Lenskart FY19 revenue rises; losses narrow
The narrowing of loss for Lenskart comes at a time when it is reportedly in talks with Japan’s SoftBank for a new funding round.
Eyewear retailer Lenskart Solutions posted a revenue of Rs 486.2 crore in FY19, up by 56.3 percent from its reported revenue of Rs 310.9 crore in the previous fiscal, documents filed by the company with Registrar of Companies (RoC) revealed.
The increase in revenue for the company has been accompanied by a narrowing of losses. The Faridabad-based company reported a loss of Rs 27.89 crore in FY19, compared to Rs 117.9 crore in 2018.
This is despite its total expenses going up by 20 percent to Rs 514.52 crore in FY19, compared to Rs 429 crore in FY18.
In its filing, Lenskart said, "Lenskart Solutions Private Limited has expanded its business operations in Singapore and has set up a 100 percent wholly-owned subsidiary, i.e. Lenskart Solutions Pte. Ltd in the Republic of Singapore to carry out its business operations. Lenskart Solutions Pte. Ltd got incorporated on September 4, 2018, consisting of three directors Peyush Bansal, Amit Chaudhary and Tan Zongyang, Arron”.
It added that Lenskart Solutions Pte. Ltd is successfully running two stores in Singapore and is planning to open more stores in the coming financial year.
Lenskart also proposes to enter into a Joint Venture Arrangement with Geng Yongchao (Chinese JV Partner) to set up a new frame manufacturing facility in Bao Feng in a newly incorporated Joint Venture Company, Bao Feng Framekart Technology Limited. It has also signed the term sheet with its JV partner, said the documents filed with RoC.
Media reports say that the company held discussions with Japan’s SoftBank to lead its next round of funding at a potential valuation of more than $1 billion, which will catapult the startup into the coveted unicorn club.
(Edited by Saheli Sen Gupta)