<article>Valyoo Technologies Pvt. Ltd, which runs online eyewear retailer <a style="color: #000080;" href="http://www.lenskart.com/‎" target="_blank">Lenskart</a>, is eyeing earnings of Rs3,000 crore in the next five years as it aggressively expands its offline presence.</article>

Valyoo Technologies Pvt. Ltd, which runs online eyewear retailer <a style="color: #000080;" href="http://www.lenskart.com/‎" target="_blank">Lenskart</a>, is eyeing earnings of Rs3,000 crore in the next five years as it aggressively expands its offline presence.
Valyoo wants to open some 2,000 franchise stores in that period, a top executive said. “At the end of the day, we want more and more touch points to be available,” chief executive officer and founder Peyush Bansal said. “They are great marketing and customer acquisition channel.”
The firm is looking mostly at smaller cities. “Though it’s a slower market, but has a huge opportunity,” Bansal said. “People (there) have high aspirations and want to buy quality products.”
The company has more than 100 branded shops in 66 cities. Customers can try out spectacles in the shops and then place orders online. Lenskart gives a commission to the shop owners on every purchase.
Bansal declined to say how much this contributes to his business. More than 5,000 people walk into the stores every day with 50% of them buying a product, he said.
Earlier this year, Lenskart started a free home eye check-up campaign where it sends a certified refractionist to a customer’s home who also tries selling spectacles and sunglasses. Over 70% of the eye check-ups translates into purchases, Bansal said.
“There is a significant advantage of online and offline merchandise. It is all about how a company reaches out to more and more customers,” said Rohit Bhatiani, director at consulting firm Deloitte in India. “While these outlets not only help customers link themselves to the brand but they also lead to increase in buying. They also reduce the return rate as the customers have checked the product offline.”
Lenskart last raised Rs.135 crore from private equity firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=TPG+Growth" target="_blank">TPG Growth</a>, with participation from Hong Kong-based <a style="color: #000080;" href="http://www.trcapital.in/" target="_blank">TR Capital Ltd</a> and existing investor <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=IDG+Ventures" target="_blank">IDG Ventures</a> for a significant minority stake in January. Overall, it has raised close to Rs.200 crore till date with Ronnie Screwvala-led Unilazer Ventures Pvt. Ltd being a prominent investor.
The firm also plans to set up two factories in Greater Noida on the outskirts of Delhi. While the first one will start manufacturing in a month, Bansal did not state a timeline set up for the other. The firm has invested Rs.60 crore in the first factory.
The company runs a facility in Delhi’s Okhla area that produces 5,000 lenses a day. The Greater Noida plant is expected to produce over 20,000 units per day.
While these plants manufacture lenses, the company gets its frames manufactured from China, Korea, Italy and other foreign markets.
Also Read: <a style="color: #ff0000;" title="India: Flipkart aims to recreate offline experience with themed stores" href="http://www.dealstreetasia.com/stories/india-flipkart-aims-to-recreate-offline-experience-with-themed-stores-12801/" rel="bookmark">India: Flipkart aims to recreate offline experience with themed stores</a>
<h4>This article was first published on <a href="http://www.livemint.com/Companies/HU9s6kotepvqihLM13ZRyN/How-Telenor-survived-telecom-turmoil-in-India.html" target="_blank">Livemint.com</a></h4>

Valyoo Technologies Pvt. Ltd, which runs Lenskart, is eyeing earnings of Rs.3,000 crore in the next 5 years as it aggressively expands its offline presence.

India: Online eyewear retailer Lenskart to aggressively expand offline

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