Indian eyewear giant Lenskart to file for $10b IPO

Lenskart, an omnichannel eyewear retailer, is preparing to submit its draft red herring prospectus (DRHP) to India’s market regulator by the end of June 2025, according to sources.

The company aims for a valuation of US$10 billion for its initial public offering (IPO) and plans to raise over US$1 billion.

The move comes after Lenskart converted to a public limited company, changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited.

Founded by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart operates in India, the UAE, Singapore, and Japan, and recently raised US$200 million from Temasek and Fidelity.

Lenskart joins other startups, including Swiggy, Groww, and Oyo, in using the Securities and Exchange Board of India’s confidential IPO filing process.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Shift from growth-at-all-costs to profitability in Indian startup IPOs

Lenskart’s remarkable financial turnaround highlights the evolving priorities in India’s startup IPO landscape.

The company slashed its losses by 84% to just ₹10.15 crore in FY24 while simultaneously growing revenue by 43.2% to ₹5,427.7 crore 1, demonstrating disciplined financial management alongside expansion.

This profitability focus mirrors the broader IPO market trend where investors now prioritize sustainable unit economics over rapid expansion—a sharp contrast to earlier startup IPOs that faced post-listing challenges due to continued losses 2.

The company’s dual online-offline strategy, with over 320 stores across tier-1 and tier-2 cities processing approximately 300,000 orders monthly 1, shows how scale and efficiency can coexist.

This pattern of prioritizing profitability is evident across the 2025 IPO pipeline, with companies like Urban Company and Groww also emphasizing financial discipline in their pre-IPO preparations 2.

2️⃣ Confidential IPO filings gaining popularity amid market volatility

Lenskart’s choice to file confidentially represents a strategic approach increasingly favored by Indian startups navigating uncertain markets.

The confidential filing mechanism, introduced by SEBI in November 2022, allows companies to submit registration documents without immediate public disclosure, enabling them to gauge investor interest while keeping sensitive information private 3.