KuberGrow Team Lenskart, the eyewear start-up revolutionizing the optical industry, is preparing for an Initial Public Offering (IPO) in 2025, aiming to raise $750 million to $1 billion. The company is targeting a valuation between $7 billion and $8 billion, a significant leap from its June 2024 valuation of $5.6 billion. This development comes amid a booming IPO wave in India, with around 25 new-age tech start-ups expected to hit the stock market next year. If successful, Lenskart will join the likes of Swiggy, Zomato, and Paytm as one of the prominent tech unicorns making a public market debut.
The company has displayed remarkable financial growth, reporting a 43% surge in revenue to ₹5,427.7 crore in FY24, compared to ₹3,788 crore the previous fiscal year. Its total income grew by 42% year-on-year to ₹5,609 crore, while effective cost management led to an 84% reduction in losses, down to ₹10.15 crore from ₹63.7 crore in FY23. These impressive figures reflect the company’s strategic efficiency and robust demand for its products, including eyewear frames, lenses, goggles, and services like eye checkups.
Lenskart’s recent funding rounds have further strengthened its position. In 2024, the company secured $200 million in secondary investment from Fidelity Management and Temasek, raising its valuation by 12%. This followed a $100 million funding round in 2023, where its valuation stood at $4.5 billion. The funds are being strategically allocated, with Lenskart planning to establish its largest eyewear manufacturing facility in Telangana at an investment of ₹1,500 crore. The project is part of a memorandum of understanding signed with the Telangana government and demonstrates the company’s commitment to scaling operations.
With a global footprint that includes over 2,500 stores, of which 2,000 are in India, and a growing presence in international markets such as the UAE, Singapore, and Japan, Lenskart’s IPO ambitions are poised to make a significant impact. The company’s plans come at a time when tech-driven start-ups like boAt and OYO are also preparing for their public listings, signaling a transformative phase for India’s entrepreneurial ecosystem.
