India’s startup ecosystem moved closer to another milestone this October as Lenskart and Wakefit secured approval from the Securities and Exchange Board of India (SEBI) to launch their Initial Public Offerings (IPOs). Both companies now prepare to enter the public markets after years of strong growth in the consumer segment.
The approvals mark a new chapter for India’s new-age startups that aim to gain investor trust and long-term capital through stock market listings.
The Road to IPO: A Big Step for Indian Startups
The approval from SEBI confirms that both startups meet regulatory standards for disclosure, corporate governance, and investor transparency. This step allows them to proceed with drafting red herring prospectuses and finalizing their IPO timelines.
Lenskart, India’s largest eyewear brand, and Wakefit, a fast-growing home solutions company, now stand among the few profitable consumer tech startups preparing to list. Their journey reflects the maturity of India’s digital-first business ecosystem.
Over the past decade, India has witnessed several IPOs from tech-enabled firms like Zomato, Nykaa, Mamaearth, and MapmyIndia. However, the market now looks for stability and profitability, not just growth stories. Both Lenskart and Wakefit fit that profile.
Lenskart: From Startup to Eyewear Giant
Lenskart, founded in 2010 by Peyush Bansal, began as an online platform selling affordable eyewear. Over time, it transformed into a full-scale omnichannel retailer offering spectacles, contact lenses, and sunglasses both online and offline.
The company’s business model combines technology, design, and logistics. Lenskart runs over 2,500 stores in India and abroad. It also operates advanced robotic manufacturing units and a vast supply chain that supports fast delivery.
Bansal focused on solving one core problem — access to quality eyewear at fair prices. Millions of Indians needed prescription glasses but found them expensive and inconvenient. Lenskart changed that by offering virtual try-ons, home eye tests, and low-cost frames.
The brand built strong customer loyalty and recognition. It now competes not only in India but also in Southeast Asia and the Middle East.
Lenskart’s Strong Financials and Global Ambitions
Lenskart’s numbers show strength and scale. According to reports, the company generated over ₹3,500 crore in revenue for FY2024–25, with healthy profit margins. It also achieved consistent growth despite inflation and market slowdowns.
Investors such as SoftBank, Temasek, KKR, and Alpha Wave Global back Lenskart. The company recently reached a valuation of around $5 billion, making it one of India’s most valuable consumer startups.
The IPO will give Lenskart an opportunity to raise new funds for expansion, acquisitions, and manufacturing upgrades. It may also provide partial exits for early investors.
Peyush Bansal, who also appears as a judge on Shark Tank India, said in previous interviews that he wants to build Lenskart as a global eyewear brand from India. The IPO marks a crucial step toward that ambition.
Wakefit: Building Comfort in Every Indian Home
Wakefit began its journey in 2016, founded by Chaitanya Ramalingegowda and Ankit Garg. The startup started as a direct-to-consumer (D2C) mattress brand, offering high-quality memory foam mattresses at affordable prices.
The founders wanted to fix another simple but big problem — India’s unorganized mattress market. Before Wakefit, consumers often paid high prices for poor-quality products sold through middlemen. Wakefit removed intermediaries and sold directly to customers through online channels.
The company grew quickly by listening to customer feedback and constantly improving its products. Soon, Wakefit expanded its product line to include furniture, home décor, and bedding accessories.
Wakefit’s Rise as a D2C Powerhouse
Wakefit combined engineering, design, and data to create products suited for Indian homes. The company uses customer data to refine mattress density, size, and materials. Its focus on comfort and affordability made it a household name in just a few years.
During the pandemic, Wakefit saw massive growth as people spent more time at home. The company’s revenue crossed ₹800 crore in FY2023–24, and it aims to surpass ₹1,200 crore in FY2025.
Wakefit raised funding from investors such as Sequoia Capital India, Verlinvest, and SIG. It maintained healthy unit economics and reported near breakeven profitability in recent years.
The IPO will help Wakefit raise funds for manufacturing expansion, marketing, and offline retail presence. The company plans to open more experience stores across major cities while strengthening its digital footprint.
SEBI Approval: What It Means
The SEBI nod gives both startups the green light to take the next steps toward public listing. It signals strong compliance, clean financial audits, and transparent operations.
The IPO market in India has seen renewed energy in 2025 after a cautious 2024. Several companies across fintech, manufacturing, and consumer sectors have filed for IPOs, but investors now prioritize fundamentals over hype.
Lenskart and Wakefit bring both brand strength and consistent financial performance, which create confidence among retail and institutional investors.
Their IPOs will also set new benchmarks for D2C and consumer tech startups in India. If both perform well post-listing, they can attract more capital to the broader D2C ecosystem.
Why These IPOs Matter for the Startup Ecosystem
These IPOs mark more than just fundraising events. They reflect the maturity of India’s new-age businesses. A few years ago, most startups focused on scale and user growth. Today, founders prioritize profitability, governance, and public trust.
Lenskart and Wakefit represent this new generation. Both have strong brand recall, operational discipline, and customer loyalty. Their move to go public shows confidence in India’s capital markets.
Their success will inspire more consumer startups — from fashion to electronics — to consider IPOs. It will also attract global investors who now view India as a hub for scalable, sustainable businesses.
Challenges Ahead for Both Companies
Going public brings new opportunities but also major responsibilities. Once listed, companies must maintain strict compliance, quarterly reporting, and shareholder communication.
Lenskart must continue balancing expansion with profit stability. Global markets bring currency risks, competition, and regulatory complexities. Wakefit must handle supply chain scaling, rising raw material costs, and competition from brands like SleepyCat and Duroflex.
Both must manage investor expectations while preserving their startup culture and innovation pace.
Analysts believe that if both companies deliver consistent post-IPO performance, they can become case studies in how Indian D2C startups evolve into public corporations.
Investor Sentiment and Market Outlook
Market analysts see positive sentiment around both IPOs. Lenskart’s strong retail brand and Wakefit’s growing home segment create optimism. Investors expect healthy subscription levels, especially from retail participants.
The consumer market in India continues to expand, driven by young demographics, rising disposable income, and digital shopping habits. These trends benefit both companies.
Brokerages predict that Lenskart’s IPO could raise between ₹4,000–₹5,000 crore, while Wakefit’s issue may seek around ₹1,000 crore. Final details will emerge once both file their red herring prospectuses.
A Boost for Indian IPO Market
The SEBI approvals also boost confidence in India’s IPO pipeline. Over the past year, companies across sectors — including Ola Electric, Swiggy, and PharmEasy — have either filed or revived listing plans.
Successful listings of consumer startups can revive broader investor interest and show that India’s startup story now creates real shareholder value.
The capital raised through these IPOs will support innovation, job creation, and long-term growth in India’s consumer economy.
Conclusion
The SEBI nod for Lenskart and Wakefit marks a defining moment in India’s startup journey. Both companies built trusted brands through innovation, customer focus, and operational excellence.
As they move toward public listings, they carry the responsibility of setting examples for hundreds of upcoming startups. Their journey from idea to IPO highlights how Indian entrepreneurs now play on a global stage.
Lenskart changed how India sees eyewear. Wakefit changed how India sleeps. Now, both prepare to show how Indian startups can perform — not just in private markets, but also in public ones.
The next few months will reveal how these IPOs shape investor confidence and market sentiment. But one thing is clear — India’s startup ecosystem has entered its most confident phase yet.
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