Neso Brands, Supported by Lenskart, Posts an Initial-Year Operating Loss of Rs 3.4 Crore
- ByStartupStory | November 8, 2023
Neso Brands, a house of brands for eyewear backed by Lenskart, has recently unveiled its first earnings report following its establishment. The Singapore-headquartered entity has disclosed net operating losses of Rs 3.44 crore and net losses amounting to approximately Rs 5.68 crore for the period spanning from November 12, 2021, to March 31, 2023, according to its official filings.
During this period, Neso Brands secured a loan of Rs 6.75 crore from its immediate holding company and also received an advance of Rs 3.05 lakh from a related party. Notably, the company disbursed a total of Rs 2.48 crore in salaries and bonuses to its three directors, namely Peyush Bansal, Amit Chaudhary, and Bjorn Bergstrom, who assumed the role of director in October 2022. The overall employee benefits paid out by the company amounted to slightly over Rs 3 crore.
Furthermore, as part of its Employee Stock Ownership Plan (ESOP) program, Neso Brands issued a total of 19,000 shares under the Restricted Share Plan until March 31, 2023, divided into two tranches.
In May 2022, Neso Brands had announced a substantial capital infusion of $100 million from investors such as KKR, SoftBank, Alpha Wave Global, and Temasek, who are also prominent backers of Lenskart. This strategic move was unveiled with the intention of enabling Neso Brands to partner with and invest in consumer eyewear brands on a global scale, aligning with Lenskart’s ambitious international expansion plans.
Lenskart, Lenskart, in addition to its financial support, has been active in expanding its portfolio by acquiring a majority stake in the Japanese D2C eyewear brand OWNDAYS in 2022. Furthermore, it invested $4 million in the French eyewear brand Le Petit Lunetier in 2023. Lenskart asserts its presence through a network of 2,000 stores operating across 10 countries, consolidating its global footprint.
Established in 2010, Lenskart operates as an omnichannel brand and extends its influence to markets beyond India, encompassing Singapore, the US, and the Middle East. This strategic approach is complemented by the company’s ability to attract significant investments. In June, Lenskart raised $100 million from the private equity player ChrysCapital in a mixed primary and secondary deal, underscoring its appeal to investors. Earlier in the same year, the Abu Dhabi Investment Authority had also made a substantial investment of $500 million in the eyewear retailer.
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In a recent development, Lenskart further solidified its position by announcing the acquisition of Tango Eye, an AI-driven computer vision company in October. This acquisition reflects Lenskart’s continuous efforts to leverage technology and innovation in its quest to revolutionize the eyewear industry.
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