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Lenskart files IPO papers to raise Rs 2,150 crore, eyes tech and growth
The offering comprises ₹2,150 crore in new shares and the sale of up to 132.3 million existing shares by current investors and company founders, according to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi).
Among the selling shareholders are co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, along with investors including SoftBank's SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund – II, Macritchie Investments Pte Ltd, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP.
The company may also conduct a private placement of up to ₹430 crore before filing the final prospectus, which would reduce the size of the fresh issue. Sources said the firm is aiming for an IPO valuation of about $10 billion.
According to the DRHP, Lenskart plans to use ₹272.6 crore from the net proceeds to open new CoCo (company-owned, company-operated) stores in India, ₹591.4 crore for lease, rent and licence payments, ₹213.4 crore for technology and cloud infrastructure, and ₹320 crore for brand marketing and promotion. Remaining funds will be used for inorganic acquisitions and general corporate purposes.
Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, and Intensive Fiscal Services Pvt Ltd are the book running lead managers to the issue.
Founded in 2008, Lenskart launched its online platform in 2010 and opened its first retail store in New Delhi in 2013. The company aims to improve access to quality, affordable eyewear through a tech-enabled supply and distribution network.
Globally and in India, Gurugram-based Lenskart competes with Titan Eyeplus, Specsmakers, Vision Express, Warby Parker and Italian eyewear conglomerate Luxottica Group.
Lenskart currently operates India's largest eyewear retail network with a presence in metropolitan and smaller cities, as well as in Southeast Asia and the Middle East. It runs manufacturing units in Bhiwadi and Gurugram, supported by regional hubs in Singapore and the UAE.
It targets a wide customer base with both premium and affordable brand offerings. Nearly 45 per cent of its India revenue comes from customers who engaged digitally within 90 days prior to purchase.
India remains Lenskart's largest market in Asia. In FY25, the company recorded over 100 million app downloads and 105 million website visitors globally. It operates 2,723 stores—2,067 in India and 656 overseas.
In FY25, Lenskart reported revenue from operations of ₹6,652.5 crore, up 22.5 per cent from ₹5,427.7 crore in FY24. The company reported a net profit of ₹297.34 crore, compared to a net loss of ₹10.15 crore in FY24. EBITDA, excluding other income, stood at ₹971 crore, up 44.5 per cent from ₹672 crore in the previous fiscal.
Risk Factors
However, the DRHP outlines several risks that could impact the company's operations, financials and growth outlook. Lenskart has incurred losses in the past and may continue to do so. Its geographic concentration is another concern, as a significant portion of revenue is derived from India.
The company's brand strategy is heavily reliant on in-house labels, and its international ambitions carry regulatory and operational risks. The DRHP also flags potential funding needs, stating that Lenskart may require additional capital in future.
Leadership continuity is another area of concern. The company is dependent on its promoters and senior management. The DRHP states that future success hinges on the continued involvement of Peyush Bansal and other key executives. Additionally, it notes that Sumeet Kapahi, one of the promoters and Global Head of Sourcing, has been unable to locate copies of his B.Com (Hons.) degree and marksheets from the University of Delhi.
Operationally, Lenskart's private-label model exposes it to inventory and quality-related risks. Its franchise and partner store network introduces third-party vulnerabilities.
On the technology front, Lenskart's geo-analytics tools help forecast revenue potential and payback periods. A 500-member technology team builds and maintains its core digital infrastructure—including websites, mobile apps, warehouse systems and AI-powered supply chain tools.
The DRHP cites an estimated 1.3 billion people across India, Japan, Southeast Asia and the Middle East—representing 32 per cent of the global population—with refractive errors in FY25. In India, this share increased from 43 per cent (590 million) in FY20 to 53 per cent (777 million) in FY25, and is projected to reach 62 per cent (943 million) by FY30.
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