Lenskart gets shareholder approval for $250 million IPO fundraise

Indian eyewear retailer Lenskart secured shareholder approval to raise $250 million through a fresh share issue, setting the stage for a public offering that could reach $1 billion, including existing investor sales, according to sources. It is aiming for an IPO valuation of about $10 billion.

 

“The company got approval for the $250 million IPO fundraise. The offer for sale (OFS) would be decided later,” said a person familiar with the matter.

 

The company plans to file its prospectus with the Securities and Exchange Board of India (Sebi) soon, joining a wave of technology startups—including trading platform Groww, e-commerce firm Meesho, and education company PhysicsWallah—that are preparing to go public in 2025.

 

Lenskart's move comes as the $5 billion company—recently marked up to $6.1 billion by Fidelity—seeks to capitalize on robust growth in India's retail market. The Gurugram-based firm reported 43 per cent revenue growth to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23, while narrowing its losses by 84 per cent to Rs 10 crore in FY24 from Rs 63 crore in FY23.

 

The IPO approval includes a pre-listing fundraising round of $51 million and a new employee stock plan covering 7.2 million shares. Lenskart operates more than 2,500 stores globally and is investing $200 million in a manufacturing facility in southern India.

 

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence, including in Southeast Asia and the Middle East. With a unique click-and-mortar business model, it is disrupting the eyewear industry by offering an omni-channel customer experience across online platforms, mobile applications, and stores.

 

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