Eyewear retailer Lenskart’s consolidated income from operations grew 66 per cent to Rs 1,502 crore within the fiscal 12 months (FY22) in comparison with Rs 905 crore final 12 months. The SoftBank-backed firm reported losses of Rs 102 crore in FY22 after reporting a revenue of Rs 28 crore within the earlier monetary 12 months, in response to knowledge accessed by enterprise intelligence platform, Tofler.
Complete bills rose 73 per cent to about Rs 1,726 crore in FY22. The price of materials has nearly doubled to Rs 486 crore in FY22 in comparison with Rs 279 crore final 12 months. Bills associated to worker advantages are Rs 245 crore in comparison with Rs 176 crore within the earlier 12 months. The opposite bills are Rs 772 crore in FY22 in comparison with Rs 437 crore.
Peyush Bansal-led Lenskart just lately stated that its intention is to construct the world’s largest eyewear agency. It goals to ship 300-400 million spectacles a 12 months and serve 50 per cent of customers in India. As a part of that technique, the agency is establishing the world’s largest eyewear manufacturing plant in Bhiwadi, Rajasthan. It shall have the capability to ship 50 million pairs of eyewear a 12 months. Bansal is investing about $150 million to construct this facility.
The agency just lately closed a $200-million funding spherical, led by Alpha Wave International (beforehand Falcon Edge), the place its valuation rose by over a 3rd to $4.5 billion, in response to sources.
Lenskart is increasing globally and making acquisitions. It t just lately purchased a majority stake in Japan’s direct-to-consumer eyewear model Owndays. This acquisition is increasing Lenskart’s presence in 13 Asian markets, together with India, Singapore, Thailand, Taiwan, the Philippines, Indonesia, Malaysia, and Japan. The deal, in response to sources, is estimated to be price $400 million. The 2 corporations mixed have a income run price of $650 million within the ongoing monetary 12 months with $400 million from Lenskart and the remaining from Owndays, in response to the sources.
Presently, Lenskart is concentrated on tapping India, Southeast Asia and West Asia, the place circumstances of myopia are prevalent. It additionally has plans to faucet the US market within the subsequent 3-4 years.