Lenskart’s FY23 Sales Surge Over 150% To Inch Closer To INR 4,000 Cr Mark

Peyush Bansal-led eyewear giant Lenskart’s sales inched closer to the INR 4,000 Cr mark in the financial year ended March 31, 2023. The Delhi-NCR based startup reported sales of INR 3,788 Cr in the financial year 2022-23 (FY23), an increase of 152% from INR 1,502.7 Cr in the previous fiscal year. 

The startup primarily earned 95% of its revenue from sales of eyewear products. Its revenue under this head jumped 154.6% to INR 3,609.8 Cr during the year under review from INR 1,417.7 Cr in FY22.

Founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer with a growing presence in Singapore, the UAE & other geographies. Lenskart claims to have a customer base of 20 Mn in India.

Including other income, Lenskart’s total revenue stood at INR 3,927.9 Cr, an increase of 142.7% from INR 1,618.3 Cr in the previous fiscal year. 

Meanwhile, net loss declined 38% to INR 63.7 Cr during the year under review from INR 102.3 Cr in the previous fiscal year. 

Where Did Lenskart Spend?

The startup’s total expenditure zoomed 133% to INR 4,025 Cr in FY23 from INR 1,726 Cr in the previous fiscal year. 

Procurement Costs: At INR 1,368 Cr, procurement expenditure accounted for 34% of the startup’s total expenses. Its expense under the head rose 128% from INR 599.6 Cr it spent in FY22.

Employee Benefit Expenditure: Employee costs almost tripled to INR 717.5 Cr in FY23 from INR 245.2 Cr in the previous fiscal year. Employee expenditure comprises employee salaries, PF contributions, among others. 

Advertising Expenditure: The startup spent INR 293.8 Cr on advertisement in FY23, an increase of 25% from INR 234.6 Cr in FY22.

Lenskart’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at INR 403.7 Cr in FY23 as against INR 1 Cr in the previous year. EBITDA margin expanded to 10.6% from 0.06% in FY22.

It is pertinent to note that Lenskart raised $600 Mn in funding from Chrys Capital and Abu Dhabi Investment Authority (ADIA) at a valuation of around $4.5 Bn last year amid the funding winter.

The startup is currently in talks to raise $200 Mn from Temasek and the US-based Fidelity through a secondary sale, which might value the startup at $5 Bn. Early investors like TR Capital, KKR, and Avendus are considering selling parts of their stakes in Lenskart

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