Is Lenskart's $10 Billion IPO Vision Clearer Than Ever?

When Lenskart first started helping people see the world more clearly, few imagined it would one day dominate India's omnichannel retail space—and soon, perhaps, the public markets too. But now, all signs point to a new chapter for the eyewear giant, as it gears up for one of the most anticipated IPOs in India’s startup ecosystem.

Lenskart IPO

In a strategic shift, Lenskart has officially transitioned from a private company to a public entity—often the final formal step before filing a Draft Red Herring Prospectus (DRHP) with SEBI. The board has greenlit a resolution changing the company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to corporate filings. This move signals that the IPO journey is not just underway—it’s entering its final stretch.

$1 Billion IPO in Sight

If media reports hold true, Lenskart is eyeing a massive $1 billion raise through its IPO, comprising both primary and secondary components. The valuation target? A jaw-dropping $10 billion—a steep leap from its previous marks and a statement of confidence in its future trajectory.

Interestingly, this IPO talk follows a flurry of high-profile fundings. In June 2024, Lenskart bagged $200 million in a secondary transaction, followed by a $20 million top-up round that saw participation from none other than founder Peyush Bansal himself—exclusively reported by Entrackr. Over the past 18 months, Lenskart has attracted nearly $1 billion in capital, with a recent secondary deal pegging its valuation at $5 billion. Early investor Fidelity recently marked up the company’s valuation to $5.6 billion, signaling strong confidence from the investor community.

A Global Footprint Rooted in India

Once a startup trying to disrupt the traditional eyewear industry, Lenskart now boasts a massive retail footprint—with over 2,500 stores globally, of which about 2,000 are in India. What’s even more impressive is that 42% of its revenue in FY24 came from international markets. Countries like Japan, Singapore, Taiwan, and Thailand are now part of Lenskart’s growing global story.

In fact, the company’s transformation into a truly international brand could be one of its strongest selling points in the IPO pitch. It is rare to see an Indian startup excel so prominently on foreign turf, especially in a retail category as specialized as eyewear.

Financial Performance: A Clear Vision

Lenskart’s financial story has strengthened considerably over the last year. In FY24, the company’s revenue from operations soared by 43%, reaching Rs 5,427.7 crore, up from Rs 3,788 crore in FY23. What’s even more noteworthy is its sharp reduction in losses—from Rs 63 crore in FY23 to just Rs 10 crore in FY24, an 84% drop. These numbers reflect a business that is not only scaling, but doing so with increasing efficiency.

While FY25 results are still awaited, any continuation of this performance trend could further fuel investor optimism—and justify the aggressive $10 billion valuation.

Why the Street May Welcome Lenskart

So, what makes Lenskart’s IPO such a strong bet?

For starters, it’s one of the rare Indian startups that has built a well-oiled omnichannel machine—a balance of online convenience and offline trust. It has also invested heavily in supply chain control, a move that is likely to boost its gross margins in the near term. Combine that with a large, loyal customer base, robust tech backbone, and expanding global presence, and it’s easy to see why the markets would be bullish.

Diwali Listing on the Cards?

Sources suggest that if the company reports a strong H1 in FY26, the IPO could hit the markets before Diwali. But like every ambitious IPO story, timing is everything. While the fundamentals are in place, Lenskart will be watching the market mood carefully. Several high-profile IPOs have been derailed in recent months due to unexpected volatility. Stability in the equity markets will be key for Lenskart’s public debut to go smoothly.

One lingering question among investors is whether Peyush Bansal—known for being a sharp and pragmatic founder—will “leave something on the table” for public investors. With strong numbers in the pipeline, that looks increasingly unlikely.

Lenskart’s IPO buzz is more than just a funding milestone—it represents the maturing of India’s new-age consumer brands. From fixing glasses to fixing vision in the startup economy, the journey has been bold, calculated, and inspiring. If the markets remain calm, we may just witness a spectacle this festive season—one that reflects not just Lenskart’s clarity of vision, but India’s startup potential shining brighter than ever.