Lenskart, an omnichannel eyeglasses store, maintained its growth trajectory in the fiscal year ending March 2024, but at a slower pace than the significant 2.5X year-on-year rise seen in FY23.

The company's operating revenue increased by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23, according to company financial records. The company generates revenue by selling eyewear frames, lenses, goggles, and other auxiliary services such as eye exams.

Lenskart's revenue from product sales increased by 43.1% to Rs 5,166.2 crore in FY24, up from Rs 3,609.8 crore in FY23. This stream accounted for 95.18% of the firm's total collection in the aforementioned fiscal year. In FY24, income from service sales climbed by 26.4% to Rs 104.5 crore, while revenue from other operating streams amounted to Rs 157 crore. The Delhi-based firm also earned Rs 182.17 crore from non-operating activities, bringing its total revenue to Rs 5,609.87 crore. Notably, India accounted for Rs 3,154.5 crore, or 58% of the firm's revenues.

Lenskart claims to have over 2,500 outlets, with around 2,000 located in India. The company looks to be a global leader in Indian consumer internet, with abroad markets accounting for 42% of its revenue (Rs 2,273 crore). Japan, Singapore, the Taiwan region of China, and Thailand were key markets.

The Peyush Bansal-led company's material consumption costs increased 29.8% to Rs 1,776 crore from Rs 1,368 crore in FY23. Employee benefits expenses rose 51.4% to Rs 1,086.49 crore in the previous fiscal year, while depreciation and amortization charges rose 61% to Rs 672.24 crore in FY24.

Other expenses, such as finance costs and information technology, increased Lenskart's overall expense by 37.9% to Rs 5,549.59 crore in FY24. 

Lenskart reduced its losses by 84% to Rs 10 crore in FY24, down from Rs 63 crore in FY23, thanks to cost-cutting measures. Its ROCE and EBITDA margins were 2.28% and 15.25%, respectively. In FY24, the company invested Rs 1.02 per unit to generate one rupee of operational revenue.

Lenskart raised $200 million in secondary capital in June, followed by a $20 million investment from founder Peyush Bansal. It has raised roughly $1 billion in capital over the last 18 months and was valued at $5 billion in the secondary sale. Fidelity, an early backer of Lenskart, recently raised the company's worth to $5.6 billion.

According to the stats, Lenskart is one of the rare firms that has kept true to its mission and achieved its goals. Disruption of the eyeglass market. In addition to the valuation increases, the firm has been richly rewarded for its trip, with more and larger investors backing it. Despite what some may perceive from his presence on Shark Tank India, founder Peyush Bansal deserves credit for accomplishing most things right and being focused on the task. He has exploited that platform more effectively than most other sharks to promote Lenskart. With a large war chest and profitability, the firm's future remains full of opportunities. Bansal is not known for thinking small, therefore the next phase of the firm should be an intriguing journey to watch.