Promoter shareholders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with key investors such as SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia, PI Opportunities Fund – II, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures LP, will be participating in the OFS, said a statement.
The company may also consider a pre-IPO placement of up to ₹430 crore before filing the Red Herring Prospectus (RHP). If undertaken, this will reduce the size of the fresh issue accordingly.
Use of IPO proceeds
The proceeds from the fresh issue are planned to be deployed towards key growth and operational initiatives. These include capital expenditure for establishing new Company-owned Company-operated (CoCo) stores in India, lease and rent-related payments for these outlets, and investments in cloud and technology infrastructure. Additionally, funds will be allocated for marketing and brand promotion activities to enhance consumer visibility, potential inorganic acquisitions, and general corporate purposes.
From an Online startup to an Eyewear major
Founded in 2008, Lenskart began as an online eyewear provider in 2010 before launching its first retail store in New Delhi in 2013. Today, it operates a vast retail network of 2,723 stores, including 2,067 in India and 656 in international markets across Southeast Asia and the Middle East. It also owns and operates state-of-the-art frame and lens manufacturing facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), supported by regional hubs in Singapore and the United Arab Emirates.
Brand portfolio and global expansion
Lenskart caters to multiple customer segments through a diverse brand portfolio. Its premium offerings include John Jacobs and Owndays (acquired in 2022), while more affordable ranges are offered under Lenskart Air, Vincent Chase, Hustlr, and Hooper Kids. Expanding its international footprint, the company recently agreed to acquire the remaining 80% stake in Stellio Ventures S.L.—the owner of the Spanish eyewear brand Meller—for ₹406.4 crore. Stellio primarily sells its products online and operates a retail store in Barcelona.
Customer engagement and technology integration
Technology plays a central role in Lenskart’s customer experience and operations. Its proprietary digital platform offers features such as virtual try-ons, face and frame measurements, and digital consultations. In FY25, the company facilitated 38.59 million virtual try-ons and 37.87 million facial measurements via its mobile apps. Additionally, 45% of revenue-generating customers in India engaged with Lenskart digitally within 90 days of making a purchase—via organic search, social media, or other online channels.
The company also employs advanced technology in-store, such as AI-enabled computer vision systems that analyse CCTV footage to optimise customer flow and conversions. Geo-analytics is used to predict revenue potential and payback periods for new locations. Its 500+ member tech team is responsible for maintaining its digital infrastructure, including websites, mobile apps, AI tools, and warehouse management systems.
Market opportunity
During FY25, Lenskart launched 105 new in-house collections across its brands and sold 27.2 million eyewear units to over 12.41 million customers globally. The company also crossed 100 million app downloads and welcomed over 105 million unique visitors to its websites worldwide.
According to its DRHP, an estimated 1.3 billion individuals in Lenskart’s target markets—including India, Japan, Southeast Asia, and the Middle East—are affected by refractive errors as of FY25. In India, this number has risen from 590 million in FY20 (43% of the population) to approximately 777 million (53%) in FY25 and is projected to reach 943 million (62%) by FY30, highlighting a significant growth opportunity.
The IPO is being led by prominent investment banks, including Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, and Intensive Fiscal Services Pvt Ltd, who are acting as the Book Running Lead Managers (BRLMs) to the issue.
