Lenskart’s adex up 20% to Rs 352 crore in FY2024

New Delhi: Lenskart, the omnichannel eyewear retailer, increased its marketing spend by 20% for the fiscal year ending March 2024, reaching Rs 352 crore. 

This marks a notable jump from Rs 293.8 crore spent in FY 2023. 

In FY 2022, the company had already ramped up its advertising and promotional budget by 72%, spending approximately Rs 234.6 crore.

Lenskart reported a 43% increase in revenue, reaching Rs 5,427.7 crore in the fiscal year ending March 2024. 

With the Indian market contributing 58% of the total revenue, the company has solidified its position by operating over 2,500 stores across the country. Internationally, Lenskart's footprint expanded with 500 stores, making inroads into key markets like Japan, Singapore, the Middle East, and even China, reflecting a global revenue share of 42%.

Lenskart's net loss was reduced to Rs 10 crore from Rs 64 crore in the previous fiscal year. 

The company's operating margins improved, with EBITDA rising to Rs 856 crore, up from Rs 403 crore in FY23.

Earlier this year, the eyewear retailer initiated a media pitch for its approximately Rs 100 crore account. 

The current media mandate is handled by Starcom, which won the account in 2017. Before that, the account was with GroupM Maxus.

In September, Jaimit Doshi, former Chief Technology, Digital, and Marketing Officer at Aditya Birla Sun Life Insurance, joined Lenskart as Global Head of Marketing and CEO of Hustlr.

In July, IPO-bound eyewear unicorn raised Rs 160 crore from its co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi. 

This came shortly after Singapore's state investment firm Temasek and US-based Fidelity invested $200 million (around Rs 1,673.2 crore) in Lenskart in June through a secondary share sale, valuing the company at $5 billion.