EyeGear Optics aims to achieve a revenue of Rs1,200 cr by 2027
Due to an increase in screen time and consumer purchase power, there has been a rapid growth in eyewear needs over the past few years, says EyeGear Optics’ Raj Pyla
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EyeGear Optics Private Limited is one of the fastest growing opticians having a turnover of 300 crore and 500 + stores across India, that has reimagined the Indian optical industry and customer value experience. The company provides high quality branded eyewear products and latest styles at affordable prices. As per a Statista report, the eyewear market is expected to grow annually by 9.86 per cent (CAGR 2022-2025). Moreover, due to an increase in screen time and consumer purchase power, there has been a rapid growth in eyewear needs over the past few years. Raj Pyla, Chairman and Managing Director, EyeGear Optics in an interview with Bizz Buzz shares insights on how EyeGear Optics caters to their consumers through its two eyewear brands - Ben Franklin and EyeGear
How did EyeGear come about and how did it evolve?
I always had a passion for entrepreneurship, even while I was living in the United Kingdom. In 2008, I along with my co-founders saw an opportunity in India's opticians market and decided to start the business. We saw opticians as a combination of both health and retail, with the added bonus that it is a knowledge-based field. We realized that there was a huge gap in hospital-based opticians. They had top-notch ophthalmologists and optometrists, but their optical stores were unorganized and didn't meet global standards. We set out to change that using our Ben Franklin model. Now, 15 years later, Ben Franklin has 500+ company owned, hospital based optical stores in 26 states and generates approximately Rs 300 crores in revenue. About 18 months ago, we have started Eyegear B2B tech platform which supplies inventory, interiors, equipment, training and marketing services to independent mom and pop eyewear retailers across the country.
What have been the defining moments for the company?
In 2012, we visited China and started the journey of creating a house of brands for opticals in India. In 2015, we received investment from VenturEast and Asian Healthcare Fund which allowed us to scale to the current 500+ Ben Franklin stores. During the global pandemic, we realized that the independent mom and pop optical retailers were suffering the very same problems that we solved, using our Ben Franklin hospital-based stores. This made us start the Eyegear B2B tech platform in 2021. In 2022, we reached 2500+ independent mom and pop optical retailers that have signed with us. To serve the consumers in a better manner, in 2023 we are starting our first lens surfacing unit that will be based out of Hyderabad.
What kind of growth do you envisage for the company?
EyeGear is planning to capture a larger share of the market by expanding from 2500+ independent mom and pop optical retail stores to 12,000+ stores over the course of the next 24 months. Similarly, Ben Franklin is planning to reach 1000 stores from the current 500+ stores across the country over the next few years.
The growth of both brands will collectively contribute to the growth of the parent company EyeGear Optics to reach a target revenue of approximately Rs 1200 crores ($150 million) by 2027. We are also planning to increase the current 20 lakh customers served per annum to 1 crore customers per annum by 2027.
Are you also looking at inorganic growth?
The company has no immediate plans at this point of time.
What kind of products do you offer on your platform?
Our company offers a diverse range of eyewear products including frames, lenses and sun glasses, with over 2500+ style options available in frames alone. We stand out from other optical chains as we offer a wider selection of frames, starting from a price point of around Rs 300. We offer fashionable frames in a wide selection of 20 different brands catering to men, women and children across price points and age groups.
What is the USP of the company and how do the testing and delivery happen?
Our USP is that we provide high-quality, fashionable and affordable eyewear to every Indian. We believe in the strength of collaboration and focus on partnering with eye hospitals and independent mom and pop optical retailers to deliver the highest quality in vision correction.
What is the synergy that Ben Franklin offers?
In India, eye hospitals and independent retailers serve the entire community. Their business models are based on trust, service and relationships. Customers of mom and pop optical stores look for the convenience and accessibility that their neighborhood stores provide. Additionally, they look for affordability, good in-store experience, a wide range of products, with quick and reliable after-sales support from their preferred neighborhood store. Today even the smallest mom and pop optical retailer desires to provide their customers with high-quality, fashionable and affordable branded eyewear.
Furthermore, these store owners want to limit their dependency on multiple external suppliers, as well as want to leverage technology to help streamline operations, and help with marketing and advertising capabilities. While working with 500+ eye hospitals, Ben Franklin solved problems in procuring affordable, fashionable eyewear that is also high quality, to satisfy the needs of eye hospital patients. These very same products backed with technology, are the need of the hour to solve the pain points in independent mom and pop optical retail thereby achieving synergies between Ben Franklin and EyeGear B2B platform.
Give us an overview of the company’s revenue model, user acquisition strategy, growth trajectory, and revenue projection?
Our user acquisition strategy is based on collaborations with eye hospitals and independent mom and pop optical retailers. EyeGear plans to partner with 12000+ optical retailers and Ben Franklin is on track to reach 1000+ stores. Our revenue model continues to be based on both B2C retail and B2B platform. EyeGear Optics Pvt Ltd has targeted a revenue of Rs 1200 crores ($150 million) by 2027.
What are your expansion plans and the future roadmap?
India being a large market needs to improve its manufacturing capabilities. As a company, we have decided to pursue manufacturing within India. I also see an opportunity to explore possibilities in other emerging markets that are similar to India.
How are eyewear brands working towards integrating newer technologies like AI and 3D glasses?
Companies are going to use AI to enhance supply chain and design capabilities. Another focus is on the use of 3D printing technology to create custom-fit glasses, ensuring a perfect fit for the wearer. Additionally, there are also companies working on creating AR glasses that can be used in specific industries, like construction and manufacturing, to overlay digital information over real-world objects, making it easier for workers to access the information they need to do their jobs. Overall, the incorporation of these newer technologies is helping eyewear brands to create more personalized, comfortable, and innovative products for consumers.
