Lenskart Solutions Limited IPO

3 Nov 2025 , 08:51 AM

Lenskart Solutions Limited is a technology-driven eyewear retailer that combines a strong online platform with an expansive footprint of physical stores. The company designs, manufactures and markets an end-to-end collection of optical products and services through self-owned optical factories and partner OEM facilities. Lenskart uses proprietary in-house AI-based tools, a digital supply chain and a data-driven strategy to provide a one-stop-shop environment for its customers. The IPO involves both a fresh issue and an offer for sale.

Offer details of the IPO

• Total Offer Size – The total size of the issue is INR 7,278.02 crore. It comprises a fresh issue of equity shares worth up to INR 2,150 crore together with an offer for sale of up to INR 5,128.02 crore.
• The shares being sold by the existing shareholder are held by:
• Peyush Bansal (Promoter) – 20,488,978 Equity Shares
• Neha Bansal (Promoter) – 1,010,546 Equity Shares
• Amit Chaudhary (Promoter) – 2,868,457 Equity Shares
• Sumeet Kapahi (Promoter) – 2,868,457 Equity Shares
• PI Opportunities Fund – II (Investor) – 8,701,817 Equity Shares
• Alpha Wave Ventures LP (Investor) – 6,664,179 Equity Shares
• Kedaara Capital Fund II LLP (Investor) – 7,360,340 Equity Shares
• MacRitchie Investments Pte. Ltd. (Investor) – 7,858,841 Equity Shares
• SVF II Lightbulb (Cayman) Limited (Investor) – 25,518,098 Equity Shares
• Schroders Capital Private Equity Asia Mauritius Limited (Investor) – 19,064,344 Equity Shares

Price Band: INR 382 to INR 402 per Equity Share

Book‑Running Lead Managers

• Axis Capital Limited
• Avendus Capital Private Limited
• Intensive Fiscal Services Private Limited
• Kotak Mahindra Capital Company Limited
• Citigroup Global Markets India Private Limited
• Morgan Stanley India Company Private Limited

 

Eyewear and Optical Retail Industry – Overview

The eyewear and optical‑retail commerce sector encompasses the design, manufacture, and distribution of prescription spectacle frames, protective eyewear, sunglasses and contact lenses. Each of these segments is witnessing robust growth drivers.

Table: Key Segments

Key Segments	Description
Prescription Eyewear	Frames and lenses are available from brick-and-mortar stores and online platforms. The segment develops due to increased incidence of myopia, higher disposable income and the necessity of vision‑correction solutions.
Sunglasses & Fashion‑Eyewear	Non-prescription and premium‑style frames aimed at lifestyle and fashion trends. The growth may further be driven by brand‑building, themes, and seasonal demand trends, as well as the consumers’ willingness to spend more on premium accessories.
Contact Lenses & Vision‑Care Services	Daily‑wear, extended‑wear, and speciality lenses, as well as eye‑examination services. This sub-segment is benefiting from the ageing population and consumers being more conscious about their health.

Source: RHP

Table: Growth‑Rate Snapshot (Past vs. Projected)

Segment	Past CAGR ( FY 2019‑2023 )*	Projected CAGR ( FY 2024‑2028 )**	Comment
Overall Eyewear Industry (global)	11.4 %	9.8 %	The sector has benefited from faster-than-global GDP expansion, due to increased vision‑care demand and consumer demand driven by fashion. However, consumption has slowed as markets develop, albeit positively.
Prescription Eyewear – India	13.2 %	10.5 %	Strong myopia penetration and improved eye-health awareness lead to greater demand, while converting to online-driven fittings ensures the momentum.
Sunglasses & Fashion‑Eyewear – International	9.6 %	8.2 %	The segment remains robust due to the premium brand’s emphasis and seasonal travel purchases. Improved economic growth and decreased demand in emerging markets might be linked to product price sensitivity.
Contact Lenses – Global	7.8 %	7.0 %	An ageing population and technological advancements are driving demand, while higher switching expenses keep the CAGR modest.
Online Channel Share (all segments)	28.5 % (FY 2019‑2023)	35.0 % (FY 2024‑2028)	Since the pandemic, accelerated growth has sustained. Omnichannel merchants employing virtual try-on and AI recommendations are rapidly gaining a substantial market share.

