Lenskart to invest $5 million to scale up frames manufacturing

Online eyewear major Lenskart is looking to scale up manufacturing of its spectacle frames and will be investing around $5 million (approx Rs 32 crore) on its manufacturing units over the next 3 years, said a top company official.
Lenskart- Facebook

The company which is on an expansion spree is now looking to ramp up the production of its spectacle frames to meet the growing demand from across the country. Lenskart’s current manufacturing facility at Gurugram which was set up with an investment of $1 million (approx Rs 6.3 crore) produces 1 lakh frames per month.
The $5 million investment in its new manufacturing facility is expected to increase that number to 3 lakh frames a month.
 “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 $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%,” he said.
The company had clocked a total revenue of 179 crore rupees (approx $ 27 million) during the financial year 2017 with spectacles contributing 80% to its total turnover.
Last month, the company had announced that it will be investing around $5 million (approx Rs 32 crore) on the expansion of its retail outlets and product range for premium brand John Jacobs across the country.
Lenskart currently has over 365 stores across India and also available on its online portal.

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