Lenskart, the popular omnichannel eyewear retailer, is preparing for its initial public offering (IPO) and plans to file its draft papers by May 2025. The company is aiming for a $10 billion valuation for the offering, which would be double the value of its last funding round, according to reports from the Economic Times.
CEO Peyush Bansal, along with key investors, has been in talks with bankers to finalise the valuation and plan for the IPO. The company is hoping to raise $1 billion through the offering. However, the decision to go ahead with the IPO will depend on the market conditions at the time. While the company is moving forward with the paperwork, some internal voices suggest a higher valuation, but it may not align with the current market atmosphere.
Lenskart’s path to going public has been in the works for some time. Despite talks of an IPO in previous years, CEO Peyush Bansal did not confirm these plans until now. In the last couple of years, secondary deals allowed investors to sell stakes partially, providing liquidity.
ALSO READOyo set to revive IPO plans amid record profits and controversial new policy
The company, backed by major investors like SoftBank and Temasek, has seen strong growth in India’s eyewear market. Lenskart is also focusing on international expansion, particularly in Thailand, and is looking to grow its presence in Japan through Owndays, a Japanese eyewear brand it acquired in 2022. Additionally, Lenskart holds a significant stake in the Paris-based eyewear brand, Le Petit Lunetier.
Lenskart has made impressive strides in reducing losses while growing its revenue. In FY24, the company’s net loss fell sharply to Rs 10 crore, down from Rs 64 crore in FY23. Operating revenue grew by 43%, reaching Rs 5,428 crore in FY24. The company also reported a significant rise in customer satisfaction, with its net promoter score increasing from 65 to over 80 in recent years.
To further enhance its growth, Lenskart is investing in local manufacturing, with a factory in Rajasthan and a $200 million new facility in Telangana. The company also plans to add 400 stores to its existing network of 2,500 outlets across India.
» Read More
