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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 1m ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

ET Startup Awards 2024: Lenskart eyes $200 million factory as revenue run rate hits $1 billion

Economic TimesEconomic Times · 9m ago
ET Startup Awards 2024: Lenskart eyes $200 million factory as revenue run rate hits $1 billion
Medial

- Lenskart plans to invest $200 million in a new manufacturing plant in southern India, which will be 10 times the size of its existing plant in Rajasthan. - Lenskart's local manufacturing has become a backbone for its online operations, allowing for next-day delivery in eight Indian cities and enabling the company to sell India-made products in global markets. - The new facility is expected to be operational within 18 months and will strengthen Lenskart's position as a global hub for eyewear manufacturing. - Lenskart has more than doubled its FY23 revenue and is on track to close over $1 billion in revenue for FY25. - The company's omnichannel strategy, with online and physical stores, has been a key driver of its growth, and it plans to add another 400 stores this year. - Lenskart remains focused on delivering a great customer experience, investing in technology, and expanding into new consumer segments, such as kids' eyewear.

Burger Singh records Rs 78 Cr revenue in FY24, losses surge 6.3X

EntrackrEntrackr · 8m ago
Burger Singh records Rs 78 Cr revenue in FY24, losses surge 6.3X
Medial

Burger Singh, an Indian quick-service restaurant chain, faced a significant financial downturn in the fiscal year ending March 2024. The company's losses surged over six-fold during this period, despite a 34% year-on-year growth in operating revenue. Burger Singh’s revenue from operations grew to Rs 77.7 crore in FY24 from Rs 57.8 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. The 12-year-old company operates as a quick-service restaurant, offering a diverse menu of burgers, sides, desserts, and beverages through a combination of self-owned and franchise outlets. Burger Singh derives its revenue from three sources: sales from its own stores, franchise goods sales, and franchise services. In FY24, sales of food and beverages from its own stores contributed 48% of the total operating revenue, which grew by 60% to Rs 37.66 crore. Revenue from the sale of franchises and the sale of goods to franchise stores stood at Rs 10.81 crore and Rs 28.6 crore, respectively. For the food and beverages startup, the cost of procurement became the largest cost center forming 43% of its overall cost. In the line of scale, this cost grew 31.3% to Rs 39.2 crore in FY24 from Rs 29.9 crore in FY23. Burger Singh has witnessed a 54% surge in its employee benefits to Rs 18.37 crore in FY24. The commission, traveling, legal, and advertising are other overheads that pushed the total expenditure up by 43.7% to Rs 91.1 crore in FY24 from Rs 63.4 crore in FY23. The 43.7% increase in the total cost outpaced the revenue growth, resulting in losses which spiked 6.3X to Rs 27.9 crore in FY24. Its ROCE and EBITDA margin stood at -94.76% and -30.94%, respectively. On a unit level, Burger Singh spent Rs 1.17 to earn a rupee in FY24. Notably, Burger Singh’s cash and bank balances stood at Rs 19.51 crore with a total current assets standing at Rs 31.3 crore in FY24. In December 2023, Burger Singh raised its pre Series A round from Turner Morrison and existing backers at a valuation of $52 million. The company has raised over $12 million to date and operates more than 175 outlets spanning 75 cities.

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