Lenskart Solutions Limited, India’s leading omnichannel eyewear retailers offering a wide selection of affordable and fashionable prescription eyeglasses, sunglasses and contact lenses has filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India (SEBI).
The offer comprises a fresh issue of equity shares aggregating up to ₹21,500 million (the fresh issue) and an offer for sale of up to 132,288,941 equity shares by certain existing shareholders, including Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, Promoter Selling Shareholders and SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, Investor Selling Shareholders.
Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, Intensive Fiscal Services Pvt Ltd are the Book Running Lead Managers to the Issue.
Lenskart may consider a pre-IPO placement aggregating to Rs 430 crore prior to filing of the RHP. If undertaken, it will be reduced from the fresh issue size.
The company proposes to utilise the net proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-Operated Company-Owned (COCO) stores in India; payments related to lease, rent, and license agreements for these COCO stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.
Brand History: Clear Vision & Mission
Founded in 2008, Lenskart commenced operations in India as an online business in 2010 and opened its first retail store in New Delhi in 2013. It believes that clear vision is fundamental to the personal development and well-being of an individual and their aim is to build a tech enabled supply and distribution that improves access to affordability and quality ‘Eyewear for All’.
Today, the brand’s business spans across designing, manufacturing, branding and retailing and it operates the largest eyewear retail networks in India with a strong presence across metros, Tier 1 and Tier 2+ cities, as well as international operations in Southeast Asia and the Middle East.
It owns and operates frame and lens design and prescription eyeglasses manufacturing facilities at two locations in India in Bhiwadi, Rajasthan and Gurugram, Haryana, supplemented by regional facilities in Singapore and the United Arab Emirates.
The brand targets different customer categories through a portfolio of brands and sub-brands that include premium collections through John Jacobs and Owndays (acquired in 2022), and economy and affordable premium collections through Lenskart Air, Vincent Chase, hustlr, and Hooper Kids.
The company recently agreed to purchase the remaining 80% stake in Stellio Ventures S.L., which owns the ‘Meller’ consumer eyewear brand, for Rs 4,063.93 million. Its products are primarily sold online through its website to customers across multiple countries. Additionally, Stellio operates a retail store in Barcelona, Spain.
In FY25 it launched 105 new in-house designed and engineered collections globally and across its brands, including in collaboration with popular brands and celebrities. Additionally, it sold 27.2 million eyewear units across 12.41 million customer accounts in India and overseas
Interesting to note that customers contributing almost 45% of the revenues to the company in India engaged with the brand digitally through organic searches, social media or other online mediums 90 days before completing their purchase.
Customised Technology Solutions
The brand’s 500+ tech team has been responsible in building, maintaining and enhancing its core technology infrastructure, including its websites, mobile applications, warehouse management system and AI-driven tools supporting its operations and customer experience.
From its own facial analysis and frame recommendation tool to its AI-enabled Computer Vision platform which analyses CCTV footage from its retail locations to optimise customer flow at stores and increase conversion rates and Geo-analytics to predict revenue potential and payback period, customised technology solutions have been used from engagement to supply chain, post order fulfilment, retail store operations.
Its proprietary platform, including mobile apps and website, supports seamless ordering, virtual try-ons and digital consultations. During FY25, Lenskart conducted 38.59 million virtual try-ons and 37.87 million face/frame size measurements for customers in India through its mobile app.
Lenskart’s customer journey is further supported by its in-house optometrists and cutting-edge optical labs, enabling precision-driven fulfilment and quicker turnaround.
Exploring Foreign Markets
While India continues to be its largest market in Asia it is amongst the two largest organised retailers of prescription eyeglasses in terms of the B2C eyeglasses sales volumes in FY25. It offers an extensive portfolio of eyewear products including prescription eyeglasses, computer glasses, zero-power glasses, and sunglasses, with customisation enabled across lenses and frames.
It recorded over 100 million cumulative app downloads and garnered more than 104.97 million annual visitors on its websites globally in FY25.
The brand currently operates across 2,723 stores (comprising 2,067 stores in India and 656 stores internationally).
