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Lenskart looks to double overseas revenue, gears up for acquisitions
VCCircle
·
2y ago
Medial
Omnichannel eyewear unicorn Lenskart ended the fiscal year ended 2023 with a cash flow positive status and a net profit. Now it looks to double up overseas revenue and acquire some companies to facilitate the same.
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Related News
Exclusive: Lenskart sets stage for IPO with public entity conversion
Entrackr
·
3m ago
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.
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Blackstone-controlled Simplilearn aims at operational profitability this year
VCCircle
·
1y ago
Medial
Blackstone-owned edtech startup Simplilearn is targeting operational profitability this year as it looks to achieve double-digit revenue growth. The company, which offers professional certification courses globally, is preparing for a public listing within the next two to three years.
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Sixth Sense-backed ProcMart doubles revenue; gears up for Series B round, acquisitions
VCCircle
·
2y ago
Medial
Procmart, a procurement solutions startup backed by SixthSense Ventures, has witnessed a doubling of its revenue. The company is now preparing for a Series B funding round and exploring potential acquisitions. Procmart offers a technology platform that enables businesses to streamline and optimize their procurement processes. The revenue growth reflects the success of Procmart's business model and its ability to cater to the evolving needs of the procurement industry.
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Temasek, Fidelity pick up $200 million stake in Lenskart secondary deal at $5 billion valuation
Economic Times
·
1y ago
Medial
Singapore's Temasek and US financial services giant Fidelity have invested $200 million in Indian eyewear retailer Lenskart, valuing the company at $5 billion. This marks one of the largest secondary share sales at a late-stage startup this year. Lenskart, which had raised $600 million last year, saw its operating revenue more than double in FY23, and it reduced its losses. The company has over 2,000 stores in India and 500 others across Southeast Asia.
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Zomato Live gears up for strategic growth in new cities
Livemint
·
1y ago
Medial
Zomato Live Entertainment, the events vertical of food delivery platform Zomato, plans to expand its presence in new cities and develop new intellectual properties (IPs). The company aims to make a significant double-digit contribution to Zomato's revenue within three years. Zomato Live initially focused on the Zomaland food carnival and music festival, which has expanded to eight cities. The live events industry in India is expected to reach $8 billion by 2028. Zomato Live aims to become India's leading live entertainment company, offering premium experiences and generating revenue through ticketing and sponsorships.
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Unicommerce to raise Rs 20 crore from promoter Acevector via preferential share issue - The Economic Times
Economic Times
·
4d ago
Medial
Unicommerce Esolutions plans to raise Rs 20 crore through the preferential issue of 14.40 lakh equity shares at Rs 139 per share to its promoter, Acevector Limited. The funds aim to enable strategic acquisitions in India or overseas. Recently, Unicommerce completed acquiring the remaining 57.24% stake in Shipway Technology, expanding its service offerings. Moreover, the company seeks growth through client acquisition, cross-selling, overseas expansion, and enhancing its product lineup, reporting a 64% YoY increase in revenue.
