India’s largest eyewear retailer Lenskart Solutions has filed its draft prospectus with market regulator SEBI for an initial public offering worth up to ₹21,500 crore ($2.6 billion), marking one of the country’s most anticipated tech IPOs this year.
The offering comprises a fresh equity issue of ₹2,150 crore alongside an offer-for-sale of 132.3 million shares by existing stakeholders, including founder Peyush Bansal and prominent investors like SoftBank’s Vision Fund II and Kedaara Capital. The company may also pursue a ₹430 crore pre-IPO placement.
Tech-Driven Growth Strategy
Founded in 2008, Lenskart has transformed India’s fragmented eyewear market through technology integration and omnichannel retail. The company operates 2,723 stores globally—2,067 in India and 656 internationally—making it among Asia’s two largest organized prescription eyewear retailers by B2C sales volume.
The IPO proceeds will fund aggressive expansion, including new company-owned stores, technology infrastructure investments, brand marketing, and potential acquisitions. Lenskart recently agreed to acquire an 80% stake in Spanish eyewear brand Meller for ₹406 crore, signaling international ambitions.
Market Opportunity and Digital Innovation
India’s eyewear market presents massive growth potential, with refractive error cases projected to surge from 777 million currently to 943 million by 2030—representing 62% of the population. Lenskart’s 500-strong tech team has developed proprietary solutions including AI-powered computer vision platforms, facial analysis tools, and virtual try-on capabilities that processed 38.6 million sessions in FY25.
The company’s digital-first approach is paying dividends: 45% of Indian revenue comes from customers who engaged digitally before purchasing, while the platform recorded over 100 million app downloads and 105 million annual website visitors.
Financial Performance and Brand Portfolio
In FY25, Lenskart sold 27.2 million eyewear units across 12.4 million customer accounts, launching 105 new collections globally. The company operates multiple brands targeting different segments, from premium John Jacobs and acquired Owndays to affordable Vincent Chase and Lenskart Air.
With manufacturing facilities in Rajasthan and Haryana, plus international operations in Singapore and UAE, Lenskart has built an integrated supply chain supporting its “Eyewear for All” mission.
Investment Banking Lineup
Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup, Axis Capital, and Intensive Fiscal Services serve as book-running lead managers for what could become India’s largest eyewear sector public debut.
