Lenskart, India’s leading omnichannel eyewear retailer, has officially transitioned from a private limited company to a public limited entity, now registered as “Lenskart Solutions Limited.” This strategic move is a key step as the company gears up for a highly anticipated initial public offering (IPO) on Indian stock exchanges.
Board Approves Name Change for IPO
Lenskart’s shareholders passed a special resolution to change the company’s name, making it eligible for a public listing. This conversion is mandatory before filing IPO papers and signals the company’s readiness to enter the public markets.
Targeting a $10 Billion Valuation
Lenskart is preparing to raise $1 billion through its IPO, aiming for a valuation of $10 billion—double its last funding round valuation. The company has already roped in Kotak Mahindra Bank and Morgan Stanley to lead the IPO process. In June 2024, Lenskart closed a $200 million secondary round at a $5 billion valuation, with major investments from Temasek and Fidelity. Founders also invested nearly $20 million in July 2024.
Impressive Financial Growth
Lenskart has achieved an annual revenue run rate of $1 billion (₹8,400 crore). In FY24, the company’s net loss shrank sharply to ₹10 crore from ₹64 crore in FY23, thanks to technology-driven efficiencies. Operating revenue surged 43% to ₹5,428 crore, and EBITDA more than doubled to ₹856 crore. The company manufactures 25 million frames and 30–40 million lenses annually, operating over 2,500 stores across India and Southeast Asia.
Expanding Global Footprint
Lenskart is not just dominating the Indian market but is also expanding internationally. The company has a strong presence in Southeast Asia and continues to grow in markets like Japan, Singapore, and Thailand. Strategic acquisitions, such as the Japanese brand Owndays and stakes in French eyewear brands, have bolstered its global ambitions.
Indian Startups Eyeing the Bourses
Lenskart’s move is part of a larger trend where Indian tech startups are heading for IPOs. The success of Lenskart’s public listing could inspire more startups to tap the capital markets, reflecting the growing maturity of India’s startup ecosystem.