Peyush Bansal's Lenskart Gets Shareholders’ Nod to Raise ₹2,150 Cr via IPO

Omnichannel eyewear start-up Lenskart has received its shareholders’ approval to raise ₹2,150 crore through a fresh issue of shares in the IPO (initial public offering) launch, CNBC TV18 reported. The fresh issue will also include a secondary offer for sale (OFS) by existing investors.

The Peyush Bansal-led start-up is expected to raise nearly $1 billion via IPO. It has received the board’s nod to allot equity shares valued up to ₹430 crore to certain investors, the report said.

It was recently converted into a public company, and changed it name from “Lenskart Solutions Private Limited” to “Lenskart Solutions Limited” during a general meeting on May 30, 2025.

The start-up’s founder Peyush Bansal is also reportedly seeking to acquire a 1.5-2% stake in the eyewear retailer, which amounts to around $150 million, from existing investors ahead of the planned IPO.

Lenskart has opted for a public draft red herring prospectus (DRHP) filing, rather than the confidential route favoured by many recent Indian tech-enabled start-ups.

By publicly disclosing its financials, growth trajectory and profitability roadmap, Lenskart aims to build brand and investor confidence ahead of its IPO.

This transparent approach is also designed to attract a broader base of global institutional investors, including existing marquee backers such as Temasek, KKR, ChrysCapital and SoftBank, while demonstrating operational maturity at a time when markets remain cautious following a series of challenging tech listings.

Founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi to address gaps in an unorganised eyewear market, Lenskart distinguished itself with affordable, stylish frames sold online, supported by innovative services such as home eye check‑ups, virtual try‑ons and free home trials.

By controlling its value chain from design and manufacturing to distribution, the company maintained stringent quality standards and competitive pricing. However, rising online customer acquisition costs and the challenge of building trust in eyewear purchases demanded a strategic shift.

In FY24, Lenskart reported revenue of ₹5,610 crore, a 43% increase year-on-year following 142.7% growth in FY23, yet recorded a net loss of ₹10 crore. With a workforce of 3,250 as of March 2024, the company’s significant investments in AI-driven supply chain systems, virtual try-on technology, and its Telangana manufacturing hub have not yet translated into positive profit after tax (PAT).

Despite strong revenue growth driven by its omnichannel expansion and global presence, Lenskart’s ₹10 crore net loss in FY24 underscores the challenge of balancing rapid scaling with sustainable unit economics.