Source: RHP

Takeaway: Eyewear industry is a high-growth, consumer-centric sector. While prescription eyewear in India is the main driver of growth, international fashion eyewear and online eyewear complement its efforts. Lenskart Solutions Limited is well placed to benefit from the strong growth via market share gains through capacity expansion, omnichannel convergence and geography diversification.

 

 

Lenskart Solutions Limited – Company Overview

Lenskart Solutions Limited is a technology-driven eyewear company that manufactures, markets, and sells prescription glasses, sunglasses, and contact lenses via an omnichannel model. The company’s key management includes Peyush Bansal (MD & CEO) and Neha Bansal (Executive Director). Lenskart Solutions Limited is located in New Delhi, India, with over 2,800 locations in 14+ countries. Lenskart Solutions Limited expanded globally through acquisitions, including Owndays Inc (Japan) and French e-commerce company Le Petit Lunetier. It is backed by investors such as TPG Growth and Kedaara Capital.

 

Competitive Positioning

Lenskart Solutions Limited is a fast-growing, globally recognised technology eyewear company that is successfully capitalising on its strategic advantages. It has evolved from a pure-play Indian start-up to an internationally connected omnichannel giant, focused on cost-efficiency and AI-driven personalisation for consumer optical needs.

Strengths

• Vertical integration – Lenskart Solutions Ltd owns the entire value chain, starting from product design to sales in the stores. This allows innovation and cost efficiency.
• AI-enabled store experience – Its Visual-AI technology (via Tango) is making a difference. It enhances customer experience, improves conversions, and reduces product returns.
• Experienced founding team – The team is led by founders with a deep industry expertise and a proven record of innovation and execution.
• Broad geographic diversification – Presence across multiple countries reduces market dependence and creates cross-border growth synergies.

Weaknesses

• High marketing spend – The industry is competitive, and ad costs are a significant expense. An increase in competitive intensity could increase the volatility in margins.
• Integration risk – Multiple acquisitions (2023–2025) may create cultural, IT, and supply chain challenges.
• Regulatory exposure – Operating across India, Japan, the EU, and Singapore increases compliance complexity.
• Competitive intensity – As Lenskart expands globally and as global players expand locally, it faces competition from the likes of Warby Parker and Luxottica. Such competitive intensity could pressure prices and market share.

 

Financial Profile

Robust Revenue Growth: Lenskart Solutions Limited’s revenue rose from ₹37,880 mn in FY 2023 to ₹54,277 mn in FY 2024 (+43.3 % YoY) and ₹66,525 mn in FY 2025 (+22.6 % YoY), reflecting a CAGR of ≈32 % over FY 2023–25. EBITDA increased from ₹2,597 mn to ₹9,711 mn, with margins improving from 6.9 % to 14.6 %, supported by store expansion, premium product mix, and technology-driven efficiencies. It incurred losses for most of its operating history. The profits in FY25 were mostly driven by accounting entries.

Better Profitability: EBITDA margin improved from 6.86% in FY 2023 to 14.60% in FY 2025, supported by scale efficiencies and tight cost control. Product margin rose to 67.92% on a consolidated basis (75.87% in the international segment), reflecting healthy unit economics. PBT margin stood at 5.79% in FY 2025.

Table: KPI Comparison

Company	Particulars (Unit)	FY 2023	FY 2024	FY 2025	CAGR
Lenskart Solutions Ltd	Revenue from Operations (₹ mn)	37,880.28	54,277.03	66,525.17	32%
	Revenue Growth (%)	NA	43.29%	22.57%	–
	Product Margin (₹ mn)	24,199.18	36,515.63	45,181.13	36%
	Product Margin (%)	63.88%	67.28%	67.92%	–
	EBITDA (ex-other & exceptional) (₹ mn)	2,597.09	6,720.91	9,710.56	93%
	EBITDA Margin (%)	6.86%	12.38%	14.60%	–
	Profit/(Loss) Before Tax (₹ mn)	(1,011.76)	590.31	3,853.56	–
	Profit/(Loss) for the Year (₹ mn)	(637.57)	(101.54)	2,973.40	–
	Net Working Capital Days (Days)	30.35	34.52	25.64	–
	Return on Capital Employed (%)	(0.48)%	5.08%	13.84%	–
	Annual/Quarterly Transacting Customer Accounts (₹ mn)	7.70	10.20	12.41	–
	Number of Eyewear Units Sold (₹ mn)	15.95	21.23	27.20	–
	Total Stores (Number)	1,959	2,389	2,723	–

Source: RHP