jobs, accommodations and rentals.
A year into this business, he came to realize that there wasn’t enough money to be made. He shifted his focus to another idea and in 2009 introduced Flyrr, which was an instant hit and the business started catering to the U.S. market while making $100,000 a month.
Though the success of this venture was short-lived, Peyush Bansal did not give up on this idea and asked his team about the prospect of the business in India. This led to the birth of Lenskart in India in November 2010.
Read: Who is Amit Jain? Everything to know about Shark Tank India Season 2 Judge.
Peyush Bansal made sure to create an online reach for his brand, Lenskart, which made him stand out in the market in front of other big names like Titan Eye Plus. This initiative gave him an opportunity to grab the attention of IDG, which had invested in Myntra in 2008.
Peyush Bansal was thus able to bag a deal of $4 million. He started BagsKart, JewelsKart and WatchKart within six months of receiving the investment, but his heart was set on his primary brand LensKart.
He said, “I want to revolutionise eyewear in the world”.
He was worried that if he shuts down his other ventures, then no one will fund him. It was Ronnie Screwvala, who believed that LensKart would have a massive impact in the Indian market because Jewellery, Watches and Bags had already crowded the market with their presence. He ultimately invested in Peyush Bansal’s brand LensKart, and since then the brand has seen a gradual growth of INR 292.35 crore and the loss came down to INR 118.04 crore.
Read: Things to know about Nobel Prize Winner of 2021: Abdulrazak Gurnah.
It was Peyush Bansal’s commitment that made the brand grow and move from an only online presence to physical stores and franchisees. What started as a business in the U.S.A. and failed and moved back to its home country, now has more than 1,050 stores and has cemented its presence globally, which includes, U.A.E, U.S.A, Singapore and India.
‘The shark with a big heart’ is trending on Twitter simply because he has demonstrated that generating a profit and aiding a worthy cause does not necessarily have to conflict with one another.
Peyush Bansal has up till now made several investments in initiatives and start-ups. He is known as someone who carries his heart on his sleeve and he has proved this from time to time. He has made an effort to encourage companies that did more than just make money.
Peyush Bansal has a goal to encourage and uplift those with a high burning passion and a dream for a better future.
There were contestants on Shark Tank India, for whom none of the judges stood up, but it was Peyush Bansal who was willing to give life to new ideas. He has shown people that an idea can be improved and there are many ways to do so. In order to encourage the contestants he has also invested in several ideas that were opposed by the other Sharks.
Read: List of 10 Platforms where you can read Books online for free.
There is no doubt as to why people are praising Peyush Bansal, a successful Entrepreneur, for he holds the vision to not only make money but to also alter life and ideas.