Eyecare chain gears up to raise USD 15 million in Series B, foray into hearing aid next

Apart from being the first eyewear chain to offer insurance facility for a starting annual premium of Rs 300, the retailer is also poised for a debut in the hearing aids segment, says Pratik Shah, Director, Specsmakers Opticians. It had tied up with Bajaj Allianz for the launch of the ‘Specscare’ insurance programme recently. 

The entry into the hearing aids market would happen by March next year, Shah says, and notes that the private company has also beefed up its management team. The revenue of the company has doubled, notes Shah.

The retailer has 180 stores across Tamil Nadu of which 100 are in Chennai. By the end of this calendar year, its retail footprint in TN would shoot past the 210 stores mark. “We will add 100 stores in another one year’s time as our aim is to reach 500 outlets by 2020,” he says. Entry into tier II and III cities and cities like Hyderabad are next on the cards. 

Specsmakers has positioned itself as a major operator in Tamil Nadu, where it has doubled stores and promoted the concept of “neighbourhood” stores. “We have observed that people find it convenient to club grocery and other kinds of marketing with spectacles. Sometimes they leave it for servicing and collect it once their routine shopping gets done,” Shah says.

In two quarters’ time, the retailer, betting on volume growth, is preparing for e-commerce entry. For now, the sales touch 20,000 pairs a month, but the target is to add another 10,000 with services such as home trials, 24-hour delivery, express delivery (within a few hours), introduction of trendy collection for youth and insurance programmes, he says.

Trends show the category as a conversation builder with young job aspirants even using eyewear as a reflection of maturity. Full frames, shell and half-rims are among the fastest-moving categories. The company is also preparing for its December debut in the contact lens segment, which would constitute about 3-5 per cent of its business.