American Vision to invest $40 mn by 2020 for expansion

(Image Credits: entrepreneur.com)

(Image Credits: entrepreneur.com)

New Delhi, Nov 29 (PTI) Optical network startup American Vision plans to invest USD 40 million (approx Rs 265 crore) over the next five years to expand its business and retail footprint across the country.

“American Vision to achieve its plan (for expansion) would be investing close to USD 40 million by year 2020. Most of these investment would go in upgradation of stores, brand building, technology, development of products, etc. Money would be spend on marketing activities targeting developing and rural markets,” American Vision Founder Director Ajay G Kashikar told PTI.

He further said: “We expect to become close to Rs 2,000 crore company at the end of fifth year of operation.”

The company, which began operations in August, has drawn up aggressive plans for expansion.

“Currently we are in the test market phase, we will have 125 stores by Dec 2015, we plan to have over 250 stores by March 2016, our plan is to have one stores per pin code, there are over 25,000 pin codes in India, so you can see opportunity is huge,” Kashikar said.

American Vision’s business model is to work with exiting optical stores operating in the country and support them through its technology platform.

The company is also looking at raising funds next year.

“So far we have funded operations from our own funds, we would soon be approaching funds whom can add value to what we are doing to raise about USD 4 million to take care of next 2 years of operations. We expect first found raising round to complete by April 2016,” he added.

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