What is Eyenic?
There’s a growing market for eyewear in India. Approximately 35% population in India is suffering from eyesight problems. To cater to that, Eyenic comes in place.
Eyenic provides glasses for all types of people at pocket-friendly prices. There are currently more than 40,000 optical stores available in India.
Eyenic Before Shark Tank India?
Eyenic was started in 2017 – 2018. Currently, they are available in 300+ retail stores all over India. People can purchase the glasses from their brand website also.
Who is the Founder of Eyenic?
Piyuesh is an Engineer. He previously worked for Volvo. He working in product design & development for 3 years. His family was involved in the eyewear business for a really long time. That’s why Piyuesh had a lot of knowledge in this industry. That’s why he wanted to do something in the eyewear industry.
How much money did they ask for Eyenic?
They came to Shark Tank India seeking ₹75 Lakhs for 6% equity in the business. Which gives the company a valuation of ₹12.5 Crores.
Currently, their business model is solely dependent on frames. 85% of revenue comes from frames. And remaining 15% comes from lenses.
Currently, 60% of their products come from China. 30% comes from India and 10% comes from Turkey.
They are selling 5000 glasses every month. They make glasses for people who wear turbines. Almost 1000 glasses are sold every month for turbine people.
They have a range called Airman, which starts from 500 and goes all the way to 1200. And Eyenic ranges from 1200 – 2500.
Eyenic competes with a few categories from Lenskart.
What are the Annual Sales of Eyenic?
|2021 – 2022
Eyenic is a profitable brand. Their net profit is 21%. Meaning they are making a profit of ₹3 Lakhs per month.
Which shark gave Eyenic an offer?
Amit Jain was out because he thought the business was too small at the moment. It wasn’t investable. He thought there was not enough demand for the Eyenic brand in the market.
Namita Thapar was out because she didn’t have any expertise in the eyewear area.
Aman Gupta was out because he thought the founders couldn’t create any pull in the business yet. According to him, the founders should not go to the stores and sell products. Instead, people should reach out to them saying they want Eyenic brand glasses.
Anupam Mittal thought the entire business model was wrong. They should rethink their business model and re-evaluate the business.
|Piyuesh Kalra & Sunil Chhabra
|₹75 Lakhs for 6%
|Company Net Worth
Peyush Bansal was out because he thought their business model needed to change. Also, they work on a credit model with the retail stores. And the credit period is 60 days. It’s also difficult to make money like this. Peyush advised them to locate some key differentiator in the business, then he’ll sure be able to invest in the company in the future.