Lenskart plans to invest $5 million in 3 years
Lenskart will invest $5 million over the next three years and aims to manufacture 3 lakh frames a month
Online eyewear firm Lenskart plans to invest USD 5 million in the next 3 years at its manufacturing facility for spectacles frames. 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 USD 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 USD 5 million over the next three years and will be able to manufacture 3 lakh frames a month" Lenskart founder and CEO Peyush Bansal 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 per cent," he said. Bansal said spectacles account for 80 per cent 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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.