Lenskart files to raise ₹2,150 crore ahead of IPO; targets $8 billion valuation

SoftBank-backed eyewear startup Lenskart has filed with the Ministry of Corporate Affairs (MCA) to raise ₹2,150 crore through a fresh issue of shares.

Sources told CNBC-TV18 that the company is expected to file its Draft Red Herring Prospectus (DRHP) for an IPO soon.

Lenskart is reportedly aiming for a valuation of over $8 billion.

Lenskart was set to close FY25 with revenues of $755 million (approximately ₹6,415 crore), according to an earlier report by MoneyControl. The figure marks a 17% year-on-year growth, a slowdown from the 46% growth it saw between FY23 and FY24. In FY23, Lenskart reported revenues of $443 million, which rose to $645 million in FY24.

While the majority of Lenskart’s FY25 revenue came from India, its international business is rapidly expanding. The company clocked $455 million (₹3,865 crore) in India revenue and $300 million (₹2,550 crore) from overseas markets, particularly Southeast Asia. This global footprint includes a $400 million acquisition of Japanese eyewear chain Owndays in 2022 and a joint venture in China for manufacturing.

Since FY23, about 60% of Lenskart’s revenues have come from India, with the rest attributed to its growing international operations.

Lenskart’s internal presentation revealed healthy EBITDA margins of 18–22% in FY25. The company also boasts a gross margin of 70%, supported by a favourable cost structure: an average cost price (ACP) of $8 (₹680) and an average selling price (ASP) of $28 (₹2,380).

As of the first half of FY25, Lenskart held approximately $200 million (₹1,700 crore) in net cash. However, that figure may have changed depending on operational investments and efforts to improve efficiency, Moneycontrol noted. Lenskart’s internal projections suggest that India, Asia, and the Middle East together represent a $30 billion total addressable market.