- Key Takeaways
Lenskart started in 2010 as a small online eyewear store and has grown into India’s biggest optical retail brand. If you wear glasses or shades, chances are you’ve come across it, either through its physical stores or on your phone. Known for disrupting the eyewear market with affordable pricing, tech-driven eye testing, and trendy designs, Lenskart has become a household name across cities and towns.
Now, the company is stepping into one of its biggest moves yet, its Initial Public Offering (IPO). This means it is offering its shares to the public for the first time so that anyone can own a piece of the company.
The buzz is huge, and the numbers are equally big. This IPO combines both a fresh issue (where new shares are created and sold) worth ₹2,150 crore and an offer for sale (OFS) worth about ₹5,128 crore, taking the total issue size to around ₹7,278 crore.
This blog will walk you through everything that matters: the growth story, business model, valuation, what the funds will be used for, and risk factors.
1. The IPO Is Massive - ₹7,278 Crore
Lenskart’s IPO is one of the biggest in the Indian consumer startup space. Out of the total ₹7,278 crore, about ₹2,150 crore will go to the company to fund expansion and technology investments, while ₹5,128 crore will go to existing shareholders selling part of their stake.
Among them are well-known names, Peyush Bansal, Neha Bansal, SoftBank, Alpha Wave Ventures, and Kedaara Capital, all cashing out partially. The presence of such large investors tells us the company has strong institutional backing, but also signals that some major players are taking partial exits.
2. The Company Turned Profitable in FY25
Lenskart’s growth story is real and visible in its financials. The company’s revenue jumped to ₹7,009 crore in FY25, up 25% from the previous year. More interestingly, it swung from a loss of ₹10.2 crore in FY24 to a profit of ₹297.3 crore in FY25.
The improvement mainly came from efficiency; its product margins rose to nearly 68% in FY25 as the company made more of its products in-house rather than outsourcing.
3. A Smart Omnichannel Model
Unlike many online brands, Lenskart successfully blends both worlds, physical stores and digital sales. As of June 2025, it operated 2,806 stores across India and 145 international cities. Nearly 45% of Lenskart’s Indian revenue came from customers who interacted with the brand online before making a purchase, proving that its digital reach fuels offline sales.
Fun fact: the company opened 1,280 new stores between FY23 and FY25, with most of them outside the metros. This shows how deeply Lenskart is expanding into Tier 2 and Tier 3 cities.
4. Where Will the IPO Money Go?
The ₹2,150 crore raised from the fresh issue will be used for:
- Opening new company-owned stores – ₹272 crore
- Store rent and related expenses – ₹591 crore
- Tech and cloud investments – ₹213 crore
- Marketing and branding – ₹320 crore
A large chunk will go into building new stores in India and boosting brand recognition, clear signs of a growth focus. Lenskart also plans to keep expanding internationally in regions like Southeast Asia, the Middle East, and Japan.
5. Lenskart Is Going Global
With the acquisition of Owndays (a Japanese eyewear chain) in 2022, Lenskart now operates in 14 countries. About 40% of its FY25 revenue came from outside India, especially in markets like Singapore, Japan, Thailand, and the UAE.
This gives the company a unique edge, it’s one of the very few Indian consumer brands that’s managing real, profitable international operations.
6. Strong Market Opportunity
India’s eyewear market is still largely unorganized; about 77% of it is driven by local shops. Only 35% of people who need glasses actually wear them. As awareness grows, so does the opportunity.
Analysts expect India’s eyewear market to grow by 13% every year, reaching nearly ₹1.48 lakh crore by FY30. Since Lenskart already holds a 4-6% share, it seems well-positioned to ride this growth wave.
For the complete details, visit Lenskart’s IPO page here.
7. Lenskart’s Core Advantage: Building What It Sells
Unlike most retailers who buy from others, Lenskart designs, manufactures, and sells its own products. About 70% of its eyeglasses are made in its own facilities. This gives the company control over quality, price, and delivery speed.
Its Bhiwadi (Rajasthan) factory is among the largest eyewear manufacturing hubs in the world, capable of producing over 1.4 crore units annually, and it’s 75% automated. This integration is why Lenskart can offer faster and cheaper glasses than traditional stores.
8. But There Are Valuation Risks
The big question is price. The IPO price is ₹402 per share (upper limit of the price band), which values Lenskart at high revenue multiples compared to most listed retailers. Since it has no direct listed peer, it’s tricky to know if this valuation is justified or expensive.
Our per the internal calculations, its P/E Ratio is at 228.41x, EV/EBITDA is around 72-75, and the price to sales ratio stands at 10.5x.
High-growth consumer tech IPOs often come with premium pricing, but investors should remember that listing prices can fluctuate wildly once the stock begins trading.
9. Promoters Cashing In, Yet Staying Invested
Founder Peyush Bansal is selling about 2 crore shares, likely earning around ₹824 crore from the sale. However, he still remains deeply invested with around 9% ownership post-IPO. That’s a good sign; it shows he has ongoing skin in the game even after partial profit-taking.
For context, Bansal bought many of his shares in 2025 at just ₹52 — a deep discount compared to the ₹402 IPO price, reflecting his long-term commitment and timing advantage.
10. Watch Out for Competition and Overseas Risks
Even with its strong lead, Lenskart faces stiff competition. Around 77% of India’s eyewear market still belongs to unorganized local players. Big brands like Titan Eye+ and global giants such as Essilor Luxottica also compete for share.
Its international bets also pose risks. For instance, the company recently shut some stores in Indonesia while integrating under the Owndays brand. Managing so many regions brings challenges like regulatory hurdles, local preferences, and operational costs.
Dependence on China for frames and materials (through its joint venture there) is another risk, though India’s domestic production capabilities are improving quickly.
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Key Takeaways
Lenskart’s IPO story blends growth, technology, and global ambition like very few Indian startups have managed so far. The company has scaled profitably, built a strong brand, and dominated a market that’s still far from saturated.
But investors should weigh this excitement against high valuations and the natural risks of global expansion. For long-term investors who believe in India’s premium retail story and eyewear maturity, Lenskart is one to watch closely. For short-term investors, the key will be the listing price and demand momentum.
Either way, this IPO marks a big milestone, not just for Lenskart, but for India’s evolving consumer-tech ecosystem.
Disclaimer
Source: Lenskart's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.