For those who require vision correction, eyeglasses are a blessing; those folks start their day first thing in the morning. Of the Indian population, thirty-five percent need glasses. Over 40,000 optical stores abound in India. Made for Indians, Eyenic is a reasonably priced, fashionable, robust brand. Beginning in 2017, Eyenic is currently found in more than 300 stores spread over five states. At the time of the pitch, they had sold nearly 1.25 lakh pairs. One can also buy glasses on their own website. Their dream is for their brand to be the most sought-after sunglasses one can find.
Fifteen percent of sales originate from lenses; eighty-five percent from frames. China accounts for sixty percent of production; India for thirty percent; Turkey for ten percent. Their primary difference is that they are well-connected with the optical stores and not competing using them. Out of 5000–6000 glasses sold monthly, turban wearers purchase about 20% of them for which they have over 50 SKUs. Their lifetime income exceeds four crores; their latest year came in at one crore. Though they are bootstrapped and all the money is being reinvested into the company, the gross margin is at 45% and the net margin is at 21%.
Company Name: Eyenic
Founder: Piyuesh Kalra and Sunil Chhabra
Product: Eyewear
Highlights
1. Eyenic specialises in custom-designed eyeglasses catered to particular needs. With eyewear that fits both fashion and utility, they emphasise on giving every client a customised experience.
2. Modern technologies and premium, advanced prescription lenses help the company to increase eyeglasses comfort and clarity.
3. Eyenic provides a range of chic frames created from robust materials, therefore fusing fashion with long-lasting sturdiness.
4. Incorporating blue light filtering lenses, Eyenic’s solutions seek not just to correct vision but also to safeguard and care for the eyes.
5. Targeting a broad spectrum of customers, the company positioned itself to seize the growing demand for quality and trendy eyeglasses given India’s fast expanding eyewear sector.
6. Eyenic delivers simplicity and accessibility by using both online and offline sales channels to reach consumers.
7. Presenting a direct-to–consumer strategy with an eye towards personalisation and a flawless shopping experience—including virtual try-ons for eyewear—they highlighted innovative business models.
Pitch Details
Ask: ₹75 lakhs for 6% equity, valuing the company at ₹12.5 crores.
Deal: After negotiations, deal couldn’t happen
Investors: NO DEAL
Conclusion
Ultimately, Eyenic’s creative approach to customised eyeglasses helped them to make a strong case for Shark Tank India. Combining modern optical technology with elegant, robust frames, they positioned themselves as a brand that not only emphasises eye care but also meets the rising need for attractive, premium eyewear in India. Their scalability and reach are enhanced by their omni-channel company model, which makes use of both online and physical outlets. Eyenic showed great growth potential with a fast developing market and an eye towards client personalising. The Sharks recognised the value in their idea, and the pitch finally drew attention for possible alliances and financial support to drive brand development.
