Lenskart aggressive on expansion in Tier 1, 2 cities; parallel focus on offshore channel

Lenskart, India’s largest eye care startup, is planning to aggressively expand in Tier 1 and 2 cities across the country in a bid to expand its market share. The eye care startup is also focusing on growing through offline channels, setting up 20 brick-and-mortar stores a month to strengthen itself in such markets. It already owns about 250 stores in 90 cities operating through the franchise route.

Peyush Bansal, CEO Lenskart, said that “We have focussed on ensuring that when we launch a new channel to reach out to consumers, it doesn’t cannibalise on the other channels… We are adding about 20 stores a month in neighbourhood markets across tier I and II cities”.

Besides the Tier 1,2 cities, the company is also focusing on improving its market penetration in Tier 3,4 cities, and has also launched a new “Lenskart Lite” application for such cities. It is smaller in size, and is targeted at users in Tier 3,4 cities who often face network connectivity issues.

The company is currently processing ~6000 orders a day, and aims to seal the ongoing fiscal with a monthly revenue run rate of INR40 crore. Founded in 2010, Lenskart has raised over INR700 crore from investors like IFC (venture capital arm of the World Bank), Ratan Tata, Kris Gopalakrishnan (Infosys co-founder), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq.