Lenskart eying offline expansion; targets to reach 500 store mark

Lenskart, the online eyewear retailer backed by Ratan Tata’s investment arm, is planning to invest INR110 crore to increase its offline store network to 500 from the existing 330 stores. Peyush Bansal, CEO of Lenskart, said that “We want to open another 150 (stores) this year and try to get closer to 500-store mark by FY18-end. We want to go deeper in our current markets”. The Gurgaon-based startup leverages franchise model to build its offline channel, and invests primarily in building back-end supply chain and strengthening technology to further enable automation within all processes.

The startup has setup an automated warehouse facility in Gurgaon, and along with two other warehouses, it is expected to churn out four times the existing volumes in terms of orders. Peyush further added that “We are investing INR50-60 crore in the back-end for our largest automated warehouse facility in Gurgaon. For building technology, we are looking to invest an additional INR50 crore. We will be able to grow four times more from the same facility. We would be able to ship 30,000-40,000 pieces per day with better quality and more economical pricing”. Sale of eyeglass constitutes 80% of the total revenue, with contact lenses and eye check-up services accounting for the rest.