Home Retail Lenskart to invest US $5 mn in 3 yrs

    Lenskart to invest US $5 mn in 3 yrs

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    Online eyewear firm plans to invest US $5 million in the next 3 years at its manufacturing facility for spectacles frames.

    Lenskart to invest US  mn in 3 yrs
    Online eyewear firm Lenskart plans to invest USD 5 million in the next 3 years at its manufacturing facility for spectacles frames

    According to a PTI report: The company recently started the facility near Gurugram in Haryana that has a manufacturing capacity of 1 lakh frames a month with an investment of US $1 million. It is looking at ramping it up to 3 lakh frames in 3 years.

    “We have set up with facility to be able to innovate on design and manufacture high quality spectacle frames at lower costs. We will invest US $5 million over the next three years and will be able to manufacture 3 lakh frames a month” Peyush Bansal, Founder and CEO, Lenskart told PTI.

    Currently, this facility will only meet half of our total frames demand. Rest we will manage through contract manufacturing, he added.

    “Over the period, we expect cost of these high quality frames to come down by 30 percent,” he said.

    Bansal said spectacles account for 80 percent of its total turnover and the company sells over 2 lakh eye glasses a month at present. The company expects Rs 400 crore turnover from eye glasses in the current fiscal year.