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Lenskart prepares for IPO, seeks to raise up to $1 billion from bankers

Eyewear startup Lenskart is targeting a valuation of $7-8 billion and plans to list by the end of the financial year 2026

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Lenskart (Photo: Shutterstock)

Vasudha Mukherjee New Delhi

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Eyewear startup Lenskart has invited bankers to pitch for its upcoming initial public offering (IPO), aiming to raise between $750 million and $1 billion, according to a report by Moneycontrol on Thursday. The company is targeting a valuation of $7-8 billion and plans to list by the end of the financial year 2026.
 
Earlier news reports suggested a potential IPO timeline of around two years. In November 2024, it was noted that Lenskart’s valuation could increase by 20 per cent to $6 billion if a $200-300 million secondary share sale materialises.
 
The company has already raised $200 million from Fidelity Management & Research Company and Temasek, achieving a $5 billion valuation. Over the past 18 months, it secured nearly $1 billion in funding, despite a challenging financial climate in 2022-23, with investments from KKR and the Abu Dhabi Investment Authority.
 
 
The proposed secondary share sale, in which new investors purchase shares from existing stakeholders, is attracting interest from current investors like Fidelity and Kedaara Capital. Such deals see the proceeds go to the selling shareholders rather than the company itself. Lenskart recorded secondary transactions totalling $650 million last year.
 
Founded in 2010, Lenskart has raised a total of $1.08 billion and now operates over 2,500 stores, with 2,000 located in India. The company is aggressively expanding its presence in untapped Indian markets and scaling its international operations across Asia. Lenskart has also made strategic acquisitions, including the AI-based computer vision startup Tango Eye and a stake in the Paris-based eyewear brand Le Petit Lunetier.
 
In the financial year 2023-24 (FY24), Lenskart’s revenue grew by over 40 per cent, doubling its growth from the previous year. Despite this, the company posted a loss of Rs 10 crore on revenues of Rs 5,427 crore in FY24.

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First Published: Jan 09 2025 | 2:40 PM IST

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