Omnichannel eyewear retailer Lenskart saw its consolidated operating revenue more than double to Rs 3,788 crore in FY23 from Rs 1,502 crore a year earlier. The Gurugram-based company reduced its losses from Rs 102 crore in FY22 to Rs 64 crore in FY23.
Total expenses also increased in line with the growing scale of the company, coming in at Rs 4,025 crore in FY23 compared to Rs 1,726 crore in the year-ago period.
Notwithstanding the loss on a net basis, Lenskart reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 404 crore in FY23, compared to Rs 1 crore in the previous fiscal.
A significant amount of the expenditure was attributed to the cost of materials consumed, amounting to Rs 1,132 crore, along with other expenses totalling Rs 1,438 crore, regulatory filings sourced from Tofler showed.
On a standalone basis, Lenskart has been profitable, and reported a net profit of Rs 138 crore in FY23, a 25-fold jump from the previous fiscal. Standalone operating revenue stood at Rs 2,375 crore.
On Thursday, ET reported that Singapore’s Temasek and US-based asset manager Fidelity are in advanced discussions to invest around $200 million in Lenskart through a secondary share sale at a valuation of about $5 billion. Lenskart is estimated to have closed FY24 with a revenue of Rs 5,500 crore, but audited financials are yet to be filed with the Registrar of Companies.
Founded in 2010, the company operates around 1,500 retail outlets in the country, besides its own online platform. Lenskart has opened its largest manufacturing facility in Rajasthan.
Last year in March – in one of the biggest funding rounds for an Indian venture in 2023 – Lenskart raised $600 million in total from Abu Dhabi Investment Authority and ChrysCapital. The round included a significant secondary component and also saw early investors such as Chiratae Ventures selling stake in Lenskart.
The startup has raised $1.7 billion in total, including secondary share sales, according to data from research firm Tracxn.
Lenskart operates around 1,500 retail outlets in India, apart from its online platform. In 2022, the company made a major acquisition – Japan’s Owndays – aiming for an expansion in other Asian markets.
In September last year, its subsidiary Neso Brands invested $4 million for a “significant stake” in Paris-based omnichannel eyewear brand Le Petit Lunetier. Such an acquisition is typical of Neso, and Lenskart is expected to retail such global brands in all its markets.
In December 2023, ET reported that Lenskart is planning to open 300-400 stores in Southeast Asia over the next two years. As of December, the company had 70 stores in Singapore, and plans to expand into Thailand and the Philippines.
