Last Updated:
Eyewear retailer Lenskart has officially converted into a public company
Eyewear retailer Lenskart has officially converted into a public company (Photo Credits: Instagram)
Eyewear retailer Lenskart has officially converted into a public company, marking a significant milestone as it gears up for its initial public offering (IPO).
During an extraordinary general meeting held on May 30, the company’s board approved a special resolution to change its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited. This name change aligns with Lenskart’s plans to list on one or more Indian stock exchanges, although the size and timing of the IPO have not been disclosed.
The move comes after Moneycontrol reported that Lenskart was in advanced discussions to appoint a consortium of bankers, including Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital, to lead the IPO process. According to sources, the company is aiming for a public issue of over $1 billion, potentially making it one of the largest IPOs in India’s new-age consumer tech sector.
Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart has grown into India’s largest omni-channel eyewear brand, boasting a strong online presence and more than 2,000 physical stores. Backed by investors like SoftBank, Temasek, ADIA, Alpha Wave Global, KKR, Kedaara Capital, and TPG, Lenskart entered the unicorn club in 2019.
In June 2024, the company raised $200 million from Temasek and Fidelity at a valuation of $5 billion. However, it reported a net loss of Rs 10 crore in FY24 on operating revenue of Rs 5,427 crore, reversing earlier profitability.
Lenskart’s IPO would be a crucial test of investor sentiment toward consumer brands and may set the tone for other profitable or near-profitable startups eyeing the markets. If successful, it would solidify Lenskart’s leadership in India’s eyewear industry.
Additionally, in December 2024, Lenskart signed an MoU with the Telangana government to establish a manufacturing facility at Fab City with an investment of Rs 1,500 crore. The plant is expected to create around 2,100 jobs.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
- First Published: