Mumbai: Eyewear brand Lenskart has become a public limited company. Earlier, its name was Lenskart Solutions Private Limited. Now it is Lenskart Solutions Limited. This decision was made in the company's shareholder meeting.
This change was necessary before launching an IPO. Only public companies can file papers to bring their shares to the market.
Rs 8,600 crore IPO plan
Lenskart is planning to raise about USD 1 billion (Rs 8,600 crore) through its IPO. If successful, the company’s valuation may reach USD 10 billion. This is double its previous valuation. The IPO may come by the end of this year.
Previous valuation and funding
Lenskart had raised USD 200 million in June 2023. At that time, its valuation was around USD 5 billion. Investors like Temasek from Singapore and Fidelity from the US had invested in the company.
In July 2024, Lenskart’s founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumit Kapahi also invested around USD 20 million in the company.
Strong business and wide reach
Lenskart does a yearly business of USD 1 billion. It makes about 2.5 crore frames and 3–4 crore lenses every year.
The company has more than 2,500 stores in India and Southeast Asia. Lenskart also sells its products online.
Profits improving, losses shrinking
In FY24, Lenskart’s loss reduced to Rs 10 crore. In FY23, the loss was Rs 64 crore. The company says that technology has helped improve operations.
- Revenue grew 43 per cent to Rs 5,428 crore.
- Its EBITDA also doubled to ₹856 crore.
Joining other IPO-ready startups
Lenskart is now part of a group of Indian startups preparing for IPOs, like Shiprocket, Zetwerk, PhysicsWallah, Infra.Market, Boat, and Bluestone.
So far, Lenskart has raised around $2 billion, including secondary sales.
