Lenskart Gets SEBI Approval for IPO, Report Confirms

75

Lenskart Gets SEBI Approval for IPO, Report Confirms a development that could make the eyewear giant’s upcoming stock market debut one of India’s largest listings in 2025. The Securities and Exchange Board of India (SEBI) has cleared the Gurugram-based company’s draft red herring prospectus (DRHP), giving it the green light to proceed with its much-awaited initial public offering.

According to multiple reports, Lenskart aims to raise ₹2,150 crore in fresh capital, alongside an offer-for-sale (OFS) of 13.23 crore shares by existing stakeholders, including SoftBank, Temasek, Premji Invest, Kedaara Capital, Alpha Wave Global, and Schroders Capital. Founder and CEO Peyush Bansal, along with co-founders Neha Bansal, Sumeet Kapahi, and Amit Chaudhary, will also dilute part of their holdings. The IPO is expected to be valued at ₹7,500–8,000 crore ($850–900 million).

The company has already started working with top investment bankers such as Kotak Mahindra Capital, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services to manage the listing. Lenskart is reportedly targeting a mid-November 2025 debut on Indian stock exchanges.

Lenskart’s IPO approval marks a significant milestone for the Indian startup ecosystem, especially as it comes at a time when several other unicorns including Meesho, Groww, PhonePe, and PhysicsWallah are also preparing for public listings. Notably, while many of these firms chose a confidential filing process, Lenskart opted for a public DRHP route, reflecting its confidence in financial transparency and brand strength.

The eyewear giant, founded in 2010, has built a strong omnichannel presence with over 2,700 stores worldwide and a rapidly growing online platform. Having turned profitable in FY25 with a net profit of ₹297 crore, after reporting losses in FY24, the company’s financial turnaround is expected to boost investor sentiment.

By listing, Lenskart aims to fund store expansions, meet rental obligations, enhance its technology infrastructure, and invest in marketing and global acquisitions. For India’s startup ecosystem, the listing represents a crucial case study of scale, profitability, and international expansion.

1. Lenskart Gets SEBI Approval for IPO: A Defining Milestone

The announcement that Lenskart Gets SEBI Approval for IPO has sent ripples across India’s startup ecosystem. This approval clears the path for one of the largest and most closely watched IPOs by a new-age Indian company in 2025.

With the expected IPO size in the range of ₹7,500–8,000 crore, the listing not only positions Lenskart as a leader in the eyewear space but also reflects the maturity of Indian unicorn startups entering public markets.

1.1 IPO Structure and Stakeholder Participation

Lenskart’s IPO has two components:

1. A fresh issue worth ₹2,150 crore.
2. An offer-for-sale (OFS) involving 132.3 million shares.

The OFS will see marquee investors such as SoftBank, Temasek, Kedaara Capital, Premji Invest, Alpha Wave Global, and Schroders Capital partially offload their stakes. Founder Peyush Bansal himself will sell around 2.05 crore shares, though he remains committed to a long-term leadership role.

Investment banks including Kotak Mahindra Capital, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services are set to manage the IPO.

2. Understanding Lenskart’s Business Model

Lenskart’s working model is a hybrid one, combining online platforms with a strong retail presence. Its value chain covers design, manufacturing, distribution, and sales, allowing it to keep costs lower while maintaining quality.

2.1 Omnichannel Strategy

1. Customers can buy eyewear online or offline.
2. The company provides services like virtual try-ons, AI-powered eye exams, and home eye check-ups.
3. With over 2,700 stores across India and abroad, the retail expansion has played a crucial role in building consumer trust.

2.2 Revenue Model

Lenskart earns primarily through:

1. Eyewear sales (frames, lenses, sunglasses).
2. Subscription services (Lenskart Gold membership for discounts).
3. Franchise and retail network expansion.
4. Global expansion sales, with markets like Singapore and UAE contributing.

The company’s FY25 results highlight this success: revenue grew 22% YoY to ₹6,653 crore, and net profit touched ₹297 crore.

