Lenskart trims losses by 84% to ₹10 crore in FY24

Eyewear retailer Lenskart has cut its losses in the financial year ended March 2024 by 84% to ₹10 crore from the previous year, helped by operational efficiency achieved from expanded product lines. Its losses in FY23 stood at ₹64 crore.

The Gurugram-based company’s operating revenue rose 43% to ₹5,427 crore while expenses surged to ₹5,549 crore from ₹4,025 crore in FY23, according to financial statements sourced from business intelligence platform Tofler.

Partnership and outlets

The firm has been doubling down on its omnichannel strategy and currently has 2,500 retail outlets. Chief executive Peyush Bansal had said earlier this year that it plans to open 400 outlets by the end of 2024. It recently partnered with Zomato-backed Blinkit to sell its products through the quick commerce segment.

Also Read: Lenskart raises ₹135 crore in fresh capital

Lenskart has raised upwards of $1.7 billion in funding till date from marquee investors including ChrysCapital, Temasek, and Fidelity. The eyewear marketplace has raised nearly $1 billion in capital in the last 18 months alone.

Recently, fund manager Fidelity marked up its valuation by 12% to $5.6 billion as the company plans for a public-market listing in the next two years.

Also Read: IPO-bound Lenskart’s CFO Mukti Hariharan quits

In September, Mint had reported that Lenskart’s chief financial officer Mukti Hariharan had quit and was in talks to join Coca-Cola’s Indian arm in a similar role.

Founded in 2010, Gurugram-based Lenskart is an omnichannel eyewear retailer with presence in Singapore, the UAE and other geographies. It sells prescription eyewear, sunglasses and contact lenses. The company is gradually shifting a large proportion of its manufacturing to India with a new plant having commenced operations recently.

Also Read: Temasek, Fidelity purchase Lenskart shares worth $200 mn in secondary deal

Lenskart's subsidiary Owndays is a leading direct-to-consumer eyewear brand in Japan, Singapore and other southeast Asian markets. Together with Owndays, the company has more than 2,000 stores across more than 10 countries.