Eyewear retailer Lenskart accelerates store expansion ahead of $10 bn IPO

The eyewear retailer plans its biggest store expansion in three years as it prepares for a $900 million IPO, one of India's largest public issues in 2025

Eyewear retailer Lenskart plans to add 450 stores in the current financial year, its fastest expansion in three years, as the company prepares for a public listing that could value it at up to $10 billion.

 

The addition would take Lenskart’s store count to more than 3,150 across 14 countries, representing a 34 per cent rise from the 334 stores opened last year. The company expects to raise as much as ₹8,000 crore ($900 million) through its initial public offering (IPO), which could debut before November 12, according to people familiar with the matter.

 

“Lenskart is expected to list on the stock exchanges before November 12, with the final regulatory clearances likely soon,” said a person. “It is expected to raise as much as $900 million in one of India’s top-five IPOs this year.” 

Industry sources have pegged the company’s valuation between $8 billion and $10 billion. When contacted, Lenskart declined to comment.

 

SEBI clears Lenskart IPO; major investors to sell part holdings

 

The firm recently received approval from the Securities and Exchange Board of India (SEBI) for a primary raise of ₹2,150 crore through the IPO. The offering comprises ₹2,150 crore in new shares and the sale of up to 132.3 million existing shares by current investors and company founders.

 

Among the selling shareholders are co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, as well as investors including SoftBank’s 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.

 

Major investors such as Kedaara, Chiratae Ventures, Ronnie Screwvala’s Unilazer Ventures, and KKR are likely to see significant returns, according to sources. Lenskart has already delivered strong payback to private investors through a $500 million round led by Abu Dhabi Investment Authority (ADIA), primarily via secondary share transactions.

 

Bulge-bracket investors like SoftBank and ADIA are expected to retain significant holdings post-listing, sources said.

 

IPO proceeds to fund new stores, technology, and acquisitions

 

The company plans to utilise the IPO proceeds for several strategic initiatives, including capital expenditure for setting up new company-owned, company-operated (CoCo) stores in India, and payments related to leases, rent, and licences for these outlets.

 

It also plans to invest in technology and cloud infrastructure, brand marketing, and business promotion to strengthen brand awareness. Other allocations include potential inorganic acquisitions and general corporate purposes.

 

Revenue up 22.5% in FY25; strong profit turnaround

 

In FY25, Lenskart reported revenue from operations of ₹6,652.5 crore, up 22.5 per cent from ₹5,427.7 crore in the previous financial year. The company posted a net profit of ₹297.34 crore, against a net loss of ₹10.15 crore in FY24.

 

Earnings before interest, tax, depreciation, and amortisation (Ebitda), excluding other income, stood at ₹971 crore, up 44.5 per cent from ₹672 crore in FY24.

 

Vision correction market fuels long-term growth opportunity

 

By 2030, nearly one billion people in India will require vision correction, but fewer than 40 per cent are expected to wear prescription glasses. With its direct-to-consumer (D2C) focus and early investments in AI-led eye tests and brand-building, Lenskart aims to tap this latent demand.

 

India remains Lenskart’s largest market in Asia. In FY25, the company recorded over 100 million app downloads and 105 million website visitors globally.

 

The country has more than 90,000 eyewear stores, yet vision care remains inaccessible to large sections of the population, according to industry sources. Lenskart aims to bridge this gap through an extensive, tech-enabled supply and distribution network.

 

Smart eyewear and global presence strengthen Lenskart’s edge

 

Globally and in India, Gurugram-based Lenskart competes with players such as Titan Eyeplus, Specsmakers, Vision Express, Warby Parker, and Italian eyewear giant Luxottica Group.

 

Founded in 2008, Lenskart launched online operations in 2010 and opened its first retail store in New Delhi in 2013. It now operates India’s largest eyewear retail network, with a presence across metros and smaller cities, as well as in Southeast Asia and the Middle East.

 

The company runs a manufacturing facility in Bhiwadi and is setting up another in Telangana, supported by regional hubs in Singapore and the UAE.

 

In July, Lenskart invested in Mumbai-based Ajna Lens, a deep-tech start-up specialising in extended reality (XR) and AI-powered wearable technology. The deal, whose value remains undisclosed, marks Lenskart’s first major bet on AI-enabled smart glasses.

 

The company also unveiled a new feature for its upcoming B Camera Smartglasses—direct UPI payments. Users can instantly complete transactions by scanning a QR code with their smartglasses, requiring neither a phone nor a PIN.