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Lenskart is EBITDA profitable with Rs 3,788 Cr revenue in FY23
Entrackr
·
1y ago
Medial
Eyewear retailer Lenskart raised $600 million from the Abu Dhabi Investment Authority and ChrysCapital in March-June 2023. The staggering funding appears to have been drawn by its outstanding financial performance in the fiscal year ending March 2023. While the firm’s scale grew over 2.5X, it also cut losses by 37% during FY23. Lenskart’s revenue from operations soared to Rs 3,788 crore in FY23 from Rs 1,502 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Lenskart primarily generated revenue from the sale of eyewear and its collections from India formed 59% of its total revenue. The remaining income was derived from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. The Delhi-based firm also made Rs 140 crore from interest and other miscellaneous sources (non-operating) which pushed its total income to Rs 3,928 crore in FY23 from Rs 1,618 crore in FY22. For the eyewear retailer, the cost of procurement of lenses and frames accounted for 34% of the overall expenditure. This cost spiked 2.28X to Rs 1,369 crore in FY23 from Rs 599 crore in FY22. The firm’s expense on employee benefits, rent, advertising, commissions, incentives, legal, traveling, and other overheads took its overall expenditure to Rs 4,025 crore in FY23 from Rs 1,726 crore in FY22. See TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 1726 Cr https://thekredible.com/company/lenskart/financials View Full Data To access complete data, visithttps://thekredible.com/company/lenskart/financials Total ₹ 4025 Cr https://thekredible.com/company/lenskart/financials View Full Data To access complete data, visithttps://thekredible.com/company/lenskart/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Telephone and Electricity Telephone and Electricity Information technology Information technology Travelling conveyance Travelling conveyance Legal professional Legal professional Advertising promotional Advertising promotional Commission & incentive Commission & incentive Rent Rent Others To check complete Expense Breakdown visit thekredible.com View full data The decent scale and controlled expenditure helped Lenskart to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. Its ROCE and EBITDA margins stood at 0.24% and 11.1% respectively. On a unit level, it spent Rs 1.06 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 0% 11.1% Expense/₹ of Op Revenue ₹1.15 ₹1.06 ROCE -2% 0% Lenskart has raised over $1.6 billion to date and was last valued at $4.5 billion in its last fundraise of $100 million in June last year. According to the startup data intelligence platform TheKredible, Softbank is the largest external stakeholder followed by Premji Invest and Kedaara Capital. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 2.8X in FY23. As per recent media reports, Lenskart may raise $200 million more from Temasek and Fidelity through a secondary round that will push its valuation to $5 billion. According to its founder and chief executive Peyush Bansal, the company is looking to acquire land near Bengaluru airport to set up a mega factory. Now harvesting the fruits of all the efforts of previous years, Lenskart certainly looks set to raise the funding it wants at the price it seeks. The firm has built one of the strongest startup brands across categories, a moat that seemingly is getting stronger each year. With losses nominal, there is no doubt that founder Bansal, is aware that going for growth is a safe bet for the firm, with profitability no longer a major issue for investors. Strong execution by the management team has seen the firm actually deliver on its promise to disrupt the eyewear market. As it seeks a foothold in overseas markets with their promise of higher margins, you don’t need glasses to see that the firm has a real shot to be the next big decacorn from India as early as 2026-27.
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Lenskart pares losses by 84% in FY24, revenue grows 43% as opposed to being doubled a year ago
YourStory
·
10m ago
Medial
Lenksart, the omnichannel eyewear retailer, reduced its losses by 84% in FY24 to Rs 10.15 crore compared to Rs 63.7 crore the previous year. The company's operating revenue increased by 43.2% to Rs 5427.7 crore in FY24. The total expenses of Lenskart rose by 37%, with significant contributions from employee benefits, interest payments, and material costs. Fidelity, an asset management firm, marked up the valuation of its stake in Lenskart by 12% in September, bringing the company's valuation to $5.6 billion. Lenskart generated Rs 2271.6 crore from its operations outside of India in FY24.
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Lenskart Pitches to Bankers for $1 Bn IPO, Seeks $7 Bn Valuation
OutlookIndia
·
7m ago
Medial
Lenskart, an eyewear start-up, is planning an Initial Public Offering (IPO) to raise between $750 million to $1 billion, targeting a valuation of $7 to $8 billion. This move aligns with the trend of tech companies in India planning IPOs, with around 25 start-ups expected to go public in 2025. Lenskart aims to join the likes of Swiggy and Paytm. Its recent financials reflect significant revenue growth and a reduction in losses.
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Chipmaker Polymatech plans ₹1,500 crore IPO by year-end
Livemint
·
1y ago
Medial
Semiconductor chip manufacturer Polymatech Electronics aims to raise ₹1,500 crore through an IPO by the end of the year. This would be double the initial plan of ₹750 crore. The company manufactures opto-semiconductor chips and is planning to divest a 10% stake through the IPO. Polymatech's revenue nearly doubled from ₹650 crore in FY23 to ₹1,200 crore in FY24, and it expects to double its revenues annually. The company plans to invest $5 billion over the next few years, with $1.5 billion coming from the IPO proceeds. Polymatech is also exploring establishing assembly and packaging units in overseas locations.
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