Lenskart plans to build largest eyewear manufacturing facility in Telangana

IPO-bound Lenskart plans to set up its largest eyewear manufacturing facility in Telangana with an investment of about Rs 1,500 crore.

 

The Gurugram-based eyewear firm has signed a memorandum of understanding (MoU) with the Telangana government to establish the facility at Fab City, according to a post by state IT and industries and commerce minister Duddilla Sridhar Babu on X on Monday.

 

“Lenskart would be setting up the world's largest eyewear manufacturing facility in Telangana with an investment of around Rs 1,500 crore. 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,” said Babu on X.

 

 

Babu added that the facility will be established at Fab City, where land has already been identified and will be handed over to the company this week. “The plant will create around 2,100 jobs, and there are purported discussions around an R&D plant being set up. This is a testament to our policy that ensures speed and ease of business for companies,” said Babu.

 

A fund managed by United States-based financial services major Fidelity this year increased the valuation of Lenskart to $5.6 billion. This represents a 12 per cent increase in the firm’s fair value in Fidelity’s books, based on the latest valuation of the company as of September 30.

 

For the ongoing financial year, Lenskart reportedly achieved an annual revenue run rate of $1 billion.

 

In June this year, Lenskart raised $200 million in secondary investment from Singapore’s state-owned investment firm Temasek and Fidelity.

 

As value in startup companies grows, secondary sales offer a way to repay early investors.

 

The Peyush Bansal-led company was valued at about $5 billion in this round. The firm was last valued at $4.5 billion during a $100 million funding round in June last year. Over the past two years, Lenskart has attracted nearly $1 billion in capital, making it one of the largest growth-stage financings globally.

 

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia. With a unique click-and-mortar business model, it is disrupting the eyewear industry by offering an omni-channel customer experience across online platforms, mobile applications, and stores. The company now has over 2,500 stores, of which 2,000 are in India.

 

Globally and in India, Delhi-based Lenskart competes with players such as Titan Eyeplus, Specsmakers, Vision Express, Warby Parker, and Italian eyewear conglomerate Luxottica Group.

 

The company has also been making acquisitions to scale up its operations and gain access to new technologies. These include companies such as Tango Eye, an artificial intelligence-based computer vision startup. In 2022, Japanese brand Owndays became a part of the Lenskart group in a deal estimated at $400 million.

 

Recently, it was reported that Lenskart's valuation could rise by 20 per cent to $6 billion if discussions for a $200–300 million secondary share sale go through.

 

In April 2024, Lenskart co-founder and CEO Peyush Bansal posted on LinkedIn that the company was searching for 25 acres of land to establish a "mega factory". This was to be located within 60 km of Bengaluru's Kempegowda International Airport.