Lenskart is on the verge of making a huge investment in Telangana worth INR 1,500 crore with its largest eyewear manufacturing plant.
The Gurugram based company has signed a MOU (memorandum of understanding) with the Government of the state of Telangana.
Investment Promises to Create Thousands of Jobs
An announcement to this effect was made on X by state IT and industries and commerce minister Duddilla Sridhar Babu, who wrote: “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”
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This incredible injection of capital promises to turbocharge the economy of the state, and the same was reflected in the statement of the minister, “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”
Lenskart Boasts Impressive Financials
A major US firm set the valuation of the eyewear company at a whopping $5.6 billion, representing a substantial jump from earlier figures. Furthermore, in the current financial year, the company managed to achieve an annual revenue run rate of $1 billion. Secondary investment from Singapore’s state-owned investment firm Temasek and Fidelity provided $200 million for the Indian company. Additionally, it managed to raise $1 billion in capital in a time span of a couple of years.
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Lenskart has witnessed exponential growth, with the count of its stores reaching 2,500, of which 2,000 are in India. To further expand its business, the concern has made some notable acquisitions, including Tango Eye, an artificial intelligence-based computer vision startup & Owndays, which was acquired at an estimated sum of $400 million.
