Lenskart Files Draft Papers With SEBI For INR 2,150 Cr IPO

Omnichannel eyewear retailer LensKart has filed its draft red herring prospectus (DRHP) with the markets regulator SEBI to raise up to INR 2,150 Cr via fresh issue of shares.

The initial public offering (IPO) will also comprise an offer for sale (OFS) of up to 13.2 Cr shares by existing investors.

Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with institutional investors such as SVF II Lightbulb (SoftBank), Schroders, PI Opportunities, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures, will offload shares through the OFS. 

Peyush Bansal plans to sell up to 2 Cr shares.

According to the DRHP, LensKart may also raise up to INR 430 Cr through a pre-IPO placement.

From the total proceeds, INR 272.6 Cr will be allocated for capex to build and equip new Company Owned, Company Operated (CoCo) stores. Another INR 591.4 Cr will be spent on lease, rent, and license-related payments for CoCo stores operated by the company. 

Besides, INR 213.3 Cr will be used for upgrading and expanding technology systems and cloud infrastructure, while INR 320 Cr is earmarked for advertising, brand promotion, and marketing to boost public awareness and attract new customers.

Lenskart’s FY25 Numbers And Meller’s Acquisition

Founded in 2010 by Bansal, Amit Chaudhury and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer serving customers in India, the UAE, Singapore, and Japan. The company claims to have over 2,500 stores and a customer base of 2 Cr.

The Gurugram-based startup has raised over $1.75 Bn till date from investors, including ChrysCapital, Abu Dhabi Investment Authority and Temasek, among others.

Lenskart caters to multiple customer segments through various brands. Its premium offerings include John Jacobs and Owndays (acquired in 2022), while other brands include Lenskart Air, Vincent Chase, hustlr, and Hooper Kids.

The company sells primarily through its website and app, supported by an extensive offline presence and digital tools that enable a seamless omnichannel experience.

Lenskart currently operates 2,723 stores, of which 2,067 are in India and 656 internationally. Notably, 45% of its Indian revenue comes from customers who engage digitally.

Internationally, Lenskart has expanded through acquisitions, including the latest acquisition of Meller. In its DRHP filing, Lenskart revealed that it acquired the remaining 80% stake in Stellio Ventures S.L. (owner of the “Meller” eyewear brand) for INR 4,063.93 Mn.

Meller’s products are mainly sold online across multiple countries, with the brand also operating a retail store in Barcelona, Spain.

On the financial front, the company swung to a profit of INR 297.3 Cr in the financial year ended March 2025 (FY25), compared to a loss of INR 10 Cr in the previous fiscal. Its revenue from operations grew 22.6% to INR 6,652.5 Cr in FY25 from INR 5,427.7 Cr in FY24.