Lenskart’s Plan to Dominate Contact Lenses Market
Lenskart is an e-commerce optical company and one of India’s leading website for eyewear products such as eyeglasses, sunglasses and contact lenses. Lenskart was founded by Piyush Bansal in 2008, with the headquarter based in Delhi, India. Lenskart is working in more than 1000 locations around the nation with an astonishing growth of 300% in the past 3 years. It provides high-quality eyewear at an affordable cost, providing free home check-ups by reaching out to remote locations in India.
The Delhi-based firm has assigned $10 million and aims to create its contact lens business, with the omnichannel eyewear solutions company involving a senior executive from Bausch and Lomb to lead. According to the chief executive Bansal, it has named Indranil Chakravarty as the chief business officer for its Aqualens contact lens firm.
The former Bausch and Lomb’s commercial director Bansal said: “We want to obstruct contact lenses, and redo what we have done in the eyeglasses quarter, where we have appeared as the biggest competitor in the organized market in the country.”
AquaLens, which was launched last year and is the third private label brand from the firm after John Jacobs and Vincent Chase. The Indian’s standardized eyewear section is estimated around Rs. 3000 crores, while the predominant market is believed to be of Rs 21,300 crore. Globally 35% of eyewear users use contact lenses, unlike India with only 5%.
“The contact lens market in the nation is at small-scale so far about Rs 600 crore presently, and which has not been any interference so far, and has been influenced by some famous names. It should be an at least Rs 3,000 crore market,” Bansal said.
Lenskart will splurge on product innovation, backend amalgamation and allowing trials while placing it as a style category. It is aiming around $ 2 million contact lens users over the near term. The capital dedication of $ 10 million towards the category is over the next 2-3 years. Currently, the company is importing the contact lenses from Europe and England but may assess about setting up manufacturing resource in India, reckon on the growth of the business segment.
Lenskart, which had the capability of spending Rs 30 to 40 crore in the last fiscal year, has now boosted to Rs 120 to 130 crore and is estimating it to reach Rs 170 crore by next fiscal year’s end. “Our goal is to the contact lens business as a $100 million business very hastily. There are different opportunities, and we plan to build a brand that will be larger than altogether category as it is today,” Bansal said.
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