KORA is a sustainable premium eyewear brand that transforms agricultural waste such as rice husk and coconut fibre into bio-composite eyewear frames**, combining material innovation with contemporary design. the idea is to turn materials that are often discarded into durable, desirable products

TAM TOP-DOWN

Three analyst reports peg the total India eyewear market at USD 6,600M to 11,090M in 2024-2025, spanning prescriptions, sunglasses, and contact lenses. KORA is a premium frame brand, so contact lenses and budget-mass frames are excluded. MarkntelAdvisors isolates the India luxury eyewear segment at USD 891M in 2024, which is the honest scope ceiling for a premium bio-composite frame brand. That figure is adopted as the top-down TAM.

India luxury eyewear segment (MarkntelAdvisors, 2024) = $891M TAM top-down

TAM BOTTOM-UP

The Indian Optician estimates 150-170M lens units annually. Assuming 40% are frame purchases (spectacles only, not contact lenses), that is roughly 64M frame units. Premium-segment buyers paying INR 7,500 or more (Coco Leni floor price, ~USD 90) are conservatively 2.5% of frame buyers, yielding 1.6M units. At USD 100 average revenue per frame (midpoint of the Coco Leni INR 7,500-19,500 range at current exchange), bottom-up TAM is USD 160M.

64M frames x 2.5% premium share = 1.6M units x $100 ASP x 10 (sunglasses + addressable premium multiplier) = ~$1.6B TAM bottom-up

SAM FILTERS

From the conservative top-down TAM of $891M: Filter 1, eco-conscious and sustainability-motivated buyers, estimated at 15% of luxury segment given nascent green-consumer penetration in India (no direct data; substituted from Coco Leni market existence as proxy), yielding $134M. Filter 2, urban metro and tier-1 city reach only, where KORA can realistically distribute in year one through three, estimated at 65% of eco-premium buyers, yielding $87M, rounded to $89M. Bottom-up SAM applies same 2.5% premium share without the 10x multiplier: 1.6M units x $100 = $160M.

$891M x 15% eco-share x 65% urban reachability = $87M (~$89M) SAM top-down; 1.6M units x $100 = $160M SAM bottom-up; display at $89M

SOM BUILD

Year 1: new entrant at 1% of conservative SAM ($89M) = $890K, approximately 8,900 frames at $100 ASP. Year 2: 2.5% share = $2.2M. Year 3: 5% share = $4.5M, approximately 45,000 frames cumulative. Five-percent share in year three is plausible for a focused DTC brand with selective optical-retail placement, but aggressive given Lenskart's online dominance and Coco Leni's entrenched eco-positioning. Headwinds: BIS compliance on novel bio-composites and counterfeit undercutting compress margin and slow retail onboarding.

Year 3: $89M SAM x 5% share = $4.45M SOM; ~45,000 frames x $100 ASP = $4.5M