Lenskart plans to invest $5 million in next 3 years at Haryana facility

Lenskart is looking at ramping up to 300,000 frames in 3 years

Online eyewear firm Lenskart plans to invest $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 100,000 frames a month with an investment of $1 million. It is looking at ramping it up to 300,000 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 $5 million over the next three years and will be able to manufacture 300,000 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 200,000 eye glasses a month at present. The company expects Rs 4 billion turnover from eye glasses in the current financial year.