Gurugram-based eyewear focused company EyeMyEye witnessed a 78% drop in revenue to Rs 32.4 crore from the previous fiscal’s Rs 152.9 crore. The same year recorded a little over Rs 31.5 crore came in from operations.
Founded by Ganesh Iyer, EyeMyEye is an online retailer for eyewear. It offers roducts ranging from eyeglasses, sunglasses, contact lenses, computer glasses, reading glasses, color blind glasses etc. It also offers EyeMyEye Play sunglasses and eyeglasses that allow users to manage calls and music while wearing them. Additionally, the company provides a vision test facility for customers.
The three-year-old company’s expenditure for the year dwindled close to 86% as compared to FY22. It spent over Rs 13 crore on materials, more than Rs 10 crore on employee benefit costs, and over Rs 7 crore on transportation and distribution. EyeMyEye has previously spent over Rs 125 crore on employee benefit costs and close to Rs 77 crore on travelling costs.
Following the drop in revenue and expenses, it witnessed its losses shrinking 91% to Rs 19.3 crore in the fiscal year ending March 2023 as compared to FY22’s Rs 216 crore. The year saw its ROCE standing at -128.54% and an improved EBITDA margin at -52.49%.
With a valuation of Rs 117.04 crore, EyeMyEye has raised a total of over Rs 70 crore over 3 funding rounds. It last raised Rs 37.9 crore in its Series A round led by Bernhard Nuesser and Nueva Capital. The round also saw participation from the likes of Vista Equity Partners, Turbostart, Navlok Ventures, and Echjay Realty among others.