Glasses and Lenses
Optics
Season 2 Episode 17
| Brand | Eyenic Eyewear |
| Company Name | Eyenic Eyewear Pvt. Ltd. |
| Founders | Piyuesh Kalra, Sunil Chhabra |
| Original Ask | 75 lakhs for 6 % equity at the valuation of Rs. 12.5 crores |
Deal | No Deal |
About the Product
The product range at The Eyenic encompasses eyeglasses, sunglasses, kids eyeglasses, and contact lenses. Catering to diverse preferences, they offer options for males, females, and unisex customers. Specialized types include turban-friendly designs, frames with attachments, and ultra-lightweight models, available in various shapes such as aviators, rectangles, cat eye, and more.
In the sunglasses category, choices extend to night vision, day and night wear, and polarized options. Additionally, The Eyenic’s eyeglasses provide protection against UV light and excessive natural blue light, ensuring comprehensive eye care for their customers. Notably, all these offerings are crafted to be affordable, making quality eyewear accessible to a wide audience.
These affordable eyewear options are conveniently accessible on The Eyenic’s official website as well as various online marketplaces.
Founders & their story
- Piyuesh Kalra
- Sunil Chhabra
Piyuesh, an engineering graduate from Punjab University, Patiala, with 3 years of experience in product design and development at Volvo, decided to leverage his family’s 50-year-old optical business with 50 stores. Intrigued by the industry since childhood, he invested 2 years researching, traveling to Italy and China, and attending exhibitions to understand the market.
In 2017-18, Piyuesh and Sunil launched Eyenic, aiming to cater to the specific needs of the Indian population, where 35% require vision correction. Recognizing the shift to online shopping, he sought to revitalize the family stores’ presence. With 300+ retail outlets across 5 states, Eyenic has already provided solutions for over 1.15 lakh customers.
Eyenic focuses on affordability, durability, and style, capitalizing on the idea that good looks sell more. Piyuesh aims to position Eyenic as the most demanded brand of eyewear. His approach is not to compete with the existing optical industry but to strengthen it. Acknowledging the industry’s 80% unorganized nature, Eyenic serves as a platform for both family stores and consumers.
The product range includes frames (85%) and lenses (15%), with a strategic emphasis on understanding consumer preferences. Eyenic caters to turban wearers with a dedicated line of 50+ SKUs. Monthly sales range from 5,000 to 6,000 units, with around 20% catering to the turban-wearing demographic.
The Eyenic product line comprises the Airman Range (priced between 500 to 1200 Rs.) and the Eyenic Range (priced between 1200 to 2500 Rs.), with distinctions in quality justifying the price differentials. While 60% of the products are sourced from China, 30% are manufactured in India, and 10% in Turkey.
With a keen understanding of the optical industry and a well-connected network, Eyenic aims to be the Emerging Kings in the eyewear market.
About the company:
Introducing The Eyenic, a brand that firmly upholds the belief that quality knows no shortcuts. With a commitment to excellence, each Eyenic product undergoes more than 40 operations, with a significant emphasis on meticulous handcrafting.
The Eyenic vision is rooted in the philosophy of creating world-class optics that are not only affordable but also genuine. The founders passionately believe that luxury should be inclusive and extend beyond the confines of high price tags. Founded by a group of young entrepreneurs, The Eyenic is on a mission to lead the optical industry in innovation, quality, and aesthetic appeal. Leveraging their extensive knowledge in the optics business, the founders aim to redefine the eyewear landscape by offering a diverse range of products that seamlessly integrate design, affordability, and unwavering quality.
At The Eyenic, the team recognizes the indispensable role good vision plays in everyone’s life. The company’s tagline, “Frame Your Vision,” encapsulates the commitment to providing eyewear that not only meets the highest standards of quality but is also accessible to a wide spectrum of individuals. Join The Eyenic on a journey where optics meets innovation, and affordability meets excellence. The company isn’t just crafting eyewear; it’s shaping a vision for a brighter, clearer, and more stylish future.
Revenue:
The Eyenic has achieved a remarkable lifetime sale exceeding 4 crores, demonstrating consistent growth. In the fiscal year 2021-22, the company achieved sales of 1 crore, with the year-to-date figures for 2022-23 reaching 75 lakhs. The recent month, marked by a featured show, resulted in an impressive sales figure of 15 lakhs. Despite being a profitable business, The Eyenic operates on a bootstrap model, reinvesting all earnings back into the business for further expansion.
The business maintains a healthy gross margin of 45%, contributing to its sustained profitability. With a net margin of 21%, The Eyenic strategically manages limited capital and inventory. It’s important to note that the revenue per retail store is relatively lower, primarily due to the inclusion of other brands in their product portfolio. The company adopts a prudent approach, visiting stores on a 2-3 month cycle to maximize efficiency.
It’s crucial to highlight that the reported revenue is not representative of all stores where Eyenic products are available but is derived from a fraction of the total network. The company operates with limited capital and inventory resources, emphasizing a calculated and sustainable growth strategy.
Founders’ Ask
75 lakhs for 6 % equity at the valuation of Rs. 12.5 crores.
Offers:
No Offers.
No Deal
Reasons for No Deal:
Piyush: He does not see a fundamental differentiation in quality or supply chain. The credit period given to retailers has to be monitored too.
Anupam: He believes the current B2B business model is not optimal. The preference is to transition The Eyenic into either a direct-to-consumer (D2C) brand or a B2B marketplace. This strategic shift aims to streamline operations and enhance the brand’s market presence for greater efficiency and impact.
Amit: He identifies a gap in transitioning from offline to online and recognizes the need for a technology specialist co-founder to bridge this divide. This strategic addition aims to leverage technology for a seamless integration, enhancing The Eyenic’s presence and operations in the digital space.
Aman: They faced a challenge in generating consumer interest and creating a pull for their products.
Namita: She does not have expertise in this area.