Peyush Bansal-led Lenskart Becomes Public Company Ahead of Proposed IPO

Eyewear retailer Lenskart, led by Shark Tank fame Peyush Bansal, has officially become a public company after changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, following a shareholder-approved special resolution. The transition indicates the firm’s intent to list on stock exchanges, although it has not yet disclosed the timeline or size of the proposed offering.

In its regulatory filing—first reported by Entrackr last week—the company said the name change enables it to proceed with its planned IPO but did not provide further details.

This development follows earlier reports that Lenskart is in advanced discussions to finalise a group of investment banks — including Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital — to manage the IPO process.

Earlier, The Economic Times (ET) had reported that Lenskart could raise up to $1 billion and be valued at around $10 billion — double its last known valuation.

The Gurugram-based brand, known for its omnichannel presence, last raised $200 million in a secondary funding round in June 2023 at a $5 billion valuation. That round saw participation from major global investors including Temasek and Fidelity. A month later, founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi infused nearly $20 million into the company.

According to the ET report, the eyewear firm is currently operating at an annual revenue run rate of $1 billion (about ₹8,400 crore). It manufactures around 25 million frames and up to 40 million lenses per year, with over 2,500 stores across India and Southeast Asia, alongside a robust online platform.

With its transition to public company status, Lenskart joins a growing list of Indian startups — including Shiprocket, Zetwerk, PhysicsWallah, and Bluestone — preparing for public listings. E-scooter maker Ather Energy completed its IPO and listed on both NSE and BSE in May.

According to Tracxn, in FY24, the company narrowed its net loss to ₹8.9 crore, down from ₹59.7 crore the previous year. Operating revenue surged to ₹5,609 crore, and EBITDA more than doubled to ₹856 crore.