Lenskart’s Big Leap: Inside the DRHP Filing and What It Means

If you wear glasses in India, chances are you’ve walked past a Lenskart store or tried its quirky “3D Try-On” tool online. From a startup idea in 2010 to a household name in eyewear, Lenskart has come a long way. And now, it’s preparing for its biggest leap yet — going public.

In July 2025, Lenskart Solutions Limited filed its Draft Red Herring Prospectus (DRHP) with SEBI, laying the groundwork for an IPO that could raise up to ₹8,000 crore. For a brand that started with the simple promise of affordable eyewear, this is nothing short of a milestone.

The IPO Blueprint: Fresh Issue + OFS

The IPO has two parts:

• Fresh Issue of ₹2,150 crore: This is new money coming into the company. The funds will be used for:

   

  • Setting up new company-owned, company-operated (CoCo) stores across India.

     

  • Paying lease and rental costs for these stores.

     

  • Investing in technology and cloud infrastructure.

     

  • Strengthening brand marketing and promotions.

     

  • Potential acquisitions that can complement Lenskart’s growth story.

     

• Offer for Sale (OFS) of 13.23 crore shares: Existing investors and founders will sell a part of their holdings. Prominent sellers include co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with heavyweight investors like SoftBank, Alpha Wave, and Kedaara Capital.

   

There’s also talk of a ₹430 crore pre-IPO placement, which, if it happens, would reduce the fresh issue size.

A Look at the Numbers

The company’s financials tell a story of resilience and turnaround:

• Revenue (FY25): ₹6,652 crore (up 22.5% from FY24).

   

• Net Profit (FY25): ₹297 crore (a sharp bounce from a ₹10 crore loss in FY24).

   

• EBITDA (FY25): ₹1,115 crore, with margins climbing from 8% a few years ago to 17% today.

   

Interestingly, nearly 40% of Lenskart’s revenue now comes from international markets — Singapore, the Middle East, and beyond. For a brand that began in Delhi NCR, that’s a huge leap.

What Makes Lenskart Stand Out

When you think about eyewear, most of us remember the old days of dimly lit shops, limited designs, and heavy frames. Lenskart disrupted that by:

• Building an omnichannel model: a smooth mix of online tools and offline stores (2,700+ globally, with over 2,000 in India).

   

• Running a vertically integrated business: from designing and manufacturing to retailing, everything is under one roof. This keeps costs lower and quality consistent.

   

• Using tech innovations: AI-driven virtual try-ons, smart supply chains, and fast delivery.

   

• Creating a diverse brand portfolio: from Lenskart’s affordable options to John Jacobs and Owndays for the premium crowd.

   

Risks You Should Know

Like any IPO, there are risks:

• Regulatory hurdles: Ongoing inquiries like FEMA-related notices.

   

• Supply chain dependency: Heavy reliance on imports, particularly from China, for raw materials.

   

• Growth costs: Rapid expansion and tech upgrades mean constant reinvestment.

   

• Competitive market: Both offline opticians and new-age online eyewear startups are vying for the same customers.

   

Shareholding and Control

Before the IPO:

• Institutional investors hold ~85%.

   

• Founders hold ~11–12%.

   

• ESOP pool is ~2–3% (around 7.2 million shares earmarked for employees).

   

This means the company is heavily institution-backed, with founders still holding meaningful stakes. After listing, governance could shift toward broader institutional influence — more boardroom voices, less concentrated control.

The Road Ahead

SEBI’s current rules mean that once the IPO is launched:

• The listing will happen within T+3 days of issue closure.

   

• Anchor investors’ shares unlock in two tranches — half in 30 days, the rest in 90 days.

   

• Promoters’ minimum contribution will be locked for 18 months (or longer if capex-heavy).

   

These staggered unlocks matter. We’ve seen in IPOs like Zomato, Nykaa, and Mamaearth that share prices often wobble around anchor and lock-in expiry dates.

Why This IPO Matters

To me, Lenskart’s IPO is more than just numbers and filings. It’s symbolic of how Indian consumer brands are maturing. A decade ago, Indian startups were obsessed with growth at all costs. Today, companies like Lenskart are showing that profitability and scale can go hand in hand.

For everyday investors, this IPO will be a chance to participate in the growth of a brand many of us personally use. For the industry, it’s a signal that Indian D2C and consumer-tech brands are finally coming of age in public markets.

Final Thoughts

When Peyush Bansal left his Microsoft job to start Lenskart, few would have bet that a scrappy eyewear startup could one day file for an IPO in the ₹8,000 crore range. Yet here we are.

The DRHP filing doesn’t just mark Lenskart’s ambition to raise capital — it’s also a story of how consumer habits, technology, and entrepreneurship have reshaped an industry as basic as eyewear.

Whether you’re a retail investor, a Lenskart customer, or just someone watching India’s startup scene, this IPO is worth following closely.

For more detailed information on Lenskart Solutions Limited- DRHP visit the official website of SEBI.