Lenskart, the omnichannel eyewear retailer, saw its consolidated operating revenue more than double to INR 3,788 crore in FY23 from INR 1,502 crore a year earlier. The Gurugram-based company reduced its losses from INR 102 crore in FY22 to INR 64 crore in FY23.
Expenses surged in tandem with the company’s expanding operations, reaching INR 4,025 crore in FY23, up from INR 1,726 crore in the previous fiscal year.
Despite facing a net loss, Lenskart disclosed earnings before interest, taxes, depreciation, and amortization (EBITDA) of INR 404 crore in FY23, a significant increase from INR 1 crore in the preceding fiscal year.
According to regulatory filings sourced from Tofler, a substantial portion of the expenditure was allocated to the cost of materials consumed, totaling INR 1,132 crore, accompanied by additional expenses amounting to INR 1,438 crore.
Lenskart remained profitable on a standalone basis, posting a net profit of INR 138 crore in FY23, marking a significant 25-fold increase from the previous fiscal. Standalone operating revenue amounted to INR 2,375 crore.
Snackfax reported on Thursday that Singapore’s Temasek and US-based asset manager Fidelity are in advanced talks to invest approximately $200 million in Lenskart through a secondary share sale, valuing the company at about $5 billion. Although Lenskart is projected to have concluded FY24 with a revenue of INR 5,500 crore, audited financials have not yet been filed with the Registrar of Companies.
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Established in 2010, the company runs approximately 1,500 retail outlets across the country, in addition to its own online platform. Lenskart has inaugurated its largest manufacturing facility in Rajasthan.
In March of last year, Lenskart secured a total of $600 million in funding, marking one of the largest funding rounds for an Indian venture in 2023. The investment came from Abu Dhabi Investment Authority and ChrysCapital. This round comprised a notable secondary component, and it involved early investors like Chiratae Ventures selling their stake in Lenskart.
According to data from research firm Tracxn, the startup has accumulated a total funding of $1.7 billion, which includes proceeds from secondary share sales.
Lenskart runs approximately 1,500 retail outlets across India, in addition to its online platform. In 2022, the company executed a significant acquisition by purchasing Japan’s Owndays, with the objective of expanding into other Asian markets.
In September of last year, Lenskart’s subsidiary Neso Brands made a $4 million investment to acquire a “significant stake” in the Paris-based omnichannel eyewear brand Le Petit Lunetier. This acquisition aligns with Neso’s strategy, and Lenskart anticipates retailing such global brands across all its markets.
In December 2023, it was reported that Lenskart is strategizing to launch 300-400 stores in Southeast Asia within the following two years. At that time, the company had already established 70 stores in Singapore and intends to broaden its presence into Thailand and the Philippines.
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