Lenskart-backed Neso Brands records Rs 3.4 Cr operating loss in first year
Singapore-headquartered Neso Brands, the D2C roll up subsidiary of omnichannel eyewear brand Lenskart, has recorded operating losses of Rs 3.44 crore for the period ending March 31, 2023.
-backed house of brands for eyewear, Neso Brands, has filed its first earnings report since its incorporation. The Singapore-headquartered entity reported net operating losses of Rs 3.44 crore and net losses of approximately Rs 5.68 crore between November 12, 2021 and March 31, 2023, according to filings.
The entity received Rs 6.75 crore as a loan from its immediate holding company as well as Rs 3.05 lakh advance from a related party during the period. Neso Brands paid its three directors—Peyush Bansal, Amit Chaudhary and Bjorn Bergstrom who was appointed director in October 2022—Rs 2.48 crore towards salary and bonus during the period. Overall employee benefits paid by the company stood at a little over Rs 3 crore.
The company has also issued 19,000 shares as part of its ESOP programme as Restricted Share Plan till March 31, 2023 in two tranches.
In May 2022, Neso Brands had announced raising $100 million from investors in Lenskart, including KKR, SoftBank, Alpha Wave Global, and Temasek. As part of the announcement, it was said that Neso Brands will partner and invest in consumer eyewear brands globally as part of Lenskart’s international expansion plans.
Lenskart has thus far acquired a majority stake in Japanese D2C eyewear brand OWNDAYS in 2022 and invested $4 million in French eyewear brand Le Petit Lunetier in 2023. Including its acquisitions, Lenskart claims to operate a network of 2,000 stores across 10 countries. Founded in 2010, the omnichannel brand has a presence in Singapore, the US and the Middle East markets apart from India.
Lenskart also raised $100 million from private equity player ChrysCapital in a mixed primary and secondary deal in June. Abu Dhabi Investment Authority had pumped $500 million into the eyewear retailer earlier during the year. The company also recently announced the acquisition of AI-driven computer vision company Tango Eye in October.
(With inputs from Gaurav Tyagi.)
Edited by Kanishk Singh