Lenskart is EBITDA profitable with Rs 3,788 Cr revenue in FY23


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
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Total ₹ 4025 Cr
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  • Cost of materials consumed
  • Employee benefit
  • Telephone and Electricity
  • Information technology
  • Travelling conveyance
  • Legal professional
  • Advertising promotional
  • Commission & incentive
  • Rent
  • Others

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
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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