Founder story
Specxy · Refurbished eyewear · Manipal, 2022

A second life for the glasses in your drawer.

Specxy was a marketplace for refurbished prescription eyewear. We bought back old specs, restored them by hand, matched them to a new owner's prescription, and priced them at about a third of a new pair.

A woven basket holding a dozen used prescription glasses collected by the Specxy team
Same pair, 2022 pitch
New₹1,500–1,800
Specxy₹500–600
Used glasses collected by the team to test the buyback idea.
WinnerPitch TankManipal Entrepreneurship Summit · MIT E-Cell × MUTBI
1st Runner-upHult Prize MAHEOn-campus round, Manipal Academy of Higher Education · Mar 2022
FinalistHult Prize, DhakaRegional Summit, May 2022 · See certificates →
The problem

Glasses are built to last. We throw them away as if they weren't.

  • Prescription

    Power changes, children's especially, and a perfectly good frame becomes useless overnight.

  • Wear & style

    Frames break, go missing, or simply go out of style. In 2022 India had no system to take the old pair back.

  • Speed

    The biggest online stores took 5–6 days to deliver powered lenses. An emergency spare was hard to find.

  • Price

    A decent new pair cost ₹1,500–1,800, and every new frame means more material and energy spent making it.

3%

of glasses get recycled.

1 in 4

people throw their old pair away.

25%

of the 477M Indians who need glasses actually wear them.

Figures as cited in Specxy's 2022 pitch decks. Not independently re-verified for this page.

How it works

One pair, many owners.

Specxy ran on a closed loop. Old glasses came in as wallet points, went out as restored pairs, and came back again when the next prescription changed.

The Specxy loop: sell old specs, earn points, buy a refurbished or new pair, subscribe, and return the old pair. SPECXY Wallet POINTS
  1. Sell us your old specsA pickup partner collects the pair and checks its condition.
  2. Get Specxy Wallet pointsBuyback is paid as points (about ₹100 a pair), so the value stays in the loop.
  3. Buy refurbished, or newSpend points on a restored pair that matches your prescription, or on a new one.
  4. SubscribePlanned: a fresh pair every 12 weeks for people who like to change styles.
  5. Return the old pairIt goes back to refurbishing, and the loop starts again.
Refurbishing

Four steps from obsolete to almost new.

Before: a black acetate frame with a dull, scratched, greyed finish After: the same frame restored to a deep gloss black BeforeAfter

Before and after: frames refurbished by the Specxy team. Drag the handle to compare.

  1. 1

    Vapour honing & polishing

    A high-grit slurry under pressure strips grime and oxidation, leaving the material clean and ready for hand polishing.

  2. 2

    Plastic mending

    Heat and epoxy filling correct cracks, chips and other frame defects.

  3. 3

    Hinge repair

    The hinge is the usual failure point. Rivet and spring repairs make it work like new.

  4. 4

    Lens reglazing

    Surface scratches and imperfections are removed from the lens.

The product

Shop by prescription, not by guesswork.

Most people know one thing about their glasses: their power. Specxy started there. Enter Sphere, Cylinder and Axis for each eye, and see only the frames that fit.

  • SearchPrescription entry per eye: right (OD) and left (OS).
  • FilterMatch both eyes or one, and pick single, bifocal, trifocal or progressive lenses.
  • ResultsEach listing shows the lens prescription, so you can compare it with yours at a glance.
  • DetailCondition, colour, style, size, IPD, tint and brand, then shop or save to a wishlist.

Rebuilt from Specxy's 2022 clickable prototype. Frames are photos from the team's collection; prices and prescriptions are sample data. This is not a live store.

Business model

₹400 to restore. ₹500–600 to own.

We priced every rupee of a refurbished pair before pitching it. Buyback, logistics, refurbishing and storage came to about ₹400, leaving roughly ₹100 per pair, about 20% net.

