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Business Standard
29-07-2025
- Business
- Business Standard
Lenskart files IPO papers to raise Rs 2,150 crore, eyes tech and growth
Eyewear retailer Lenskart Solutions Ltd has filed preliminary documents for an initial public offering (IPO) that could raise up to ₹2,150 crore, as the company seeks to capitalise on rising demand for affordable prescription glasses and contact lenses. 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 (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.
News18
29-07-2025
- Business
- News18
Eyewear retailer Lenskart files IPO papers to raise Rs 2,150-cr via fresh issue
New Delhi, Jul 29 (PTI) Lenskart Solutions Ltd, an omni-channel eyewear retailer, has filed preliminary papers with capital markets regulator Sebi seeking its approval to raise funds through an initial public offering (IPO). The Gurugram-based company's IPO involves raising Rs 2,150 crore through fresh issuance of equity shares. Besides, promoters and investors would offload 13.22 crore equity shares, according to the draft red herring prospectus (DRHP) filed on Monday. As a part of the OFS, promoters — Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi; investors — 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 — would offload shares. Lenskart proposes to utilise the proceeds from the IPO for various strategic initiatives, including Rs 272.6 crore capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India and Rs 591.44 crore for payments related to lease, rent, and license agreements for these CoCo stores. Additionally, Rs 213.37 crore will be used for investments in technology and cloud infrastructure; Rs 320 crore for brand marketing and business promotion for enhancing brand awareness and the remaining funds will be used for unidentified inorganic acquisitions and general corporate purposes. Also, the company may consider a pre-IPO placement aggregating to Rs 430 crore. If such a placement is undertaken, the fresh issue size will be reduced accordingly. Founded in 2008, Lenskart commenced operations in India as an online business in 2010 and opened its first retail store in New Delhi in 2013. The company's business spans across designing, manufacturing, branding and retailing. Lenskart is India's largest organised retailer of prescription eyeglasses in terms of B2C eyeglasses sales volumes during financial year 2025, according to the Redseer Report. It has a strong presence across metro, Tier 1 and Tier 2 cities and international operations in Southeast Asia and the Middle East. Lenskart operates business through 2,723 stores globally, comprising 2,067 stores in India and 656 stores internationally. Its mobile applications had over 100 million cumulative app downloads as of March 2025. The company has manufacturing facilities at two locations in India – in Bhiwadi, Rajasthan and Gurugram, Haryana – supplemented by regional facilities in Singapore and the United Arab Emirates. It targets different customer categories through a portfolio of brands and sub-brands that include premium collections through John Jacobs and Owndays (acquired in 2022), and economy and affordable premium collections through Lenskart Air, Vincent Chase, hustlr, and Hooper Kids. On the financial front, Lenskart turned profitable in FY25 with a net profit of Rs 297.3 crore after posting a loss of Rs 10.15 crore in FY24. It reported an EBITDA (earnings before interest, taxes, depreciation and amortisation) or operating profit of Rs 1,115 crore, an increase from Rs 763 crore a year earlier. The company clocked revenues of Rs 6,652 crore in FY25, an increase from Rs 5,428 crore in the preceding fiscal. Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services have been appointed to manage the maiden public issue. PTI SP SP DRR SHW view comments First Published: July 29, 2025, 15:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India Today
29-07-2025
- Business
- India Today
Lenskart takes first step towards IPO, files draft with Sebi
Lenskart Solutions Ltd, one of India's largest eyewear retailers, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), officially starting the process for its initial public offering (IPO). The company aims to raise funds to support its expansion and business to the draft papers, the IPO will include a fresh issue of shares worth up to Rs 2,150 crore and an offer for sale (OFS) of up to 13.23 crore shares by existing include the company's founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with investor shareholders such as SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures may also consider a pre-IPO placement of up to Rs 430 crore before filing the final red herring prospectus (RHP). If this happens, the size of the fresh issue will be reduced by the same company plans to use the net proceeds from the fresh issue for several include spending on setting up new company-owned and company-operated (CoCo) stores across India, paying lease and rental charges for these stores, investing in technology and cloud infrastructure, and funding brand marketing and business promotion to improve brand awareness. A part of the funds may also go towards future mergers or acquisitions and general business IPO will be managed by a group of well-known financial institutions. 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 acting as the book running lead managers for the proposal to go public was approved at Lenskart's annual general meeting held on July 26. According to media reports, the overall IPO size is expected to be between USD 750 million and USD 1 billion, depending on market conditions and investor prepare for the IPO, Lenskart restructured itself into a public limited company. On May 30, during an extraordinary general meeting, the company changed its name from Lenskart Solutions Private Ltd to Lenskart Solutions was founded in 2008 and began operations as an online platform in 2010. It opened its first physical retail store in New Delhi in 2013. Over the years, it has grown into a major player in the eyewear space with a strong mix of online and offline presence.- Ends advertisement
