The Unseen Progress: Ankur Warikoo on Building a $7 Billion Business

In a recent LinkedIn post, Ankur Warikoo discusses the often-invisible journey of building a market-leading business, using the success of Lenskart as a prime example. He highlights how initial skepticism and slow progress can mask the significant strides being made, particularly when a company is innovating ahead of its time.

Challenging Market Perceptions

Warikoo points out the initial doubt surrounding online eyewear brands. In 2008, the idea of purchasing glasses without trying them on or experiencing them physically was met with considerable resistance. This skepticism stemmed from fundamental issues of trust and the inability for consumers to engage with the product in a traditional way.

“In 2008, no one would have believed an online eyewear brand would make it big. The trust factor and the touch-and-feel was missing.”

According to Warikoo, the Lenskart team didn’t just face skepticism; they identified a critical, unmet need in the Indian market. He notes that a significant portion of the population required vision correction but was deterred by the existing barriers to purchase.

Solving a Core Problem

Warikoo elaborates on the problem Lenskart aimed to solve. “Nearly 100 million Indians needed glasses, but most didn’t buy them because of price or inconvenience,” he states in his post. This statistic underscores the scale of the opportunity and the societal impact a successful solution could have.

The path forward was not straightforward. Warikoo emphasizes that there was no existing precedent or validation for a new model that could effectively address these issues. This lack of a clear roadmap meant the company had to forge its own way.

“There was no validation that a new model could solve this. Progress was slow and often invisible.”

This period of slow, often uncelebrated progress is what Warikoo identifies as the essence of perseverance in a pioneering venture. He argues that when a company is truly innovating and operating ahead of market readiness, its advancements may not be immediately apparent or widely recognized.

The Power of Compounding and Perseverance

The ultimate validation of Lenskart’s strategy, as highlighted by Warikoo, came with its recent IPO, valuing the company at over $7 billion. This remarkable valuation serves as a testament to the power of sustained effort and strategic problem-solving.

“But that’s what perseverance looks like when you’re ahead of the market.”

Warikoo concludes by attributing the significant success to “The power of compounding!” This suggests that the consistent, albeit sometimes slow and invisible, efforts over years have compounded to create immense value. His analysis serves as a reminder to entrepreneurs and business observers alike that groundbreaking success often originates from tackling fundamental problems with unwavering dedication, even in the face of initial doubt and slow-moving progress.