Lenskart files draft papers with Sebi to raise ₹2,150 crore in fresh capital via IPO
The company plans to raise ₹ 2,150 crore in fresh capital, while existing investors will offload 132.28 million shares through an offer for sale (OFS), according to the filing. Prominent selling shareholders include founder Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi, SoftBank, Kedaara Capital, Alpha Wave Ventures, and MacRitchie Investments, among others.
Lenskart, India's largest eyewear retailer, is reportedly seeking a valuation of $8-9 billion. It has appointed Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital as book-running lead managers for the issue.
The company joins a growing list of Indian startups, including Pine Labs, Curefoods, Capillary Technologies, Shiprocket, Groww, and Urban Company, that have filed draft IPO papers in recent months. Others such as PhysicsWallah and Bluestone are also expected to go public soon.
Lenskart plans to deploy the IPO proceeds towards capital expenditure for setting up new company-owned and company-operated (CoCo) stores in India, lease-related payments for CoCo locations, investments in technology and cloud infrastructure, brand marketing and business promotion, potential inorganic acquisitions, and general corporate purposes.
Founded in 2010 by Peyush Bansal, along with Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart has raised $1.08 billion across 19 funding rounds, including $18.2 million in a Series I round in July 2023. Its backers include TPG and Chiratae Ventures.
The company, which sells prescription eyewear, sunglasses, and contact lenses, has a presence in India, Singapore, and the United Arab Emirates. Over the past year, it has relocated a significant portion of its global manufacturing to India to cut costs and streamline its supply chain—shifting most of its frame production from Japan to its facility in Rajasthan.
Lenskart has also ramped up its omnichannel strategy, operating over 2,500 retail outlets and forging quick-commerce partnerships with Blinkit, the Zomato-backed delivery platform.
In FY25, Lenskart reported operating income of ₹ 6,652 crore, up from ₹ 5,427 crore in the previous year. It turned profitable during the year, posting a net profit of ₹ 297 crore, compared with a loss of ₹ 10 crore in FY24.
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