Lenskart's IPO in-sight: What it reveals about optometrists, screen time, and global bets
The eyewear unicorn, which clocked Rs 6,653 crore in revenue in 2024-25 (FY25) and turned profitable (Rs 297 crore) for the first time, is looking to raise Rs 2,150 crore through a fresh issue. Over 13 crore shares will also be offloaded via an offer for sale, with early investors such as SoftBank and Schroders Capital expected to cash out.
But beyond the numbers, its draft red herring prospectus (DRHP) offers a lens into deeper trends shaping India's $10-billion eyewear market: worsening eye health among children, limited access to prescription eyewear, and the high-stakes balancing act of building a global brand from India.
In India, the prevalence of refractive errors that cause blurry vision has grown rapidly among those under 19 years – from 21 per cent in FY20 to 39 per cent in FY25. For the overall population, the growth was relatively slower from 43 per cent to 53 per cent, according to Redseer research cited in Lenskart's DRHP.
In the next five years, Redseer projects more than half (54 per cent) of children and teenagers will have refractive errors requiring prescription eyewear.
'Contributors include excessive screen time, particularly late-night smartphone use, prolonged near-work activities like reading and studying, limited exposure to natural light due to reduced outdoor play, and poor visual habits such as incorrect posture and inadequate lighting,' the DRHP said.
The condition is more common in metro cities (64 per cent) than in tier-1 (59 per cent) or other cities (52 per cent). While India's overall prevalence (53 per cent) is lower than in Japan (68 per cent) and Southeast Asia (65 per cent), it still exceeds that of the Middle East (40 per cent) – and is expected to rise to 62 per cent by FY30.
Though over half of Indians face refractive errors, only 35 per cent wore prescription eyewear in FY25, lagging Southeast Asia (40 per cent), the Middle East (60 per cent), and Japan (69 per cent). The penetration rate is expected to increase only slightly to 41 per cent by FY30, indicating that the market will remain heavily underserved, according to Redseer.
Why? The World Council of Optometry (WCO) recommends 100 optometrists per million people, but India has just 35-50 such professionals trained to test vision and prescribe corrective lenses. In Japan, the figure stands at 80-100 per million, 110 in the US, and 200 in Singapore.
Moreover, India has far fewer eyewear stores (60 per million people) compared to pharmacies (350-450) or jewellery stores (1,000-1,200). Over 70 per cent of prescription eyewear is still sold through unorganised channels, with just 11-13 per cent via D2C brands like Lenskart and Titan Eye+.
'We may face difficulties in finding, training and retaining qualified opticians and optometrists, especially in Tier 2 and 3 cities, where the availability and awareness of such professionals may be lower than in Tier 1 cities,' the DRHP said.
Unlike most Indian-origin D2C brands, Lenskart has built a sizable overseas footprint, with international customers contributing 40 per cent of its FY25 revenue. The company operates over 2,000 stores in India, more than 250 each in Japan and Southeast Asia, around 40 in the Middle East, and another 100 across Taiwan, Hong Kong, and Australia. Its presence in Asia was bolstered by the 2022 acquisition of Japanese eyewear brand OWNDAYS.
In 2024, Lenskart made a minority investment in French brand Le Petit Lunetier, launching its products in India. More recently, it acquired an 80 per cent stake in Spanish sunglasses label Meller.
While Lenskart's global reach gives it access to higher-margin markets, it also heightens its exposure to supply chain risks – particularly due to its reliance on imports from China, where it holds a 51 per cent stake in a joint venture that manufactures frames.
'Rising nationalism, protectionist policies, or shifts in customer sentiment against products associated with Chinese supply chains could further reduce demand. If we are unable to address these risks, or adapt to evolving market conditions, our business, results of operations, and financial condition could be affected,' the DRHP said.
In some good news, China's share in Lenskart's raw material imports has declined – from 54 per cent in FY23 to 42 per cent in FY25. Today, 98 per cent of its prescription eyewear is manufactured in Gurgaon and Bhiwadi, with the rest produced in Singapore and Dubai. A new Rs 1,500-crore greenfield facility for optical glasses near Hyderabad is also in the works.
Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
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