Lenskart loss narrows to Rs 28 crore for FY19, revenue up 56 percent
today Dec 5, 2019
Eyewear brand Lenskart managed to narrow its losses to Rs 28 crore ($4 million) for the financial year 2018-19, as against a net loss of Rs 188 crore it had reported in the fiscal year 2017-18.
The company witnessed a 56 percent growth in revenue to Rs 486 crore for the fiscal year 2019, while its total expenses shot up 20 percent to Rs 515 crore, according to Lenskart’s filings with the Registrar of Companies.
The company attributed the rise in revenue to its pan-India expansion, coupled with strong online sales. The increased material cost, employee benefits, marketing, and promotional costs led to higher total expenses, it said.
In September, Lenskart had received a funding of Rs 392 crore from the Indian private equity business Kedaara Capital.
The omni-channel eyewear solutions company, which has over 500 stores across India, is planning to use the funds to expand further in India and internationally as well. The business aims to reach a total of 650 brick-and-mortar stores in India by March 2020.
The Delhi-based Lenskart sells private label brands like Vincent Chase, John Jacobs along with international labels such as Oakley, French Connection, Ray-Ban, and Tommy Hilfiger, among many others.
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