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Lenskart to open 400 stores in 2 years; invest Rs 100 crore

Ratan Tata-upheld eyeware retailer Lenskart arrangements to contribute over Rs 100 crore on business extension, including opening of 400 stores, in the following two years. The organization, which has a solid online nearness, is looking at a sum of 700 stores by March 2019 by focusing on residential communities, level II and III urban areas. 

"Starting at now we have 300 stores crosswise over India and in the following two years we plan to open another 400 stores," Lenskart CEO Peyush Bansal told PTI. The current Lenskart stores in more than 80 urban communities depend on establishment demonstrate, he included. 

At the point when approached about venture for the extension, Bansal said the organization will put in capital fundamentally around working back-end production network, while establishments would put resources into opening stores. "For us the aggregate speculation would rushed to around Rs 100 crore fundamentally to assemble production network, to have the capacity to administration every one of our stores and furthermore prepare staff," he included. 

Expounding on the organization's development procedure, Bansal said it so far has gotten great reaction from the level I urban areas and was hoping to extend its impressions in residential communities. "We have begun entering some of these little urban areas. We have opened a store in Lucknow, one will soon be opened in Bareily," Bansal said. 

On consumption on brand promoting and publicizing, Bansal stated: "We would spend near Rs 140 crore in brand showcasing and publicizing throughout the following two years, aside from the back-end use." 

Lenskart has raised over Rs 700 crore from speculators, including Ratan Tata, IFC (funding arm of the World Bank) and Kris Gopalakrishnan (Infosys prime supporter), among others. In September a year ago, the organization had raised an undisclosed sum from Premji Invest — the venture office of Wipro boss Azim Premji.

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