With an estimated investment of Rs 1,500 crore, Lenskart intends to establish its largest eyewear manufacturing factory in Telangana.
The state minister of IT industry and commerce, Duddilla Sridhar Babu, posted on X on Monday that the eyeglasses company based in Gurgaon had signed a memorandum of understanding with the Telangana government to develop the facility at Fab City.
"The facility will produce eyewear, lenses, sunglasses, as well as accessories and other products catering to India, along with exports to other markets in Southeast Asia and the Middle East," he said.
The company will invest $200 million in its new production facilities in southern India, according to an earlier interview with Lenskart's founder and CEO, Peyush Bansal. The factory would be ten times bigger than the company's existing production facility in Rajasthan.
Bansal claims that the company's domestic production supports the selling of its goods in markets throughout Southeast Asia and acts as the foundation for its internet business in India.
Additionally, Lenskart can now guarantee next-day delivery to eight Indian cities, compared to five-six a few years ago, due to local production.
The new plant will enhance the company's reputation as a worldwide eyewear maker by facilitating exports to markets such as Japan, Southeast Asia, and West Asia.
Founded in 2010, the Temasek and SoftBank-backed enterprise now runs more than 2,500 retail locations across India. It plans to open 400 more this year.
Due to a notable increase in its operational efficiency, the company's net loss decreased from Rs 64 crore to Rs 10 crore in 2023–2024. At Rs 5,428 crore, its operating revenue grew 43% annually.
According to an October 4 report, Lenskart achieved an annual revenue run rate of $1 billion (about Rs 8,400 crore) for this fiscal year.
