Lenskart has earmarked $10 million (about Rs 71 crore) towards building its contact lens business, with the TPG-backed, omnichannel eyewear solutions company bringing on board a senior executive from Bausch and Lomb to head the vertical. The company has named Indranil Chakravarty as the chief business officer of its AquaLens contact lens business, according to CEO Peyush Bansal.
AquaLens, which was launched a year ago, is the firm’s third private label brand. The other two are premium eyewear brands, John Jacobs and Vincent Chase.
Lenskart will spend on product innovation, backend integration and enabling trials. While positioning it as a fashion category. The company is currently importing the contact lenses from the UK and Europe. But, may consider setting up a manufacturing facility in India, depending on the growth of the business segment.
In December, news had reported that the company was also upping its capital expenditure spends as it looked to bring under control its manufacturing and supply chain functions. “Our plan is to make this (contact lenses) a $100-million business very quickly… There are a lot of opportunities, and I hope we can build a brand that will be larger than the overall category as it is today,” Bansal said.