Lenskart, a dominant player in the eyewear retail market, is preparing to go public, with plans to file its draft red herring prospectus (DRHP) by May 2025. The company aims for a $10 billion valuation, effectively doubling its worth compared to its last funding round.
According to a report, discussions between Lenskart CEO Peyush Bansal and investment bankers handling the IPO have been ongoing to finalize the valuation. The public offering is expected to raise $1 billion, but its execution remains subject to market conditions.
Lenskart's final decision to launch its IPO will be influenced by market conditions closer to the filing date.
“Work is underway to file the draft red herring prospectus (DRHP) by May so it can... get listed this calendar year,” an insider told a news agency.
However, internal discussions suggest that some stakeholders are advocating for an even higher valuation. Analysts note that achieving a $10 billion valuation will depend on investor sentiment and broader market conditions at the time of the IPO.
Although investors had pushed for an IPO in recent years, CEO Peyush Bansal had not confirmed these plans until now. Instead, Lenskart allowed major stakeholders to partially exit through secondary deals in the past two years.
In June 2023, Lenskart raised $200 million in a secondary funding round at a $5 billion valuation.
This came after an earlier primary capital investment round that valued the company at $4.5 billion.
These strategic funding moves have helped Lenskart sustain liquidity while preparing for an eventual public listing.
Lenskart, backed by SoftBank and Temasek, continues to expand aggressively beyond India.
The company anticipates significant growth in Thailand, where demand for affordable eyewear is rising.
In 2022, Lenskart acquired Owndays, a Japanese eyewear brand, for $400 million. This has helped it strengthen its foothold in Asia.
Lenskart also holds a major stake in Le Petit Lunetier, a Paris-based omnichannel eyewear brand, allowing it to expand in the European market.
These strategic acquisitions and expansions position Lenskart as a global eyewear powerhouse.
Lenskart has demonstrated strong financial growth while cutting losses significantly over the past two years.
In FY24, Lenskart’s net loss dropped to ₹10 crore, a massive reduction from ₹64 crore in FY23.
Operating revenue grew by 43% year-on-year, reaching ₹5,428 crore in FY24.
Lenskart continues to focus on customer satisfaction, an area where it has made significant improvements.
Lenskart CEO Peyush Bansal previously stated that the company’s Net Promoter Score (NPS)—a key indicator of customer satisfaction—jumped from 65 to over 80 in recent years.
A higher NPS reflects improved customer service, better product quality, and enhanced shopping experiences both online and offline.
Lenskart is heavily investing in local manufacturing to reduce costs and boost exports.
The company has relocated most of its production to its Rajasthan factory.
Additionally, it is investing $200 million to build a new production facility in Telangana.
These steps are expected to support India’s Make-in-India initiative while increasing Lenskart’s global supply chain efficiency.
While online sales have grown faster than offline sales in the last two years, Lenskart remains committed to expanding its brick-and-mortar presence.
The company plans to add 400 more stores, increasing its total to 2,900+ retail outlets.
Despite digital growth, the company believes that physical stores still play a crucial role in providing personalized eyewear experiences.