Lenskart, which is backed by SoftBank and Temasek, saw a significant increase in revenue from Rs 1,503 crore in FY22 to Rs 3,788 crore in FY23, marking a 152 percent surge. During this time, the company’s net loss decreased from Rs 102 crore to Rs 64 crore, according to its regulatory filings.
While employee benefits expenses rose from Rs 245 crore in FY22 to Rs 718 crore in FY23, expenses for share-based payments remained relatively low at around Rs 4 crore. Despite a 66 percent growth in revenue, Lenskart faced losses in FY22, reporting a loss of Rs 102 crore compared to a profit of Rs 28 crore in the previous financial year.
The startup, founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, achieved unicorn status in 2019. Its prominent investors include SoftBank, Alpha Wave Global, Temasek, KKR, Kedaara Capital, and TPG.
According to Tracxn, Lenskart has raised over $1.5 billion in funding through 19 rounds. Reports suggest that the company is currently in discussions to raise $200 million through a secondary share sale to Temasek and Fidelity. As of early 2020, Lenskart claimed to have over 2,000 stores, with 1,500 of them located in India and the remainder in Southeast Asia and the Middle East. Peyush Bansal, CEO and co-founder of Lenskart, recently announced that the company is in search of a 25-acre plot of land within 60 km of Bengaluru’s Kempegowda International Airport for a large-scale factory.
