Lenskart’s FY24 losses fall 84% to Rs 10 crore

Eyewear retailer Lenskart slashed losses by 84% in the financial year ending March 2024 to $100 million more than the previous year due to improved operational efficiency due to expanded product lines. Loss for fiscal year 2023 will be $640 million rupees.

The Gurgaon-based company’s revenue grew 43% $5,427 crore while expenditure surged to $5,549 Crores Rs. $4,025 crore in FY23, according to the financial statements of business intelligence platform Tofler.

Partners and points of sale

The company has been doubling down on its omni-channel strategy and now has 2,500 retail stores. CEO Peyush Bansal said earlier this year that it planned to open 400 stores by the end of 2024. The company recently partnered with Zomato-powered Blinkit to sell its products through its express commerce division.

To date, Lenskart has raised over $1.7 billion in funding from prominent investors such as ChrysCapital, Temasek, and Fidelity. In the past 18 months alone, the eyewear market has raised nearly $1 billion in funding.

Fund manager Fidelity recently raised its valuation by 12% to $5.6 billion as it plans to list on the public markets within the next two years.

September, Mint Lenskart’s chief financial officer Mukti Hariharan has reportedly resigned and is in talks to join Coca-Cola India in a similar role.

Gurgaon-based Lenskart, founded in 2010, is an omni-channel eyewear retailer with operations in Singapore, UAE and other regions. It sells prescription glasses, sunglasses and contact lenses. The company is gradually shifting most of its manufacturing operations to India and a new plant recently started operations.

Owndays, a subsidiary of Lenskart, 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 in more than 10 countries.