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Lenskart to aggressively expand offline operations, set up new units

  • Valyoo
    Technologies, which runs online eyewear retailer Lenskart, is looking to
    aggressively expand its offline presence, eyeing earnings of Rs 3,000 crore in
    the next five years, the
    Mint reported.
  •  
    • Valyoo
      Technologies, which runs online eyewear retailer Lenskart, is looking to
      aggressively expand its offline presence, eyeing earnings of Rs 3,000 crore in
      the next five years, the
      Mint reported.
    •  

    •  
    • Valyoo wants
      to open some 2,000 franchise stores in that period, a top executive said. “At
      the end of the day, we want more and more touch points to be available,” chief
      executive officer and founder Peyush Bansal said.  “They are great marketing and customer acquisition
      channel.”
    •  
    • The firm is
      looking mostly at smaller cities. “Though it’s a slower market but has huge
      opportunity. People (there) have high aspirations and want to buy quality
      products,” he said.
    •  
    • The company
      has more than 100 branded shops in 66 cities. Customers can try out spectacles in
      the shops and then place orders online. Lenskart gives a commission to the shop
      owners on every purchase.
    •  
    • Bansal
      declined to say how much this contributes to his business. More than 5,000
      people walk into the stores every day with 50% of them buying a product, he
      claimed.
    •  
    • Earlier this
      year, Lenskart started a free home eye check-up campaign, where it sends a
      certified refractionist to a customer’s home, who also tries selling spectacles
      and sunglasses. Over 70% of the eye check-ups translate into purchases, Bansal
      said.
    •  
    • Lenskart
      last raised Rs 135 crore from private equity firm TPG Growth, with
      participation from Hong Kong-based TR Capital Ltd and existing investor IDG
      Ventures, for a significant minority stake in January. Overall, it has raised
      close to Rs 200 crore till date with Ronnie Screwvala-led Unilazer Ventures
      being a prominent investor.
    •  
    • The firm
      also plans to set up two factories in Greater Noida on the outskirts of Delhi.
      While the first one will start manufacturing in a month, Bansal did not state a
      timeline set up for the other. The company has invested Rs 60 crore in the
      first factory.
    •  
    • Currently,
      Lenskart runs a facility in Delhi’s Okhla area that produces 5,000 lenses a
      day. The Greater Noida plant is expected to produce over 20,000 units per day.

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