Lenskart's New Manufacturing Facility to Generate 2,100 Jobs
The manufacturing plant of Lenskart is anticipated to generate approximately 2,100 jobs. They will manufacture eyewear, lenses, sunglasses, accessories, and various other items for the Indian market and for export to Southeast Asia and the Middle East. The company has entered into a memorandum of understanding with the Telangana government to establish its biggest eyewear manufacturing plant in Fab City, involving an investment of Rs 1,500 crore.
Lenskart's founder and CEO Peyush Bansal stated that the company intends to allocate $200 million to this new facility in southern India. The new factory will be tenfold larger than Lenskart’s current manufacturing site in Rajasthan.
Local production aids Lenskart's online activities in India and sales throughout Southeast Asia, enabling next-day delivery in eight Indian cities, an increase from the previous five to six cities. The new facility will strengthen Lenskart’s status as a worldwide eyewear producer and assist in boosting exports to Japan, Southeast Asia, and West Asia markets.
The organization intends to open 400 new stores this year. In 2023-24, Lenskart cut its net loss to Rs 10 crore, down from Rs 64 crore the year before, while operating revenue grew by 43% to reach Rs 5,428 crore. Lenskart has achieved an annual revenue run rate of $1 billion (approximately Rs 8,400 crore) for the current financial year.