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Eyewear retailer Lenskart Solutions has received approval from the Securities and Exchange Board of India (SEBI) to raise ₹2,150 crore through an initial public offering (IPO), as it looks to tap the growing demand for affordable prescription glasses and contact lenses.
The offering consists of ₹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.
According to sources, the firm is aiming for an IPO valuation of about $10 billion. Peyush Bansal is expected to earn up to ₹700 crore, while other major investors likely to see significant returns include Kedaara, Chiratae Ventures, Ronnie Screwvala’s Unilazer Ventures, and KKR.
IPO proceeds and utilisation plans
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 "initial public offerings, IPO")
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 "Lenskart")
The company proposes to utilise the net proceeds from the IPO for several strategic initiatives. These include capital expenditure for setting up new company-owned, company-operated (CoCo) stores in India, and payments related to lease, rent, and licence agreements for these outlets. It also plans investments in technology and cloud infrastructure, brand marketing, and business promotion to enhance brand awareness. Other allocations include potential inorganic acquisitions and general corporate purposes.
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 are the book running lead managers to the issue.
In FY25, Lenskart reported revenue from operations at ₹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.
Wakefit’s IPO plan and objectives
Meanwhile, Wakefit Innovations Ltd, India’s largest direct-to-consumer (D2C) home and furnishings brand, has also received SEBI’s go-ahead to raise funds through an IPO. The company, which filed its preliminary IPO papers on 26 June 2025, obtained SEBI’s observations during the week on 3 October.
The Bengaluru-based company plans to raise up to ₹468.2 crore through a fresh issue of equity shares. The offering also includes a secondary sale of 58.4 million shares by existing shareholders, marking a partial exit for the company’s founders and early backers.
Promoters Ankit Garg and Chaitanya Ramalingegowda will participate in the offer for sale (OFS), along with institutional investors including Peak XV Partners, Verlinvest SA, Investcorp Funds, Redwood Trust, and Paramark KB Fund I, among others.
Wakefit proposes to utilise the net proceeds from the fresh issue towards capital expenditure worth ₹82 crore for setting up 117 new CoCo regular stores and one CoCo jumbo store, and ₹15.4 crore for the purchase of new equipment and machinery. It will use ₹145 crore for lease, sub-lease rent, and licence fee payments for existing stores, and ₹108.4 crore for marketing and advertisement expenses to enhance brand visibility. The remaining amount will be used for general corporate purposes.
Wakefit is a fast-growing domestic player in the home and furnishings market in India and among the few organised peers to achieve total income exceeding ₹1,000 crore as of March 31, 2024.
The firm reported revenue from operations of ₹986.3 crore in FY24 and ₹971 crore for the nine-month period ended 31 December 2024.
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