Lenskart warns: LASIK, SMILE may rattle India's $17-billion eyewear market

Medical advancements in eyecare, including laser-assisted in situ keratomileusis (LASIK) and small incision lenticule extraction (SMILE) surgeries, could pose a challenge to India’s growing eyewear industry, cautioned Piyush Bansal-led Lenskart Solutions in its Red Herring Prospectus (RHP).

 

The company launched its initial public offering (IPO) on Friday, October 31, aiming to raise ₹7,278.02 crore from primary markets. The issue received positive reviews from brokerages and was fully subscribed on the very first day.

 

Investor appetite remained strong, with the IPO oversubscribed by 1.46 times as of 11:17 am on Monday, November 3, according to NSE data. The subscription window closes on Tuesday, November 4, while the D-street listing is scheduled for Monday, November 10, 2025.

India among fastest-growing eyewear markets

Lenskart, in its RHP, highlighted the broader macroeconomic backdrop. Global economic activity is projected to remain resilient over the next five years, supported by sustained momentum in emerging Asian markets. Within the region, India and emerging Southeast Asian markets are becoming increasingly integrated into global supply chains, aided by investment in transportation corridors, renewable energy, and digital infrastructure.

 

“This integration is fostering an expanding, mobile-centric consumer base,” the company said. “India, in particular, is expected to reinforce these trends at scale, as policy reforms, broad-based infrastructure programmes, and high adoption of digital consumer platforms and digital public infrastructure continue to elevate productivity and boost domestic consumption.”

 

According to the RHP, India is among the fastest-growing eyewear markets globally, with a projected CAGR of 13 per cent between FY25 and FY30P. The market is expected to expand 1.5 times faster than the overall retail market and nearly three times faster than the global eyewear market, reaching ₹1,48,300 crore ($17.2 billion) by FY30P, up from ₹78,800 crore ($9.2 billion) in FY25. 

LASIK, SMILE pose potential headwinds

Despite these growth trends, Lenskart flagged potential challenges from medical innovations. “Medical advancements in eyecare, such as laser-assisted in situ keratomileusis (LASIK) and and small incision lenticule extraction (SMILE) surgeries, may reduce the need for corrective eyewear among potential customers,” the RHP said.  These procedures correct refractive errors, including myopia, hyperopia, and astigmatism, by reshaping the cornea. According to a Redseer report, surgical correction of refractive errors is becoming increasingly accessible across emerging markets.

 

“We cannot assure you that the demand for our eyewear products will not be adversely affected by the increasing popularity and availability of LASIK and SMILE surgeries. If more customers opt for these procedures, our revenue may decline, and our growth prospects could be impaired,” Lenskart added.