Lenskart pares losses by 84% in FY24, revenue grows 43% as opposed to being doubled a year ago
Lenskart saw its valuation marked up by 12% to $5.6 billion by Fidelity just months after the asset management firm joined the company’s captable.
Omnichannel eyewear retailer Lenksart managed to rein in its losses by 84% in FY24 to Rs 10.15 crore against a loss of Rs 63.7 crore in the previous year.
The Peyush Bansal-led unicorn also posted a 43.2% rise in its operating revenue to Rs 5427.7 crore against Rs 3788.02 crore it made in FY23, according to filings pulled from the Registrar of Companies.
Between FY23 and FY22, the company had more than doubled its operating revenue with a 37% improvement in its bottom line.
Gurugram-based Lenskart clocked a 37% increase in its total expenses, mainly driven by employee benefit expenses, interest payments and cost of materials.
US-based asset management firm Fidelity marked up the valuation of its stake in Lenskart in September by 12% taking the valuation of the company to $5.6 billion during the monthly assessment of its portfolio.
Fidelity, which invests in both public and private companies, marked up the value of its stake to $32.97 million at the end of September—up from $29.44 million at the end of July.
Fidelity joined Lenskart’s captable in June when it invested $200 million in the company along with Singapore-based Temasek at a valuation of $5 billion. Following this fundraise, co-founders Bansal and Neha Bansal along with Amit Choudhary and Sumeet Kapahi, injected another $19.12 million into the company.
Lenskart, which sells prescription glasses, sunglasses and other eyewear accessories along with services like memberships and home eye checkups, has been bullish on its global expansion. It received Rs 2271.6 crore in FY24 from its operation outside India. This number was Rs 1556.1 crore a year ago.
Edited by Affirunisa Kankudti
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