Lenskart plans to invest $5M in its manufacturing facility in 3 yrs

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 1 lakh frames a month with an investment of $1 million. It is looking at ramping it up to 3 lakh frames in 3 years.
 
"We have set up a 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" said Lenskart founder and CEO Peyush Bansal.
 
Currently, this facility will only meet half of our total frames demand. Rest we will manage through contract manufacturing "Over the period, we expect the cost of these high-quality frames to come down by 30%" he said.
 
Bansal said spectacles account for 80% of its total turnover and the company sells over 2 lakh eyeglasses a month at present. The company expects Rs 400 crore turnover from eyeglasses in the current fiscal year.
Shoot

Trending News

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Walmart may rope in Google parent Alphabet for the Flipkart deal

Internet shutdown cost Indian economy $3 billion from 2012-17: Study

Flipkart and Amazon plan mega summer sales in May

International sales now account for 48% of Twitter's revenues

70% of mobile phones buyers in India opt for non-cash payments

Amazon India expects groceries & household products to account for 50% of business in 5 yrs

India to come out with a E-commerce policy framework in 6 months

Online learning platform Career Anna raises Rs 3 Cr funding

Wal-Mart will offer to buy up to 86% of Flipkart

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities