Online eyewear retailer Lenskart, largest in the country in terms of daily items shipped, is planning to expand by opening 1,000 brick and mortar shops through franchising. These shops, which will also enable delivery, service and return of products ordered online; thus, helping the company to expand quickly.
According to Peyush Bansal, CEO, the eyewear category is highly fragmented and dominated by small neighbourhood stores. The online retailer ships close to 1, 20,000 orders, a month, which is too high as compared to the competitors. Moreover, a majority of its business now comes from mobile app and stores, unlike last year when all orders were placed online through desktops. Currently, Lenskart based in Faridabad, already operates 150 stores and company plan to open another 150 outlets in the coming months and hopes to reach 1000 very quickly.
Furthermore, Lenskart has about 170 employees on the ground in seven cities who conduct around 1,000 eye exams at home every day. Peyush Bansal, hopes to expand to 55 – 60 cities in the coming months. Lenskart is already clocking a revenue run rate of INR 300 crores and hopes to reach the INR 2,500 crores in the next four years. Although it is well funded; however, with more funding Lenskart can invest in its backend infrastructure and its manufacturing capacity.
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