In a significant development, Lenskart has transitioned from Lenskart Solutions Private Limited to Lenskart Solutions Limitedofficially becoming a public limited company. The change was approved via a special shareholder resolution and is a prerequisite for filing IPO documents. This move indicates Lenskart’s readiness to tap into public capital markets and pursue a long-awaited stock market debut.
IPO on the Horizon with $10 Billion Target
Lenskart is reportedly aiming for a $1 billion IPO at a valuation of $10 billion—double its previous valuation of $5 billion during the June 2024 secondary share sale. That round, which brought in $200 million, saw participation from global investors like Temasek and Fidelity, setting the stage for the next leap in valuation.
Founders Reinforce Confidence
Lenskart’s founding team—including Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi—invested $20 million in July 2024. Over time, Lenskart has raised close to $2 billion in funding, with contributions from prominent investors like SoftBank. This infusion by promoters highlights their long-term confidence in the company’s growth potential and IPO prospects.
Strong Financials in FY24
The company posted improved financial results in FY24.
- Net loss shrank from ₹64 crore to ₹10 crore.
- Revenue grew 43% year-on-year to ₹5,428 crore.
- Ebitda more than doubled to ₹856 crore.
Lenskart attributed these gains to tech-driven efficiencies and scale. The FY25 results are yet to be filed, but the FY24 performance has bolstered its IPO case.
Among India’s IPO-Bound Startups
Lenskart is now part of a growing club of Indian startups—including PhysicsWallah, Shiprocket, Boat, and Zetwerk—making strides toward IPOs. These tech-driven firms reflect the maturing Indian startup ecosystem, with increasing readiness to enter public markets.
Conclusion
Lenskart’s conversion to a public limited company is more than a formality—it is a foundational step in its IPO journey. With solid financials, a loyal customer base, and strong investor trust, Lenskart is now structurally and financially prepared for its next major milestone: going public.
