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Specsmakers Opticians Ltd, one of the largest brick-and-mortar optical chains in India, is planning to raise ₹140 crore to expand its market reach and network of outlets.
It plans to venture into new markets in Hyderabad, Andhra Pradesh, Telangana and Kerala, and increase the number of stores to 500 from the present 190, in two years.
It has 130 stores in Tamil Nadu, with 110 in Chennai alone, and 60 outlets in Bengaluru. Specsmakers sells 22,000-25,000 pairs of glasses per month and expects sales to touch 40,000-45,000 by the end of this year with its entry into Hyderabad and the rest of Karnataka.
Pratik Shah, MD, Specsmakers told BusinessLine that the company is preparing a blueprint for expansion and will predominantly remain focused on South India.
“We have raised $10 million in December and will be raising another $15-20 million with a valuation of ₹300-500 crore early next year to fund future expansion,” he said.
“The eye-wear market in India is estimated to be worth ₹10,000 crore to ₹15,000 crore and is growing faster due to the entry of organised players and introduction of new designs at affordable prices,” he said.
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