The company plans to raise Rs 2,150 crore through a fresh issue of shares, while its promoters and existing investors will sell 12.75 crore shares through an offer for sale (OFS). Proceeds from the new release will be used to expand the company’s stores, strengthen its technology infrastructure and fund brand building and marketing initiatives.
The public issue follows a pre-IPO investment of Rs 90 crore by billionaire Radhakishan Damani, founder of DMart, underscoring the strong investor confidence in Lenskart’s long-term growth story.
Damani’s entry adds another big name to Lenskart’s already robust list of backers, which includes SoftBank, Temasek, Kedaara Capital and Alpha Wave Ventures.
With this offering, Lenskart’s IPO is expected to be the fourth largest public offering of 2025 after Tata Capital, HDB Financial Services and LG Electronics. It also marks a major milestone for India’s consumer technology sector, following previous entries from Urban Company, Zomato and Swiggy.
A strong consumer brand with global ambitions Founded in 2008 by Peyush Bansal, Lenskart started as an online eyewear retailer before evolving into a full-fledged omnichannel retailer. The company combines online convenience with physical retail through more than 2,500 stores worldwide, spanning India, the Middle East and Southeast Asia. Its vertically integrated supply chain, which spans design, manufacturing and retail, allows Lenskart to offer affordable eyewear while maintaining quality and healthy margins. The company now dominates the organized eyewear market in India, well ahead of competitors like Titan Eye+.
In FY25, Lenskart reported a net profit of Rs 297 crore, marking a sharp turnaround from a loss of Rs 10 crore in FY24. Revenue rose 22% year-on-year to Rs 6,625 crore, driven by rising domestic demand and expanding international business.
The turnaround is attributed to improved cost management, stronger consumer engagement and efficiency gains resulting from the technology-driven model.
IPO details and purpose
The issue will include new shares as well as a significant offer for sale (OFS) component. The sellers include promoters Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, along with key institutional investors such as SoftBank Vision Fund II, Schroders Capital, PI Opportunities Fund, MacRitchie Investments (Temasek), Kedaara Capital and Alpha Wave Ventures.
Proceeds from the IPO will be used to expand the company’s stores (CoCo model), meet lease and rental obligations, strengthen cloud infrastructure, boost marketing and pursue potential inorganic acquisitions.
Outlook: A growing opportunity for glasses
Analysts expect eyewear demand in India to accelerate in the coming years, driven by increasing screen time, urbanization and greater awareness around eye care. A Jefferies report noted that Lenskart is well-positioned to benefit from “rising vision challenges, deeper market penetration and expansion of health insurance coverage through employers and government programs.”
With its strong financial performance, growing international footprint and renewed investor interest led by Radhakishan Damani, Lenskart’s IPO has caught the Street’s attention. However, registration response and listing performance will ultimately depend on valuations.
According to multiple reports, the company is targeting a valuation of nearly Rs 70,000 crore, which translates to more than 200x price-to-earnings ratio based on FY25 earnings.
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