Startup Originals Team
Lenskart, India’s leading eyewear brand, has taken a major step toward a historic stock market debut. After securing approval from its shareholders, the company is gearing up for a public issue that is poised to draw significant interest from investors, both in India and abroad. This move marks a milestone in Lenskart’s journey from a disruptive startup to a global omnichannel retail powerhouse.
Lenskart’s IPO Details:
Lenskart has received the green light from its shareholders to raise ₹2,150 crore (around $250 million) via a fresh issue of shares as part of its initial public offering (IPO). Including a secondary sale by existing investors, the total IPO size could reach as much as $1 billion. The company, which is expected to file its Draft Red Herring Prospectus (DRHP) with regulators soon, is reportedly aiming for a booming IPO valuation of $8–10 billion-almost double its current valuation.
Business Growth and Performance:
Lenskart has rapidly expanded its market presence:
- Impressive Revenue Growth: In FY25, the company is projected to close with revenues of $755 million (around ₹6,415 crore), up 17% from the previous year. While this is slightly slower than its earlier growth (46% YoY between FY23 and FY24), it highlights the company’s solid trajectory.
- Global Footprint: About 60% of Lenskart’s revenue comes from India, with the rest from overseas markets, particularly Southeast Asia, the Middle East, Australia, and Japan. Strategic moves like the acquisition of Japanese chain Owndays and a manufacturing JV in China signal an ambition for international expansion.
- Strong Financials: Lenskart enjoys healthy EBITDA margins (18–22%) and a gross margin of 70%, thanks to its cost-efficient model and multi-channel strategy.
Key Shareholders and Leadership:
The IPO plans were approved at a recent shareholder meeting, with significant investors such as SoftBank, Temasek, Abu Dhabi Investment Authority, Kedaara Capital, and Fidelity backing the move. Lenskart’s leadership team remains strong:
- CEO and Chairman: Peyush Bansal
- Executive Directors: Neha Bansal and Amit Chaudhary
- Independent Directors: Sayali Karanjkar (PaySense cofounder) and Ashish Kashyap (IndMoney founder).
Additionally, a new employee stock option scheme (ESOP 2025) was rolled out, offering 7.2 million shares to eligible employees-a move to reward and retain talent during the company’s next growth phase.
IPO Objectives and Use of Proceeds:
Funds raised through the IPO will be channelled into:
- Expanding Lenskart’s offline store network
- Investing in new manufacturing and automation facilities (including a recent $200 million investment in a southern India plant)
- Supporting working capital requirements
- Accelerating international expansion initiatives
Valuation and Investor Buzz:
Lenskart was last valued at $5 billion following its June 2024 funding round. Recent estimates from institutional investors, such as Fidelity, value the company even higher-at $6.1 billion as of April 2025. The IPO is expected to propel Lenskart’s valuation toward $8–10 billion, reflecting its robust market position and future prospects.
What’s Next?
Lenskart’s DRHP filing is anticipated soon, and the IPO could hit the markets in the final quarter of 2025. With a booming addressable market of $30 billion across India, Asia, and the Middle East, Lenskart’s stock market debut is set to be one of the most closely watched in recent times. As India’s eyewear retail landscape continues to evolve, Lenskart’s move to the public markets marks a new chapter in its remarkable growth story.
