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Lenskart plans to invest USD 5 million in three years

News Agencies | Updated on: 11 March 2018, 16:46 IST

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 the 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 media.

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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 the 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 eyeglasses a month at present.

The company expects Rs 400 crore turnover from eyeglasses in the current fiscal year.

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First published: 11 March 2018, 16:46 IST