Specxy refurbishedcost + margin, per pair
₹500–600
New pairtypical retail, 2022
₹1,500–1,800
Buyback (as points)₹100
Logistics & handling₹120
Refurbishing₹80
Warehousing & staffing₹50
Miscellaneous₹50
Margin₹100

Unit economics from the 2022 Pitch Tank deck. Bars drawn to scale. Hover a segment for its value.

Revenue

Three ways to earn

  • Margin on every refurbished pair sold.
  • A subscription: a fresh pair every 12 weeks, old pair returned.
  • Later, the wider eyewear and eyecare catalogue.
Customers

Who it was for

  • Children whose prescription keeps changing.
  • Working families who won't pay ₹1,500+ for a pair.
  • Teenagers who want new styles often.
  • Buyers who care about waste.
  • Anyone who needs a powered pair fast.
Key resources

What would make it defensible

  • Inventory across every power combination.
  • The four-step refurbishing process.
  • Specxy Wallet, which keeps customers in the loop.
The 2022 landscape

Lenskart, Titan Eye Plus and Vision Express sold new frames online and in stores. None of them sold restored, prescription-matched pairs. That second-hand market was Specxy's opening.

Impact

Fewer frames in the bin. Cheaper sight. Local jobs.

Circular

Every restored pair is one that isn't manufactured

Old frames return to use instead of a drawer or a landfill.

Affordable

About a third of the new price

₹500–600 against ₹1,500–1,800 for a comparable new pair.

UN SDG #8

Decent work in every city

Pickup partners, refurbishers, quality checkers and warehouse staff, hired from communities hit hardest by the pandemic.

These were the plan's goals. Specxy did not operate long enough to measure them, so no impact numbers are claimed here.

Market context

India's eyewear market, in USD billions

The decks also cited 1.2M glasses sold in India every day, 1 optical store per 70,000 people, and online purchases doubling from 22% (2017) to 44% (2020).

All figures as cited in the 2022 decks. 2024 was a projection at the time.

Ground work

We started by collecting glasses.

Before any app, we checked whether people would hand over the pairs they no longer used. They did. These are some of the obsolete glasses we gathered.

Milestones

2022, in five results.

Five competitions in one season, from Manipal to Delhi to the Hult Prize regionals in Dhaka.

ResultCompetitionOrganised byYear
WinnerPitch Tank, Manipal Entrepreneurship SummitMIT E-Cell × Manipal Universal Technology Business Incubator (MUTBI)2022
1st Runner-upHult Prize MAHEHult Prize on-campus programme, Manipal Academy of Higher EducationMar 2022
FinalistHult Prize Regional Summit, DhakaHult Prize Foundation · held 27–28 May 2022May 2022
FinalistIdea Validation CompetitionMIT E-Cell, Manipal2022
FinalistUdyamee: The Shark Tank CompetitionDelhi Technological University (DTU)2022

Certificates

Verified documents

Select a certificate to view it full size.

The roadmap we pitched

Planned, 2022
  1. Jun 2022

    Website and app development

  2. Sep 2022

    Initial inventory, logistics network, and an alpha in our area

  3. Dec 2022

    Beta run to prove the concept at scale

  4. Mar 2023

    Multi-city pickup pilot

  5. Jun 2023

    Full-scale launch

What happened: we validated supply (collecting glasses), the product (in-house refurbishing) and the experience (a clickable app prototype). Specxy did not launch commercially.

The team

Four students, first year to third.

Founder & Team Lead

Omkar Patil

Came up with Specxy and led it through the 2022 season.

  • Founded the venture and pitched it at every competition
  • Designed the prescription-matching app prototype
  • Built the business model and unit economics
  • Ran the glasses collection and the refurbishing trials
Management Lead

Shivangi Somani

Research Lead

Anurag Shenoy

Operations Lead

Raghav Shah

What came next

Specxy taught me to build from zero. I'm doing it again.

I'm now building EZ Bill. If you back early-stage founders, or want to hear more about Specxy, I'd like to talk.

Omkar Patil

Email