Lenskart Signs an MOU to Establish World's Largest Eyewear Facility in Telangana

Lenskart aims to invest approximately Rs 1,500 crore in Telangana to build its largest eyewear manufacturing factory.

According to a post on X on Monday by the state IT and industries and commerce minister Duddilla Sridhar Babu, the Gurgaon-based eyewear manufacturer has inked a memorandum of understanding with the Telangana government to develop the facility in Fab City.

"The facility will produce eyewear, lenses, sunglasses, as well as accessories and other products catering to India, along with exports to other markets in Southeast Asia and the Middle East," he said, adding that the plant is expected to create approximately 2,100 jobs.

In a previous interview, Peyush Bansal, the founder and CEO of Lenskart, stated that the company would invest $200 million in its new production plant located in southern India.

Compared to the company's current manufacturing facility in Rajasthan, the factory will be ten times larger.

Bansal claims that the company's domestic production supports the selling of its goods in markets throughout Southeast Asia and acts as the foundation for its internet business in India.

Additionally, Lenskart can now guarantee next-day delivery to eight Indian cities, compared to five-six a few years ago, thanks to local production.

By enabling exports to markets like Japan, Southeast Asia, and West Asia, the new plant will strengthen the company's standing as a global manufacturer of eyeglasses.

Founded in 2010, the Temasek and SoftBank-backed company has over 2,500 retail shops in India and expects to open 400 more this year.

In 2023-24, the company's net loss fell to Rs 10 crore from Rs 64 crore the previous year, due to considerable improvements in its operational efficiency. Its operating revenue rose 43% year on year to Rs 5,428 crore.

On October 4, it was reported that Lenskart's annual revenue run rate for this fiscal year had reached $1 billion (about Rs 8,400 crore).