Lenskart's IPO: A Milestone for India's Consumer Internet Sector

Strategic Insights -

Lenskart, the 15-year-old omnichannel eyewear retailer, is set to launch its initial public offering (IPO) next month, which could be among India's largest new-age listings. The issue size is expected to be between Rs 7,500 and Rs 8,000 crore (around $850-900 million), with the company planning to announce the price band by the end of October. The IPO will have an offer for sale (OFS) component, with founders and investors such as SoftBank, Premji Invest, and Temasek selling a portion of their shares.

Lenskart has demonstrated significant growth and profitability in recent years. The company turned profitable in FY25, posting a net profit of Rs 297 crore, a big turnaround from a net loss of Rs 10 crore in FY24. Its revenue also rose 22%, to Rs 6,625 crore, from Rs 5,428 crore the year before. Lenskart's international revenue has been a significant contributor, with more than 40% of its total revenues in fiscal 2025 coming from markets such as Taiwan, Australia, and South Korea.

Key Takeaways:

  • Lenskart plans to launch its IPO next month, with an issue size of between Rs 7,500 and Rs 8,000 crore (around $850-900 million).
  • The company has turned profitable in FY25, posting a net profit of Rs 297 crore, a big turnaround from a net loss of Rs 10 crore in FY24.
  • Lenskart's revenue rose 22%, to Rs 6,625 crore, from Rs 5,428 crore the year before.
  • The company's international revenue has been a significant contributor, with more than 40% of its total revenues in fiscal 2025 coming from markets such as Taiwan, Australia, and South Korea.
  • Lenskart has manufactured 2,704 stores in India, with plans to set up new stores using around Rs 272 crore of fresh capital from the issue.
  • The company has acquired several brands, including Spanish eyewear brand Meller, Japanese D2C eyewear brand Owndays, and Paris-based omnichannel eyewear brand Le Petit Lunetier.
  • Other upcoming new-age IPOs include Stockbroking startup Groww, ecommerce marketplace Meesho, and payments platform PhonePe.

Statistics:

  • Lenskart's FY25 net profit: Rs 297 crore
  • FY24 net loss: Rs 10 crore
  • Revenue growth: 22% (from Rs 5,428 crore to Rs 6,625 crore)
  • International revenue as a percentage of total revenue: 40%
  • Number of stores: 2,704
  • Planned investment in new stores: Rs 272 crore
  • Acquisition of Meller: Rs 407 crore
  • Acquisitions in 2022: Japanese D2C eyewear brand Owndays
  • Acquisitions in 2024: Paris-based omnichannel eyewear brand Le Petit Lunetier

Sources:

  • Times of India: "Lenskart expected to raise Rs 430 crore in pre-IPO placement from Dmart's Damani, SBI MF: sources"
  • ET Startup Awards 2024: "Lenskart wins Startup of the Year award"
  • BloombergQuint: "Lenskart plans to use IPO proceeds to set up new stores, meet leasing expenses"
  • Crunchbase: "Lenskart raises $427M in Series H funding led by Vista Equity Partners"