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Chandigarh: Lenskart Solutions Limited, India’s largest tech-driven omnichannel eyewear retailer, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), signaling its intention to raise ₹2,150 crore through an initial public offering (IPO). The offer includes a fresh issue of equity shares worth ₹2,150 crore and an offer for sale (OFS) of up to 132.29 million shares by promoters and investors.
Promoter shareholders such as Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, alongside investor entities like 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, will divest part of their holdings through the OFS.
Lenskart has also stated that it may undertake a pre-IPO placement of ₹430 crore before filing the final RHP (Red Herring Prospectus). If executed, this amount will be deducted from the fresh issue.
Utilisation of Proceeds
The proceeds from the IPO will be used for a variety of strategic initiatives:
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Setting up new Company-operated Company-owned (CoCo) stores in India.
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Lease-related payments including rent and license fees for these new outlets.
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Investments in cloud infrastructure and proprietary technology.
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Brand marketing, advertising, and customer acquisition.
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Pursuit of potential inorganic growth opportunities (M&A).
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General corporate purposes.
The focus remains on strengthening its tech-enabled, vertically integrated supply chain and expanding physical and digital reach across India and overseas markets.
Company Evolution and Business Footprint
Founded in 2008 by Peyush Bansal, Lenskart started as an online eyewear platform in 2010 and opened its first retail outlet in 2013 in New Delhi. Since then, the company has evolved into a full-stack eyewear solution provider, handling design, manufacturing, branding, retailing, and post-sales service under one roof.
As of FY25, the company operates 2,723 stores globally—2,067 in India and 656 in international markets including Southeast Asia, the Middle East, and Japan. The company owns large-scale manufacturing and assembly facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), supported by global units in Singapore and the UAE.
Its diversified brand portfolio includes:
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John Jacobs and Owndays (premium segment)
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Lenskart Air, Vincent Chase, hustlr, and Hooper Kids (affordable and economy segment)
The acquisition of Owndays in 2022 significantly enhanced its international presence. Recently, Lenskart also agreed to purchase the remaining 80% stake in Stellio Ventures S.L., which owns the Spanish eyewear brand Meller, for ₹406.39 crore. Meller operates primarily through online platforms and a flagship retail outlet in Barcelona.
Impressive Operational Metrics
In FY25, Lenskart launched 105 new in-house collections and sold 27.2 million eyewear units to over 12.4 million customers across India and overseas. Over 45% of its Indian revenue came from customers who had engaged with the brand digitally—via social media, online searches, or other platforms—within 90 days before making a purchase.
The company recorded over 100 million cumulative app downloads and received more than 104.97 million annual visitors on its global websites.
Tech-First Approach to Retail
What truly sets Lenskart apart is its commitment to technology. The company employs a 500+ member technology team to support a range of functions, including:
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AI-enabled facial analysis and frame recommendation tools
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Computer Vision systems to analyze in-store footfall and improve conversion rates
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Geo-analytics for selecting high-performing retail locations
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Virtual try-ons and face/frame size detection via mobile apps
In FY25 alone, Lenskart conducted 38.59 million virtual try-ons and 37.87 million facial measurements for customers in India, highlighting how tech integration drives engagement and precision in its services.
Massive Market Potential
Lenskart’s growth strategy aligns with the rising demand for vision correction. According to the DRHP, 1.3 billion people across India, Japan, Southeast Asia, and the Middle East were affected by refractive errors in FY25—roughly 32% of the global population.
In India alone, the number has jumped from 590 million (43%) in FY20 to 777 million (53%) in FY25, and is expected to touch 943 million (62%) by FY30. With a stronghold in this underserved segment, Lenskart is positioning itself as a leading solution provider with both scale and personalization.
IPO Management
The IPO will be led by top financial institutions, including:
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Kotak Mahindra Capital Company Ltd
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Morgan Stanley India Company Pvt Ltd
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Avendus Capital Pvt Ltd
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Citigroup Global Markets India Pvt Ltd
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Axis Capital Ltd
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Intensive Fiscal Services Pvt Ltd
These institutions will serve as the Book Running Lead Managers (BRLMs), facilitating the listing process on Indian stock exchanges.
Conclusion
Lenskart’s IPO marks a significant milestone not just for the company but also for India’s growing D2C (direct-to-consumer) and tech-enabled retail sector. With its integrated supply chain, global presence, and strong technological foundation, the brand is well-positioned to capitalize on the expanding demand for affordable and accessible eyewear.
As it transitions into a publicly listed entity, market watchers will closely track how Lenskart leverages investor capital to scale operations, strengthen customer loyalty, and explore global opportunities.
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