Vision for Growth: How Lenskart Is Perfectly Framed for a Billion-Dollar Debut
Lenskart’s initial public offering (IPO) is scheduled to open for subscription from October 31, 2025, to November 4, 2025.
The price band for the IPO has been fixed at ₹382 to ₹402 per equity share, with the company aiming to raise ₹2,150 crore through a fresh issue of shares.
Key details about the Lenskart IPO:
Total Issue Size: The total issue size is approximately ₹7,278 crore, comprising the fresh issue of ₹2,150 crore and an offer-for-sale (OFS) of up to 12.75 crore shares.
Listing: Lenskart is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 10, 2025.
Investor Bids: Anchor investors can submit their bids on October 30, 2025.
Lot Size: The IPO lot size is 37 equity shares, and investors can bid in multiples of 37 shares thereafter.
Retail Allocation: The portion for retail investors is capped at 10% of the total issue.
Valuation: At the upper end of the price band, the company is seeking a valuation of around ₹72,719 crore, or approximately $7.91 billion.
Notable Pre-IPO Investment: DMart founder Radhakishan Damani reportedly invested around ₹90 crore in Lenskart during a pre-IPO funding round.
Lenskart – A startup success story…
India’s eyewear market is on the cusp of transformation, and one of its most formidable players, Lenskart Solutions Limited (“Lenskart”), is preparing to step into the public markets.
With the company filing for an IPO to raise fresh capital and unlock value for existing investors, this article explores Lenskart’s origin and evolution, its funding journey, the growth path it has followed, and the future potential post-IPO.
From Start-Up to Omni-Channel Powerhouse
Lenskart was founded in 2010 (some sources cite 2008 under an earlier name) by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi as an online eyewear retailer.
Initially focused on e-commerce, the company evolved into a full omni-channel model, combining a strong online presence with a rapidly expanding network of physical retail stores. According to filings, Lenskart has operated over 2,000 stores in India and a significant footprint internationally.
A key strategic move was the integration of manufacturing and supply-chain capabilities. The firm reported in its draft prospectus that it produced tens of millions of lenses and frames annually, and made investments to shift more of manufacturing to India.
By converting its parent entity from a private limited to a public limited company in mid-2025 (in May) and approving shareholder resolutions to enable an IPO, Lenskart set the institutional scaffolding for its listing.
Thus, from a start-up pitched at eyewear online, Lenskart has become India’s largest omni-channel eyewear retailer and is positioning itself for public-market growth.
Funding & Valuation Journey
Early Rounds & Growth Capital
Over the years, Lenskart has raised over US $1 billion across more than a dozen rounds.
Some key milestones:
In June 2024, Lenskart raised US $200 million from investors including Temasek Holdings and Fidelity Management & Research Company at a valuation of ~US $5 billion.
Following that, Fidelity marked up its internal valuation of Lenskart to US $6.1 billion as of April 2025.
Ahead of the IPO, Lenskart secured shareholder approval to raise ₹2,150 crore (approx US $250 million) through fresh issue of shares.
IPO Sizing & Valuation Targets
Lenskart plans to raise fresh capital via its IPO and also allow existing investors to sell part of their stake (offer for sale). According to its draft red-herring prospectus (DRHP):
Fresh issue: ₹21.5 billion in fresh shares.
Offer for sale: 132.28 million shares from existing shareholders.
The target valuation at IPO is in the range of US $8 – 10 billion (₹65,000-85,000 crore).
Thus, the funding journey and valuation growth reflect strong investor confidence and a scaling business model.
Growth Metrics & Business Fundamentals
Revenue & Profitability
For FY24, Lenskart reported revenue of ₹5,427 crore, up 43 % year on year.
The net loss drastically narrowed from ₹63 crore in FY23 to ₹10 crore in FY24.
For FY25, reports indicate revenue reached ₹6,653 crore and the company turned profitable with net profit ~₹297 crore.
Market Reach & Strategy
Lenskart operates an omni-channel format: strong online presence plus more than 2,000 company-owned / operated stores in India, and overseas operations (Singapore, UAE, Japan etc).
The eyewear market in India is large and growing: for example, an increased prevalence of refractive errors among children and youth is noted in its DRHP, which offers structural tailwinds.
Manufacturing localisation: The firm is shifting production to India, setting up facilities (e.g., in Rajasthan) to improve supply-chain, cost control and responsiveness.
Strengths & Focus Areas
Vertical integration: Lenskart designs, manufactures and distributes its products, which helps margins and control.
Brand and scale: With a large number of physical stores, it has strong brand recognition and capability to leverage both urban and tier-2/3 markets.
Global expansion: Presence beyond India gives diversification benefits and growth levers.
Digital & operational innovation: Use of technology, cloud infrastructure, and data-driven marketing are cited in the IPO prospectus as key investment areas.
Risks, Challenges & Considerations
While the outlook is positive, investors should note some of the challenges:
The business is in a highly competitive space (eyewear, retail, both online and offline). Lenskart’s growth depends on maintaining customer acquisition, retention and store profitability.
Profitability has only recently been achieved; sustaining margins while scaling is the next challenge.
Store expansion and inventory/working capital demands: aggressive expansion can strain cash flows.
Market conditions: A successful IPO depends on broader market sentiment and valuation multiples for consumer-tech/retail businesses.
Regulatory and operational risks: Retail and manufacturing have their complexities, and shifts in consumer preferences, input cost inflation, or supply-chain disruption could impact performance.
Future Potential Post-IPO
The IPO opens up multiple avenues for Lenskart’s growth and value creation.
1. Retail Store Expansion: The fresh capital will help accelerate opening of new company-owned stores (CoCo model), particularly in underserved geographies. According to the DRHP, part of the proceeds will be used for store network expansion.
2. Technology & Manufacturing Investment: Investments in cloud infrastructure, data analytics, manufacturing capabilities will help boost margins and scalability.
3. Global Footprint and Acquisitions: With the capital and public listing credibility, Lenskart can deepen its international expansion and possibly pursue strategic acquisitions to gain access to new markets or premium brands.
4. Brand Building & Product Innovation: Broader brand recognition, newer product lines (e.g., premium frames, contact lenses, eye‐care services) and greater cross-selling (sunglasses, accessories) can increase average revenue per user.
5. Strategic Market Tailwinds: India’s eyewear market is forecast to grow significantly (driven by screen time, ageing population, increased awareness). Lenskart is well positioned to capture that growth via its omni-channel reach.
6. Investor Liquidity & Credibility: As a public company, Lenskart will gain access to capital markets for future growth, and existing shareholders will have liquidity, which tends to increase visibility and credibility in the market.
Conclusion
Lenskart’s journey from a niche online eyewear start-up to a major omni-channel retailer preparing for a multi-billion-dollar IPO is emblematic of India’s evolving consumer ecosystem. With strong growth metrics, a compelling business model, and structural tailwinds in the eyewear market, the company appears well-positioned.
That said, success in the public markets will depend on its ability to translate scale into sustainable profitability, navigate competitive and cost pressures, and maintain the pace of innovation and customer engagement. For investors and industry watchers alike, Lenskart’s IPO isn’t just a listing—it’s a test of how well a new-age consumer brand can perform in the public arena.
Team- Intellex Strategic Consulting Private Limited
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