No communication found from Lenskart cofounder seeking DU degree, says university
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Mint
3 hours ago
- Mint
Lenskart leans into small-town India as IPO nears
Mumbai: As India's largest eyewear retailer prepares for a public listing, Lenskart is placing a sizable bet on physical retail in smaller cities and towns—banking on lower rents, brand white space, and early-mover advantage to offset rising lease liabilities and growing metro competition. Offline retail now contributes around 75% of Lenskart's revenue, and store distribution has shifted in favour of smaller markets. As of FY25, the company had 698 stores in tier‑2 and beyond, 469 in tier‑1 cities, and 900 in metros—categories defined separately in its draft red herring prospectus (DRHP). Metros include India's largest cities such as Delhi, Mumbai, and Bengaluru; tier‑1 covers secondary but sizable cities like Jaipur, Lucknow, and Indore; tier‑2 and beyond span smaller towns and rural locations. These smaller markets now account for 34% of Lenskart's domestic footprint, up 45% from 483 stores in FY23, according to the DRHP. Betting on lower burn, faster breakeven Lenskart's expansion push reflects a broader shift in the geography of Indian consumer demand. India's smaller towns are becoming more viable retail markets, driven by rising incomes and digital adoption. Rural and semi-urban India now contributes nearly 47% of GDP, according to a joint study by the RBI Innovation Hub and Boston Consulting Group, while digital payment adoption has reached 30% in these regions, according to a Bain–CII study. For Lenskart, the opportunity lies not just in demand, but in cost advantage and competitive white space, analysts say. 'Tier-2 locations offer rents that are sometimes 40–60% lower, so reaching breakeven in these markets is faster than tier-1," said Varma. 'Almost 75% of their sales come from offline stores, and at least 75-80% of their orders are below ₹10,000, with around 60% falling in the ₹2,000 to ₹10,000 range — that's their main pricing band," said Satish Meena, co-founder, Datum Intelligence. 'These are markets where branded retail options are still sparse, and Lenskart sees white space." 'In metros, on the other hand, the market is getting more competitive," Meena added. 'There's a clear trend of premiumization — customers willing to spend ₹10,000 and above often look to global brands, which makes it tougher for Lenskart to stand out." 'In metros, on the other hand, the market is getting more competitive," Meena added. 'There's a clear trend of premiumization — customers willing to spend ₹10,000 and above often look to global brands, which makes it tougher for Lenskart to stand out." Expansion meets expense Lenskart has added 1,215 stores over the past two years, expanding its footprint by 81%. It began FY23 with 1,508 stores and ended FY25 with 2,723, which includes its international stores. In FY25 alone, it opened 445 new stores and closed 111, resulting in a net addition of 334 stores. Store closures remained modest across all years—67 in FY23 and 59 in FY24. That expansion is showing up in its rent bill. Lease expenses more than doubled from ₹595 million in FY23 to ₹1,398 million in FY25. Total lease liabilities stood at ₹22,268 million as of 31 March 2025, up 54% over two years. Rent remained a modest 2.1% of total expenses, but the jump signals growing fixed costs associated with its aggressive offline rollout. Other players in the organized eyewear segment are also expanding, though with varying strategies. For instance, Titan Eye+, the eyewear business of Titan Co., generated ₹796 crore in revenue in FY25, up 10% from the previous year, and reported ₹85 crore in segment profit before finance costs and taxes, according to Titan's FY25 annual report. The company operates over 900 stores across 350 cities. It resumed offline expansion in mid-2024 and launched a premium format, Runway, for sunglasses. However, Titan said in its report that 'E-commerce is the second most important driver of business for the EyeCare Division," as it targets up to a 10% market share in premium eyewear. Moreover, while online discovery of eyewear has increased, especially among younger, urban consumers, prescription purchases remain largely offline. As of FY25, digital channels contributed less than 5% of Lenskart's prescription eyeglasses sales, due to friction points like lack of tactile trial and imperfect digital try-ons. The company's offline stores now span 1.65 million sq. ft. nationwide, generating an average annual revenue of ₹23,492 per sq. ft. in FY25. IPO in sight Lenskart is planning to raise ₹2,150 crore in fresh capital through its public offering, while existing investors are looking to sell 132.3 million shares via an offer for sale. The company is reportedly targeting a valuation of $8–9 billion. In FY25, Lenskart posted ₹6,652 crore in operating income, up from ₹5,427 crore a year earlier. It swung to a net profit of ₹297 crore after a ₹10 crore loss in FY24. Organized eyewear retail penetration in India remains relatively low at around 24%, according to Redseer's FY25 report Industry Report on the Eyewear Market. Local unbranded stores still dominate the segment, leaving significant room for branded expansion. Queries sent to the company did not elicit a response until press time.
