For the annual year 2023–2024, the IPO-bound eyeglasses company Lenskart has announced a sharp decline in its consolidated net loss. According to regulatory papers obtained from the business intelligence platform Tofler, the company’s losses decreased by 84% to Rs 10.1 crore in the most recent fiscal year from Rs 63.7 crore in the previous one.
While operating revenue soared 43% to Rs 5,427 crore in FY24 from Rs 3,788 crore in FY23, the founder and CEO of Lenskart, Peyush Bansal, saw a 42% increase in total income, from Rs 3,927 crore to Rs 5,609 crore in FY24. From Rs 403 crore to Rs 856 crore, earnings before interest, taxes, depreciation, and amortisation rose. But costs also went up from Rs 4,025 crore to Rs 5,549 crore.
In September of this year, the financial services and investing firm Fidelity increased Lenskart’s worth to $5.6 billion. Nearly $20 million was contributed by the company’s founders and investors in July of this year, while $200 million was purportedly raised in June from Temasek and Fidelity in a secondary share transaction valued at $5 billion.
On an independent basis, the business remained profitable. While operating revenue went from Rs 2,379 crore to Rs 3,186 crore, the FY24 net profit improved from Rs 137 crore to Rs 144 crore. In addition to its presence in Singapore, the United Arab Emirates, the United States, and other nations, Lenskart has subsidiaries such as Lenskart Eyetech, Lenskart Foundation, Tango IT Solutions India, and Neso Brands.
In addition to its strong online presence in the eyewear industry, the firm, which uses an omnichannel approach, has over 2,500 locations, with 2,000 of those being in India. According to research source Statista, the eyeglasses industry in India is anticipated to bring in $5.90 billion in 2024 and expand at a compound annual growth rate (CAGR) of 5.36 per cent from 2024 to 2029. With a predicted market volume of $2.68 billion in 2024, spectacle lenses are the biggest section of this industry.
