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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 2m 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.

Decoding Lenskart FY25 numbers

EntrackrEntrackr · 9d ago
Decoding Lenskart FY25 numbers
Medial

Eyewear brand Lenskart has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in order to raise Rs 2,150 crore via a fresh issue. The company made a sharp turnaround from FY24 and turned profitable, driven by robust growth in revenue and controlled spending across key verticals. Lenskart’s operating revenue grew 23% to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, according to its restated financial statement given in DRHP. The bulk of the company’s revenue came from the sale of goods such as prescription eyewear, sunglasses, contact lenses, and accessories which rose 23% to Rs 6,360 crore. Revenue from services such as memberships, home eye check-ups, and training grew 27% to Rs 133 crore, supported by the expansion of its Lenskart Gold programs, which grew to 68 lakh members by March 2025. Other operating income consisted of lease income, scrap sales, website licence fees, and support charges which remained steady at Rs 160 crore. Geographically, revenue from India rose 27% to Rs 4,015 crore. Lenskart added 282 new stores and saw its annual transacting customer base rise 23% to 99 lakh, while eyewear unit sales surged 30% to 2 crore. International markets contributed Rs 2,638 crore, up 17% from FY24; the brand expanded its overseas footprint with 52 new stores, growing its international customer base to 25 lakh. On the expense front, employee benefit expenses emerged as the largest cost component, which rose 27% to Rs 1,379 crore in FY25, followed by material costs which increased 20% to Rs 2,134 crore. Marketing costs also saw a 27% jump to Rs 448 crore. Meanwhile, commission and incentives fell slightly by 4% to Rs 733 crore. Depreciation expenses stood at Rs 797 crore, up 19% from the previous year. Overall, total costs rose 19% to Rs 6,619 crore in FY25 as compared to Rs 5,550 crore in FY24. This combination of steady revenue growth and calibrated cost management enabled Lenskart to post a net profit of Rs 297 crore in FY25, a substantial improvement from a Rs 10 crore loss a year earlier. Its ROCE and EBITDA margin stood at 6.17% and 2.27% respectively. On a unit basis, the company spent Re 0.99 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 3,630 crore in FY25, including Rs 865 crore in cash and bank balances. Lenskart converted into a public company in June this year in preparation for the listing. The public offering is being managed by a consortium of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

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

Economic TimesEconomic Times · 10m 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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