Lenskart is an internet-first brand offering eyewear for women, kids, and men. The platform offering eyewear announced a 43.3 percent increase in its operational revenue to Rs 5,427.7 crore in FY24. The startup provides affordable eyewear to solve the eye-related problems of its customers.
These product sales and services are the company’s primary source of revenue. The startup also offers an online platform to match a perfect frame to the customer’s liking. The platform provides a seamless user experience using advanced technologies.
Entrackr mentioned in its report that the firm also earns its income through non-operating services which took the total cost to Rs 5,609.87 crore. The operating revenue for this financial year crossed 95.18 percent through its sales of products and services. The firm also made Rs 157 crore from other operating sources in FY24.
The company has secured around $1.1 billion across multiple funding rounds since its inception. This includes $18.2 million raised during its series I funding round at a valuation of $4.39 billion from Infinity Partners, Dove Investment, and other investors like Defati Investments Holding. The company earns 60 percent of its income from the Indian market and the remaining 40 percent comes from international countries including Dubai, the Middle East, and more.
Lenskart offers products including contact lenses, computer glasses, sunglasses, progressive glasses, and more. This platform enables customers to virtually try these lenses before buying. The legal, marketing, hosting, and other things contributed to the expense.
However, 29.8 percent of the total expenditure goes to the cost of materials to Rs 1,776 crore in FY24. The total expenditure of the firm increased by 37.9 percent to Rs 5,549.5 crore in the same duration. The employee benefits increased by 51.4 percent and stood at Rs 1,086.49 crore while the amortization costs saw 61 percent to Rs 672.24 crore in this financial year.
The Delhi-based firm aims to improve its business model while offering innovative solutions to strengthen its position in the B2B eyewear sector. The company has over 2500 global stores and 2000 stores in India. The employee benefits have increased by 51.4 percent compared to the last year. The EBITDA margin also improved and stood at 15.25 percent while the ROCE stood at 2.28 percent. Lenskart faces competition from other eyewear brands such as Zenni Optical, Warby Parker, and more.
Conclusion :
Lenskart posted an increase in its revenue from operations by 43.3 percent to Rs 5,427.7 crore in FY24. Entrackr reported the development first. Lenskart is known for offering eyewear solutions, has recently reported a significant rise of 43.3 percent in its revenue from operations reaching Rs 5,427.7 crore for FY24. In addition to this, the company also provides a virtual try-on feature for the lenses right from its online store.
Sales of eyewear products form the major portion of the company’s revenues. The loss was also reduced by 84.1 percent and was Rs 10 crore lower than the previous year. The company plans to minimize its losses. The company has secured over 1.1 billion USD across multiple funding rounds since its inception.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
Reach us: niraj@scoopearth.com
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