Lenskart increases marketing spends by 20% in FY24
Marketing spends stand at Rs 352 crore in the current fiscal
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Published: Nov 7, 2024 3:39 PM | 1 min read
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Eyewear brand Lenskart has posted Rs 5427.7 crore revenue from operations in FY 2023-24. This is 43% more than Rs 3788.03 crore the company posted during FY 2022-23.
The company’s total revenue for the fiscal was 42.8% higher at Rs 5609.87 crore when compared to Rs 3927.9 crore last fiscal.
Marketing spends increased 20%, from Rs 293.8 crore to Rs 352 crore in the current fiscal.
This follows a strong FY23 performance, with revenue surging 152% to Rs 3788 crore and net losses narrowing to Rs 64 crore.
In FY23, Lenskart spent ₹294 crore on advertising, which was a 25% increase from the previous year.
In September this year, Lenskart called for a multimedia pitch for its account. The account size is estimated to be between Rs 100 crore and Rs 150 crore. Starcom, the incumbent agency, has held the media duties since 2017, when it succeeded Maxus.
Earlier this year, Lenskart raised $200 million in secondary investments from Temasek and Fidelity. In June 2023, the company secured $600 million in two rounds, providing significant exits to investors like SoftBank, Chiratae Ventures, and KKR. Also, the company is expected to go public next year or so.
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