Lenskart's $1 Billion IPO: A Bold Leap in India's Eyewear and Startup Ecosystem

India's top omnichannel eyewear player, Lenskart, is preparing for a milestone moment in its history. Within the first half of July, the firm will file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in a move that marks the beginning of its much-awaited Initial Public Offering (IPO).

Filing a public DRHP will make Lenskart's finances, strategic vision, and business operations instantly open to the public. The strategy reflects the company's willingness to take investor criticism head-on and its desire to establish itself as a mature, globally competitive player in the eyewear and direct-to-consumer retail space.

Aiming Big with a $10 Billion Valuation

As per various reports, Lenskart's IPO will raise $1 billion and is looking to be valued at $10 billion, almost double its earlier private market value. A group of leading investment banks, such as Kotak, Axis Capital, Citi, Morgan Stanley, and Avendus, have been hired to oversee the IPO process. This listing will be among the biggest for India's consumer technology sector and reflects Lenskart's sustained growth path.

In FY24, Lenskart reported revenue of INR 5,427.7 crore, with a stunning 43.2% year-on-year growth. Even more impressive, the company reduced its losses to INR 10.15 crore, from INR 63.7 crore in the year before—a reduction of 84%. These figures reflect the firm's clear priority in balancing its aggressive growth with fiscal discipline, bringing it within easy access of retail and institutional investors.

Outside India, Lenskart is growing aggressively internationally. The company already has operations in Japan, Singapore, and the UAE, and made a strategic acquisition by buying Japanese eyewear chain OWNDAYS for about $400 million. This is part of a larger strategy to open 400 new stores in Southeast Asia in the next two years, affirming its ambition to be a global eyewear retail leader. Parallel to this, Lenskart has also broken ground on what will be the world's largest eyewear production plant, in Hyderabad, Telangana.

Trusted by Global Investors and Fueled by Innovation

Lenskart has received more than $1 billion in funding from marquee investors including SoftBank, Temasek, ADIA, Alpha Wave, Fidelity, and ChrysCapital throughout the years. The solid support is evidence of the faith of investors not just in Lenskart's business model but also in its capacity to grow overseas without neglecting the Indian market.

Started by Peyush Bansal, Neha Bansal, Amit Chaudhary, Ramneek Khurana, and Sumeet Kapahi, Lenskart evolved from a niche online eyewear player to an omnichannel eyewear player of scale, with global ambitions. As it heads for its IPO, the company is demonstrating what a well-managed, technology-driven, customer-focused business from India can do on the global stage.

With its DRHP filing with the public, solid bottom lines, smart global acquisitions, and unprecedented investor backing, Lenskart is not only gearing up for an IPO—it is setting the stage to become a category leader in the world of eyewear innovations.