Time of India
12 hours ago
- Time of India
Arcil Investors to offload 32.57% stake via IPO
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel New York-based Avenue Capital Group State Bank of India , an affiliate of Singapore's GIC , and Federal Bank will sell 105.4 million shares, a 32.57% stake in Asset Reconstruction Company (India) Ltd (Arcil), marking the first initial public offering by a bad loan aggregator in company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on which currently holds a 69.73% stake in the company, will sell 68.7 million shares, reducing its holding to 48.57%. SBI will offload 19.4 million shares, trimming its stake from 19.95% to 13.96%, as per the DRHP. GIC affiliate Lathe Investment will fully exit the company by selling its 5% stake (16.2 million shares), while Federal Bank will sell 1 million shares, lowering its holding to 0.95% from 1.27%.Arcil is not issuing any fresh shares in the IPO. IIFL Capital, IDBI Capital, and JM Financial are the lead managers to the in 2002, Arcil was India's first asset reconstruction company, backed by banks such as IDBI Bank , SBI, and ICICI Bank . It is currently the second-largest ARC in India by assets under management (Rs 15,230 crore). The company generates revenue through management and trusteeship fees, portfolio recovery fees, investment income, and the years, several banks have exited the company, with Avenue acquiring most of their stakes. At present, Avenue and SBI are the promoters, jointly holding 89.68% of the 2022, Avenue Capital acquired a 44.6% stake from ICICI Bank, IDBI Bank, and ICICI Home Finance for nearly Rs 840 crore (Rs 58 per share). Punjab National Bank was the latest to exit, selling its 10% stake in March 2023 at Rs 60.53 per the fiscal year ended March 31, 2025, Arcil reported a net profit of Rs 355.31 crore on revenue from operations of Rs 596.42 of March 2025, it had acquired total principal debt of Rs 72,657.30 crore at a cost of Rs 38,155.63 crore or 52.51% of the principal amount and had made recoveries worth Rs 28,459.70 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
12 hours ago
- Economic Times
Arcil Investors to offload 32.57% stake via IPO
Asset Reconstruction Company (India) Ltd (Arcil), India's second-largest ARC, is launching an IPO with existing shareholders selling a 32.57% stake. Avenue Capital Group will significantly reduce its holding, while SBI and a GIC affiliate will also offload shares. Arcil, backed by prominent banks, reported a net profit of Rs 355.31 crore for fiscal year 2025. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New York-based Avenue Capital Group State Bank of India , an affiliate of Singapore's GIC , and Federal Bank will sell 105.4 million shares, a 32.57% stake in Asset Reconstruction Company (India) Ltd (Arcil), marking the first initial public offering by a bad loan aggregator in company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on which currently holds a 69.73% stake in the company, will sell 68.7 million shares, reducing its holding to 48.57%. SBI will offload 19.4 million shares, trimming its stake from 19.95% to 13.96%, as per the DRHP. GIC affiliate Lathe Investment will fully exit the company by selling its 5% stake (16.2 million shares), while Federal Bank will sell 1 million shares, lowering its holding to 0.95% from 1.27%.Arcil is not issuing any fresh shares in the IPO. IIFL Capital, IDBI Capital, and JM Financial are the lead managers to the in 2002, Arcil was India's first asset reconstruction company, backed by banks such as IDBI Bank , SBI, and ICICI Bank . It is currently the second-largest ARC in India by assets under management (Rs 15,230 crore). The company generates revenue through management and trusteeship fees, portfolio recovery fees, investment income, and the years, several banks have exited the company, with Avenue acquiring most of their stakes. At present, Avenue and SBI are the promoters, jointly holding 89.68% of the 2022, Avenue Capital acquired a 44.6% stake from ICICI Bank, IDBI Bank, and ICICI Home Finance for nearly Rs 840 crore (Rs 58 per share). Punjab National Bank was the latest to exit, selling its 10% stake in March 2023 at Rs 60.53 per the fiscal year ended March 31, 2025, Arcil reported a net profit of Rs 355.31 crore on revenue from operations of Rs 596.42 of March 2025, it had acquired total principal debt of Rs 72,657.30 crore at a cost of Rs 38,155.63 crore or 52.51% of the principal amount and had made recoveries worth Rs 28,459.70 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
