Lenskart, one of India’s leading eyewear retailers, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch a much-anticipated initial public offering (IPO). The public issue will comprise a fresh issue of shares worth ₹2,150 crore and an offer-for-sale (OFS) of 13.2 crore shares by existing investors and promoters.

The IPO is poised to be one of the largest in India's consumer tech space, with a potential valuation of $10 billion, according to previous reports. Backed by global investors like SoftBank, Temasek, Premji Invest, ADIA, and Alpha Wave, Lenskart’s IPO filing reveals a roadmap focused on aggressive retail expansion, tech investments, and brand building.

Investor Exit in Focus
The OFS will allow early backers to partially or fully exit. SoftBank’s SVF II Lightbulb (Cayman) will sell 2.6 crore shares, while Schroders Capital plans to offload 1.9 crore. Other notable exits include Premji Invest’s PI Opportunities Fund II (87 lakh shares), Temasek’s MacRitchie Investments (78.6 lakh), Kedaara Capital (73.6 lakh), and Alpha Wave Ventures (66.6 lakh).

On the promoter side, CEO Peyush Bansal will sell 2 crore shares, while co-founders Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will each offload between 28.7 lakh and 57.4 lakh shares.

The draft filing also highlights impressive exit multiples. For example, Premji Invest, with a cost of acquisition of ₹24.14 per share, is expected to clock returns that are 4x to 5x higher than late-stage investors like Temasek and Alpha Wave. Among founders, Neha Bansal stands out with a 2.4x higher return than Peyush Bansal, owing to her early entry at lower valuations.

Use of IPO Proceeds
Lenskart plans to invest the fresh ₹2,150 crore in multiple growth avenues:

₹272.6 crore to set up 620 new CoCo (Company-Owned, Company-Operated) stores across India by FY29

₹591.4 crore towards lease deposits for these outlets

₹213.4 crore for AI-powered technology and cloud infrastructure, including robotic lens labs

₹320 crore for brand marketing and business promotion

The company claims its AI-led fulfillment systems have enabled next-day delivery in 40 cities, supported by a centralized supply chain and robotic lens labs.

Risks Highlighted
The DRHP also outlines key risks. Lenskart’s dependence on its Gurugram-Bhiwadi industrial cluster for manufacturing poses concentration risk, while its Telangana lens plant, part of a ₹1,500 crore MoU, faces potential delays in rollout. As of March 31, 2025, the company has borrowings of ₹345.9 crore, and any breach of debt covenants could impact future operations. There's also a possibility of requiring additional funding for acquisitions and expansions.

Financial Snapshot
Lenskart turned profitable in FY25, posting a net profit of ₹297.3 crore, a sharp reversal from a loss of ₹10.2 crore in FY24. Its operating revenue rose 22.5% to ₹6,652.5 crore, while EBITDA surged to ₹1,115 crore from ₹763 crore a year earlier. EBITDA margins have improved consistently—from 8% in FY23 to 17% in FY25.

With a retail footprint of 2,723 stores (2,067 in India and 656 overseas), over 100 million app downloads, and a 98% repeat order rate in India, Lenskart has shown strong customer retention and digital engagement.

Founder Compensation
Starting April 1, 2025, Peyush Bansal will draw an annual salary of ₹6 crore, while Neha Bansal and Amit Chaudhary will receive ₹3 crore each. Board members like Ashish Kashyap (INDmoney) and Sayali Karanjkar (PaySense) will earn ₹30 lakh annually. Jayesh Merchant (ex-CFO, Asian Paints) and Bijou Kurien (ex-Titan COO) will receive ₹42 lakh and ₹34 lakh, respectively.

What’s Ahead
With a strong brand, proven profitability, and a clear roadmap for expansion, Lenskart’s ₹2,150 crore IPO will test the market’s appetite for scalable consumer tech businesses. A successful listing could also set the tone for future internet-first startups eyeing the public markets in 2025 and beyond.