Wakefit, Lenskart Get SEBI Nod For IPO

D2C furniture and mattress company Wakefit Innovations has received the Securities and Exchange Board of India’s (SEBI) nod to undertake its initial public offering (IPO).

As per SEBI’s update, the regulator issued observations to the startup on October 3. In SEBI’s parlance, the issuance of an observation letter is a green light to proceed with the public issue. 

The regulator also issued its IPO go-ahead to eyewear major Lenskart on the same day. 

With this, Wakefit and Lenskart have joined the growing wave of new-age tech companies headed to Dalal Street. Here’s a closer look at the proposed public offerings of the two companies. 

Wakefit IPO

The company filed its DRHP in June 2025 to raise up to INR 468 Cr via a fresh issue of shares. It plans to utilise the fresh capital to expand its retail store network by setting up 117 new stores. Besides, it is also looking to spend on marketing and advertisement.

Besides, the proposed IPO will also include an offer for sale (OFS) of up to 5.8 Cr equity shares. Promoters Ankit Garg, Chaitanya Ramalingegowda, and investors Peak XV Partners, Redwood Trust, Paramark, and Verlinvest will offload portions of their stake via the IPO..

The D2C company reported a net loss of INR 12.4 Cr in the first nine months of the fiscal year FY25 (9M FY25). Its operating revenue stood at INR 1,032 Cr during the period. For the full fiscal year FY24, the company had reported a net loss of INR 18 Cr against an operating revenue of INR 1,012 Cr. 

Lenskart IPO

Lenskart had filed its DRHP in July to raise up to INR 2,150 Cr via a fresh issue, along with an OFS component of up to 13.2 Cr shares.

The OFS will see promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, as well as institutional investors such as SoftBank, Temasek, Kedaara Capital, and Alpha Wave Ventures offload part of their stakes in the company. 

The eyewear brand also plans to increase its offline play, intending to utilise the fresh capital to expand its retail stores. From the fresh capital raised via the IPO, the company intends to deploy INR 272.6 Cr towards building and equipping new company owned, company operated (CoCo) stores and spend INR 591.4 Cr for lease, rent, and license-related payments for CoCo stores.

On the financial front, Lenskart swung to profitability in FY25, posting a net profit of INR 297.3 Cr compared to a net loss of INR 10 Cr in FY24. Its operating revenue rose 22.6% year-on-year to INR 6,652.5 Cr.

The SEBI approvals come amid a flurry of IPO activity in the Indian startup ecosystem. Besides Wakefit and Lenskart, Capillary Technologies and Pine Labs also received the regulator’s nod for its IPO in recent times. 

Further, companies like Groww, Aequs and PhysicsWallah received the regulator’s approval for their confidential filings in recent months, pursuant to which they filed their updated DRHPs with the regulator. 

Meanwhile, electronics manufacturer boAt also received the SEBI nod for its confidential filings earlier in September but is yet to file its updated DRHP.