Lenskart Solutions Pvt, the popular SoftBank-backed eyewear company, is gearing up for a major initial public offering (IPO) aimed at raising approximately $1 billion. In line with this move, the company is in talks with prominent financial institutions like Kotak Mahindra Bank and Morgan Stanley to help arrange the IPO. Lenskart hopes to achieve a valuation between $7 billion and $8 billion when the offering takes place, which is expected in the fiscal year 2025-26.
Lenskart’s Impressive Financial Performance
Lenskart has shown remarkable financial growth, reporting a 43% increase in revenue in the fiscal year 2024 (FY24), reaching around ₹5,427 crore, up from ₹3,788 crore in FY23. At the same time, the company managed to reduce its losses significantly, reporting a loss of just ₹10 crore, compared to ₹63 crore the previous year. This improvement demonstrates Lenskart’s effective cost management strategies as it prepares for its IPO.
The company has also raised nearly $1 billion in funding over the past two years, attracting strong investor confidence despite the challenging economic conditions. Notably, Lenskart secured $200 million from investors such as Temasek and Fidelity Management & Research Company in June 2023, boosting its valuation to approximately $5.6 billion.
Expansion and Growth Strategy
Founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart now operates over 2,500 stores globally, including 2,000 in India. The company uses a unique “click-and-mortar” business model, combining both online and offline shopping experiences. As part of its growth strategy, Lenskart is expanding its reach in international markets like the UAE and Singapore, while facing competition from established eyewear brands such as Titan Eyeplus and Warby Parker.
Along with its IPO plans, Lenskart is also investing in technology. The company has made acquisitions, including the AI-based startup Tango Eye and the Japanese eyewear brand Owndays. Lenskart is further strengthening its production capabilities with a new manufacturing facility in Telangana, backed by a ₹1,500 crore investment.
A Positive Outlook for the Indian Startup Ecosystem
Lenskart’s IPO announcement is part of a larger resurgence in India’s primary market, with numerous startups preparing to go public. In 2025, around 25 startups are expected to list on Indian stock exchanges, including prominent names like Zepto and PhysicsWallah. If successful, Lenskart will join other notable companies like Swiggy and Paytm that have already made their market debuts.
Lenskart’s preparations signal growing investor interest in India’s startup ecosystem, reflecting optimism about the country’s economic growth and expansion across various sectors.