India’s largest eyewear retailer, Lenskart, has taken a bold step toward the public markets. The company officially changed its status from a private to a public entity, signaling its intent to launch one of India’s most significant initial public offerings (IPO) in the consumer tech sector. The board approved this move during an extraordinary general meeting held on May 30, reflecting its confidence in entering a new phase of corporate evolution.
Lenskart’s transformation into Lenskart Solutions Limited from its former name, Lenskart Solutions Private Limited, marks a crucial milestone in its fifteen-year journey. The change not only reflects the company’s growth trajectory but also clears the regulatory path for an IPO that could exceed $1 billion in value. While the company hasn’t yet disclosed the exact IPO size or timing, its preparation indicates that it has firmly set its sights on the capital markets.
IPO Preparations Accelerate
The company’s regulatory filings confirm its intention to proceed with a public listing. Lenskart explained that the conversion to a public limited company would enable it to move forward with its planned public offer, though it refrained from sharing additional details. Despite the lack of formal timelines, market insiders report that Lenskart has entered advanced discussions with a consortium of top-tier investment banks to lead the IPO effort.
This investment banking team reportedly includes Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital. Their involvement signals the scale and seriousness of the upcoming offering. Sources close to the deal suggest that the eyewear company aims to raise over $1 billion, potentially placing it among the largest IPOs in India’s burgeoning consumer tech and direct-to-consumer (D2C) sectors.
A Legacy of Disruption and Growth
Lenskart’s journey began in 2008, when Peyush Bansal, along with co-founders Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, launched the startup to solve a basic but widespread problem: poor access to affordable and stylish eyewear in India. From its early days as an online-only platform, the company steadily expanded into an omni-channel model, combining digital convenience with a strong offline presence.
Today, Lenskart runs over 2,000 stores across India, reaching customers from metros to Tier II and III cities. The company built a reputation for customer-centric innovation, offering features like 3D try-on, home eye tests, and customizable lenses. This commitment to user experience helped it dominate the organized eyewear retail space in India.
Lenskart didn’t just scale; it attracted serious capital along the way. In 2019, it entered the prestigious unicorn club. Since then, it has secured funding from global heavyweights such as SoftBank, Temasek, ADIA, Alpha Wave Global, KKR, Kedaara Capital, and TPG. This strong backing provided both credibility and fuel for its aggressive expansion.
Funding Surge and Financial Performance
In June 2024, Lenskart raised $200 million from Temasek and Fidelity, securing a valuation of $5 billion. This funding round came during a time when many startups faced a funding winter, highlighting investor confidence in the company’s fundamentals.
However, Lenskart’s financials present a nuanced picture. In FY24, the company clocked operating revenue of ₹5,427 crore, reflecting strong topline growth. At the same time, it reported a net loss of ₹10 crore, slipping into the red after recording profits in previous years.
Analysts attribute this minor loss to strategic investments in technology, marketing, and international expansion. The company continues to prioritize long-term growth over short-term profitability, a move that mirrors the strategy of many global consumer tech leaders.
Barometer for India’s Consumer Tech Market
Lenskart’s public debut could serve as a crucial market barometer. Over the past year, IPO activity in India has remained muted, particularly in the tech and consumer segments. If Lenskart executes a successful listing, it could revive investor confidence in D2C startups and consumer tech ventures.
The listing would also cement Lenskart’s position as a category leader, joining the ranks of India’s public tech pioneers. Its move could inspire several late-stage startups to revisit their own IPO plans, especially those in sectors like beauty, food delivery, and online education.
Manufacturing Ambitions Fuel Expansion
While Lenskart prepares for Wall Street scrutiny, it also continues to invest in its core supply chain. In December 2024, the company signed a Memorandum of Understanding (MoU) with the Telangana government to build a new manufacturing facility at Fab City.
The planned facility, with an investment of approximately ₹1,500 crore, will enhance Lenskart’s vertical integration and reduce dependency on third-party suppliers. The company expects the plant to generate over 2,100 jobs, contributing to the state’s economy while strengthening its own production capabilities.
By investing in domestic manufacturing, Lenskart aims to boost efficiency, cost control, and product innovation. This facility also aligns with the Indian government’s “Make in India” initiative, positioning Lenskart as a national champion of both innovation and job creation.
Looking Beyond India: A Global Vision
Lenskart has never limited its vision to India alone. In recent years, it has expanded into Southeast Asia, the Middle East, and other emerging markets. Its acquisition of Japanese eyewear brand Owndays in 2022 helped it establish a significant presence in global retail.
The company now operates in over 10 countries, and it aims to become the world’s largest eyewear brand. With the IPO, Lenskart hopes to not only raise capital but also build brand equity and gain global investor trust. It wants to stand shoulder to shoulder with global peers like Luxottica, Warby Parker, and Specsavers.
Conclusion: A Defining Chapter Ahead
Lenskart’s transition from a private company to a public one represents more than just a regulatory formality. It marks a turning point in the company’s history—a moment where it chooses transparency, accountability, and global ambition.
By preparing for a $1 billion IPO, Lenskart signals its intent to lead not just the eyewear market but also the broader consumer tech space in India. Its IPO will serve as a litmus test for investor sentiment, market resilience, and startup maturity.
With a growing retail footprint, robust online operations, a vertically integrated supply chain, and a clear global strategy, Lenskart enters this next chapter well-prepared. The public markets now await its arrival—and perhaps, its next phase of exponential growth.