Eyewear unicorn Lenskart files DRHP with Sebi to launch IPO; check details

Lenskart Solutions, a prominent player in India's eyewear market, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The proposed initial public offering (IPO) includes a fresh issue of shares valued at Rs 2,150 crore, alongside an offer for sale by current shareholders. Notably, shareholders such as Peyush Bansal, Neha Bansal, Amit Chaudhary, and others are involved in the sale.

The IPO includes a fresh issue and an offer for sale comprising up to 132,288,941 equity shares by existing stakeholders. These stakeholders include Promoter Selling Shareholders and Investor Selling Shareholders like SVF II Lightbulb (Cayman) Limited and Schroders Capital Private Equity Asia Mauritius Limited. Lenskart is also considering a pre-IPO placement amounting to Rs 430 crore, which, if undertaken, will reduce the fresh issue size.

Proceeds from the IPO are earmarked for strategic initiatives, such as setting up new Company-operated Company-owned (CoCo) stores, investments in technology, brand marketing, and potential acquisitions. Additionally, funds will cover lease and rent payments for the CoCo stores. The company aims to enhance its tech infrastructure and raise brand awareness through these funds.

Founded in 2008, Lenskart began as an online business in 2010 before establishing its first retail outlet in 2013. It operates one of the largest eyewear retail networks across India, expanding into metro, Tier 1, and Tier 2 cities, with international presence in Southeast Asia and the Middle East. The brand's mission is to ensure “Eyewear for All”, believing that “clear vision is fundamental to the personal development and well-being of an individual.”

Lenskart's operations include ownership of frame and lens design facilities in India, with additional operations in Singapore and the UAE. The brand caters to diverse customer segments through its premium and economy collections under various brands, such as John Jacobs and Vincent Chase. Recently, Lenskart acquired an 80% stake in Stellio Ventures S.L., the owner of the “Meller” brand, for Rs 406.39 million.

In FY25, Lenskart launched 105 new collections globally, collaborating with popular brands and celebrities, and sold 27.2 million eyewear units to 12.41 million customers. The brand's digital engagement strategy is significant, with about 45 per cent of revenues in India coming from customers who interacted digitally before purchasing.

Lenskart's technological prowess includes AI-driven tools such as facial analysis, frame recommendations, and CCTV analysis to optimise retail operations. The company recorded over 100 million app downloads and 104.97 million annual website visitors in FY25, operating 2,723 stores worldwide.

The eyewear market potential is significant, with an estimated 1.3 billion individuals affected by refractive errors across India, Japan, and Southeast Asia. In India alone, this figure rose from 43% in 2020 to 53% in 2025 and is projected to reach 62% by 2030. This growth underscores Lenskart's strategic position to capitalise on increasing demand.

Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, and Intensive Fiscal Services Pvt Ltd have been appointed as the Book Running Lead Managers for the IPO. Their expertise is expected to guide the IPO process effectively.

The IPO filing reflects Lenskart's robust growth strategy and commitment to enhancing its market presence through technological investments and strategic expansions. The company's approach aims to cater to a diverse market, leveraging its strong digital and retail presence to drive future growth.