A) Introduction

Founded in 2010 by Peyush Bansal, Amit Chaudhary, Sumeet Kapahi, and Neha Bansal, Lenskart is a tech-driven, vertically integrated eyewear brand headquartered in Gurugram, India. The company offers a wide range of products including prescription eyeglasses, sunglasses, contact lenses, and accessories under brands like John Jacobs, Vincent Chase, and Lenskart Air. It operates through a strong omnichannel presence with over 2,000 retail stores globally and a digital platform featuring AI-powered recommendations and virtual try-ons.

B) Business Model & Services

• End-to-end eyewear solution: From in-house manufacturing (5 crore glasses/year capacity at Bhiwadi) to consumer sales across digital and offline channels.
• Proprietary tech stack: Enables streamlined design, production, inventory, and retail operations across e-commerce and physical outlets.
• Offers services including eye testing (in-store), virtual try-on, contact lens subscriptions, and after-sales support.

C) Growth & Performance

• In FY24, Lenskart reported a revenue of ₹5,428 crore, marking a 43% year-on-year growth. The net loss narrowed significantly to ₹10 crore, down from ₹63 crore in FY23.
• According to Bloomberg, the company achieved an 84% reduction in losses and recorded consistent gains in EBITDA, reflecting strong operational efficiency and financial discipline.
• Lenskart became a unicorn in 2019 after securing a significant investment from SoftBank, achieving a valuation of over $1 billion and positioning itself among India’s top consumer-tech startups.

D) Market Reach & Expansion

Lenskart aims to serve over 40 million customers through a network of 1,500+ stores across 175 cities in India and international markets including Singapore, UAE, and the USA. In 2022, the company expanded its global footprint by acquiring a majority stake in Owndays, a Japanese eyewear brand, enabling its entry into Southeast Asia and Japan, and strengthening its position as a leading omnichannel eyewear retailer in Asia.

E) Funding Journey

• Lenskart has raised capital through multiple high-profile funding rounds from investors such as SoftBank, Temasek, ADIA, KKR, ChrysCapital, and others over the years. These investments have supported its rapid expansion and technological advancements.
• As of April 2025, the company is valued at $6.1 billion, reflecting a 22% increase from its previous valuation, as marked by Fidelity.

F) IPO Progress 

• In May 2025, the company converted to a public limited entity, paving the way for a ₹86,000 crore (~$1 billion) IPO at a ~$10 billion valuation.
• The DRHP is expected to be filed by early to mid-July 2025, marking a key step toward its ~$1 billion IPO
• The company has engaged top investment banks including Kotak Mahindra, Axis Capital, Citi, Morgan Stanley, and Avendus for the listing process.
• IPO is expected to be one of the largest consumer-tech listings in India’s capital markets.