Lenskart gets shareholder nod to raise Rs 2,150 crore through IPO

Lenskart gets shareholder nod to raise Rs 2,150 crore through IPO

Omnichannel eyewear brand Lenskart has secured shareholder approval to go public, paving the way for one of the biggest stock market debuts by an Indian consumer-tech company, as per regulatory filings made with the Registrar of Companies (RoC).

The company plans to raise Rs 2,150 crore (around $250 million) through a fresh issue of shares as part of its initial public offering (IPO), according to filings sourced via TheKredible.

The proposal was cleared at Lenskart’s annual general meeting held on July 26. The company is expected to file its draft red herring prospectus (DRHP) in the coming days, people aware of the matter said. The overall IPO size is expected to be around $1 billion (Rs 8,500 crore), including a secondary sale by existing investors.

Moneycontrol had exclusively reported in February that Lenskart was in talks to mandate at least five investment banks—Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley and Avendus Capital—as advisors for the IPO.

The company also, last month, converted into a public limited entity, changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited at an EGM held on May 30.

Lenskart has joined a growing list of startups, including Meesho, PhysicsWallah, Pine Labs, Urban Company, Wakefit, Groww, and Shadowfax, among others. If executed at the targeted valuation of $10 billion (Rs 85,000 crore), the eyewear retailer's IPO would be among the largest ever by an Indian startup, alongside Zomato, Paytm, and Nykaa.

Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi, Lenskart has grown into India’s largest omni-channel eyewear brand, with an online presence as well as more than 2,000 physical stores.

The company entered the unicorn club in 2019 and is backed by marquee investors such as SoftBank, Temasek, Abu Dhabi Investment Authority (ADIA), Alpha Wave Global, KKR, Kedaara Capital and TPG.

In June 2024, Lenskart raised $200 million from Temasek and Fidelity at a $5 billion valuation. Fidelity has since raised the company’s valuation to $6.1 billion in its latest portfolio update dated April 30.

However, its financials saw a dip in FY24. It posted a net loss of Rs 10 crore on operating revenue of Rs 5,427 crore, according to regulatory filings. It had previously been profitable.

Moneycontrol also previously reported that the company is expected to end the previous financial year (FY25) with revenues of $755 million (around Rs 6,415 crore) split across international and domestic businesses.

The IPO will be closely watched as a key test of investor sentiment in India’s consumer-tech sector, especially as the broader startup ecosystem navigates a shift towards sustainable growth and profitability.