Financial Express
 
IPO-bound eyewear brand Lenskart has reported a significant drop in its consolidated net loss for the financial year 2023-24. The company’s losses were reduced by 84 per cent to Rs 10.1 crore in the last fiscal from Rs 63.7 crore in FY23, regulatory documents sourced from business intelligence platform Tofler showed.
 
The total income of the founder and CEO Peyush Bansal-led Lenskart increased by 42 per cent to Rs 5,609 crore in FY24 from Rs 3,927 crore while revenue from operations jumped 43 per cent to Rs 5,427 crore in FY24 from Rs 3,788 crore in FY23.
 
Earnings before interest, tax, depreciation and amortization increased to Rs 856 crore from Rs 403 crore. However, expenses also increased to Rs 5,549 crore from Rs 4,025 crore.
 
Lenskart’s valuation was raised to $5.6 billion by its investor and financial services company Fidelity in September this year. The company’s founders and investors had put in nearly $20 million in July this year while $200 million was reportedly raised in June from Temasek and Fidelity in a secondary share deal at a $5 billion valuation.
 
The company continued to remain in net profit on a standalone basis. The FY24 net profit increased to Rs 144 crore in FY24 from Rs 137 crore in FY23 while revenue from operations jumped to Rs 3,186 crore from Rs 2,379 crore.
 
Lenskart’s subsidiaries include Lenskart Eyetech, Lenskart Foundation, Tango IT Solutions India, and Neso Brands along with its presence in countries including Singapore, UAE, US, and others.
 
Having an omnichannel model, the company has more than 2,500 stores, of which 2,000 are in India apart from a dominant online presence in the eyewear market.
 
India’s eyewear market is expected to generate revenue of $5.90 billion in 2024 and grow at a CAGR of 5.36 per cent between 2024 and 2029, as per data platform Statista. The largest segment in this market is spectacle lenses, which is projected to have a market volume of $2.68 billion in 2024.