3. Funding and Valuation Journey

Since its inception, Lenskart has raised over $1.8 billion from global investors. Its most notable backers include SoftBank Vision Fund, Temasek, KKR, ChrysCapital, TPG, Chiratae Ventures, and the Abu Dhabi Investment Authority (ADIA), which holds a 12.45% stake.

The company last raised funding at a valuation of $7–8 billion, but reports suggest its IPO ambitions target a valuation close to $10 billion.

4. Founders and Leadership

4.1 Peyush Bansal – The Visionary CEO

Former Microsoft employee Peyush Bansal co-founded Lenskart in 2010 with a vision to make eyewear affordable and accessible. He is well-known as a Shark Tank India judge, which has amplified his visibility and credibility in India’s entrepreneurial ecosystem.

4.2 Other Co-founders

• Neha Bansal – played a key role in early strategy.
• Sumeet Kapahi – focused on retail expansion.
• Amit Chaudhary – contributed to product innovation and operations.

Together, this founding team transformed an unorganised eyewear market into a structured, technology-driven industry.

5. Industry Growth and Market Potential

The eyewear industry in India is valued at ₹50,000 crore ($6 billion) and is expected to grow at 8–10% CAGR over the next five years. Rising awareness of vision care, increasing screen usage, and lifestyle fashion trends are fueling demand.

Globally, the eyewear market is projected to reach $255 billion by 2030, and Lenskart’s growing international footprint places it in a strong position to capture this demand.

6. Competitors in the Eyewear Segment

Lenskart faces competition from both established eyewear brands and alternative retail channels. On the direct side, Titan Eye+, Specsmakers, and GKB Opticals are strong players with significant offline presence and brand recognition. Indirectly, e-commerce platforms such as Amazon and Flipkart have expanded their eyewear categories, creating price-driven competition. In addition, local opticians in tier-2 and tier-3 cities continue to dominate customer trust with personalized services and legacy relationships.

Despite this, Lenskart’s technology-first approach, vertical integration, and omnichannel strategy give it a clear edge in capturing a larger share of the growing eyewear market.

7. The Startup’s Journey: From Idea to Unicorn

Founded in 2010, Lenskart began as an online-only platform offering affordable spectacles. Over time, it evolved into a unicorn startup, building retail stores and investing in AI-driven supply chain systems and virtual try-on technologies.

By FY24, the company had scaled revenue to ₹5,610 crore but reported a net loss of ₹10 crore. However, FY25 marked its turnaround year, with profitability signaling operational efficiency and investor confidence ahead of the IPO.

8. Why This IPO Matters

The fact that Lenskart Gets SEBI Approval for IPO is not just about one company, it reflects broader trends in India’s startup markets. Many tech-driven unicorns have struggled with profitability before listing. Lenskart’s example of reaching profitability before its IPO strengthens investor confidence in India’s new-age startups.

This IPO could also set benchmarks for other upcoming public listings like Meesho, Groww, PhonePe, and PhysicsWallah.

9. Learning for Startups and Entrepreneurs

1. Transparency Wins: By choosing the public DRHP route, Lenskart demonstrated confidence and transparency. Startups should embrace openness to attract long-term investors.
2. Profitability Matters: Achieving profit before going public helps build trust and strengthens IPO prospects.
3. Omnichannel Strategy Works: Startups can win consumer trust by blending digital and physical presence.
4. Global Expansion Early On: International markets can diversify revenue and increase brand visibility.
5. Strong Founding Team: Investors value startups driven by resilient, visionary leaders.

About Foundlanes

At Foundlanes, we focus on stories like “Lenskart Gets SEBI Approval for IPO” to highlight major milestones in the Indian and global startup ecosystem. From unicorn IPO updates to early-stage funding, we cover startup news, business trends, and entrepreneurial journeys. Our mission is to inspire entrepreneurs with real-world success stories, insights, and strategies that drive business transformation.