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.
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.