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Lenskart FY19 loss narrows, topline jumps 56%

Total expenses for fiscal year 2019 came in at Rs 514.52 crore, up about 20% compared to the year-ago period when expenses were at Rs 429 crore.

ET Bureau|
Updated: Dec 05, 2019, 09.42 AM IST
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Total revenue touched Rs 486.26 crore, as the company expanded across the country and established its footprint in Singapore, its first overseas market.
New Delhi: Lenskart Solutions has narrowed losses substantially, even as revenue jumped about 56%in the financial year ended March 31.

On a standalone basis, the Faridabad-headquartered company reported net loss of Rs 27.89 crore, compared to a net loss of about Rs 118 crore in fiscal year 2017-18, documents filed with the Registrar of Companies, and accessed by business intelligence platform Tofler, showed.

Total expenses for fiscal year 2019 came in at Rs 514.52 crore, up about 20% compared to the year-ago period when expenses were at Rs 429 crore.

A combination of increased cost of material, employee benefits and total expenses, which also includes marketing and promotional costs, drove total expenses higher.

Total revenue touched Rs 486.26 crore, as the company expanded across the country and established its footprint in Singapore, its first overseas market.

The omni-channel eyewear solutions company, which had about 535 stores across Indiaas of September, has also held discussions with Japan’s SoftBank, the world’s largest technology-focused investor, to lead its next round of funding at a potential valuation of more than $1 billion.

In September, the company raised a little more than $55 million from Kedaara Capital, one of the largest home-grown private equity firms. Kedaara isalso reportedly in talks to buy shares in the eyewear retailer through a secondary deal.

The decade-old company has emerged as one of the top brands in the organised eyewear category in the face of stiff competition from established offline brands, such as the Tata Group-owned Titan Eyeplus. It has announced plans to set up 2,000 stores in the country over the next five years.

Industry players said the country’s eyewear sector is a $10 billion market opportunity, of which the share of the organised sector -- which is defined as any retailer with 10-15 stores --is an estimated $350-$450 million.

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