Omnichannel eyewear giant Lenskart continued its growth momentum in FY24, wrapping up the fiscal year with revenues of Rs 5,427.7 crore. Though growth softened compared to the robust 2.5X surge seen in FY23, the company’s revenue rose by a steady 43% year-on-year, driven by its expanding portfolio of eyewear products and services like eye exams.
Revenue from product sales surged 43.1% to Rs 5,166.2 crore in FY24, making up 95.18% of Lenskart’s total operational income. Service sales contributed Rs 104.5 crore, a 26.4% increase, while other operating sources brought in Rs 157 crore. The company’s non-operational earnings also added Rs 182.17 crore, raising its overall revenue to Rs 5,609.87 crore.
India remained a stronghold for Lenskart, generating Rs 3,154.5 crore or 58% of its revenue. With a network of over 2,500 stores—2,000 of which are in India—Lenskart’s international sales accounted for 42% (Rs 2,273 crore) of revenue, with Japan, Singapore, Taiwan, and Thailand among its top markets.
Despite rising expenses, including a 29.8% increase in material costs to Rs 1,776 crore, a 51.4% spike in employee benefits to Rs 1,086.49 crore, and a 61% uptick in depreciation and amortization, Lenskart limited its net loss to Rs 10 crore in FY24, a sharp reduction from Rs 63 crore in FY23. The company’s ROCE and EBITDA margin closed at 2.28% and 15.25%, respectively, reflecting its efforts to streamline costs.
In terms of funding, Lenskart secured $200 million in June through a secondary funding round, followed by an additional $20 million infusion, with founder Peyush Bansal also participating. With nearly $1 billion in funding over 18 months, Lenskart was valued at $5 billion during this transaction. Recent evaluations by Fidelity have placed the company’s worth at $5.6 billion, further solidifying its standing in the global eyewear market.