Lenskart clocks 80 percent revenue increase
Lenskart has experienced an 80 percent increase in total revenue this financial year following the large amount of funding the firm raised in 2016.
Over the course of the financial year 2017, Lenskart clocked a total of 179 crore rupees (approximately 27 million US dollars) in total revenue compared to a figure of just under 100 crore rupees (approximately 15 million US dollars) the previous year.
Financial figures were shown in the company’s documents at the Ministry of Corporate Affairs (MCA).
Following this jump in revenue, Lenskart have stated that it aims to reach profitability in the coming months.
“The aim for next year is to improve customers’ conversions, enhance the brand and reach profitability by March 2018,” said the Chief Executive of Lenskart, Peyush Bansal.
Lenskart received 600 crore rupees (approximately 90 million US dollars) of funding in 2016 and the brand has been using it for strategic investments, mostly in two technology ventures; one being the recent investment in Israel’s 6over6. Katrina Kaif was also appointed as the brand’s new ambassador this year which marked another investment.
The brand, which currently has 365 stores across India, increased its expenses by 38 percent this year. In 2016, Lenskart had expenses of 212 crore rupees (approximately 32 million US dollars) and in 2017 these increased to a total of 294 crore rupees (approximately 44 million US dollars), a 38 percent increase.
However, despite a large rise in expenses, the brand’s losses only increased by two percent from 113 crore rupees (approximately 16.9 million US dollars) in 2016 to 115 crore rupees (approximately 17.2 million US dollars) in 2017, which illustrates the effects of the brand’s large revenue surge.
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