Lenskart Aims for IPO with $1 Billion Target

Lenskart, the omnichannel eyewear retailer, is poised for significant developments as its draft red herring prospectus (DRHP) is imminent. The company has officially transitioned from a private to a public entity following pivotal board approval.

The board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, as detailed in the company’s filings.

IPO Aspirations and Capital Goals

Reports indicate that Lenskart is looking to raise $1 billion through a blend of primary and secondary capital, with a valuation goal of $10 billion for its Initial Public Offering (IPO).

Notably, in June 2024, Lenskart secured $200 million in a secondary funding round, followed by a $20 million investment that included founder Peyush Bansal’s participation, as exclusively reported by Startup Superb. Over the last 18 months, the company has successfully raised close to $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity adjusted Lenskart’s valuation to $5.6 billion.

Global Presence and Financial Growth

As of last year, Lenskart operated over 2,500 stores globally, with approximately 2,000 located in India. During the fiscal year 2024, the company derived 42% of its revenue from international markets, which include Japan, Singapore, Taiwan (province of China), and Thailand.

Lenskart reported a revenue increase of 43%, reaching Rs 5,427.7 crore in FY24, up from Rs 3,788 crore in FY23. Additionally, the company significantly reduced its losses by 84%, with losses decreasing to Rs 10 crore in FY24 from Rs 63 crore in FY23. Results for FY25 are yet to be disclosed.