Lenskart plans to establish its largest eyewear manufacturing facility in Telangana, investing around Rs 1,500 crore.

The firm has signed a memorandum of understanding with the Telangana government to set up its largest eyewear manufacturing facility in Fab City, with an investment of Rs 1,500 crore.

The facility will produce eyewear, lenses, sunglasses, accessories, and other products for the Indian market and exports to Southeast Asia and the Middle East. The plant is expected to create around 2,100 jobs.

Lenskart founder and CEO Peyush Bansal mentioned that the company plans to invest $200 million in this new southern India facility.

The new plant will be ten times larger than Lenskart’s existing manufacturing facility in Rajasthan.

Local manufacturing supports Lenskart’s online operations in India and sales across Southeast Asia, allowing for next-day delivery in eight Indian cities, up from five to six cities in the past.

The new plant will enhance Lenskart’s position as a global eyewear manufacturer and help facilitate exports to Japan, Southeast Asia, and West Asia markets.

The company plans to add 400 stores this year.

For 2023-24, Lenskart reduced its net loss to Rs 10 crore from Rs 64 crore the previous year, with operating revenue increasing by 43% to Rs 5,428 crore.

Lenskart has reached an annual revenue run rate of $1 billion (about Rs 8,400 crore) for this financial year.

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