Lenskart is making big moves as it gears up for its Initial Public Offering (IPO). The company’s board recently approved a special resolution to change the name of its parent entity from Lenskart Solutions Private Limited to Lenskart Solutions Limited. This shift often signals the company’s intention to go public in the near future.
According to media reports, Lenskart plans to raise around $1 billion through a mix of fresh funding (primary capital) and the sale of existing shares (secondary capital). The eyewear brand is targeting a massive $10 billion valuation for its IPO.
Over the past year and a half, Lenskart has already raised close to $1 billion. During a recent secondary transaction, the company was valued at $5 billion. Additionally, one of its early investors, Fidelity, recently increased its estimate of Lenskart’s worth to $5.6 billion a sign of growing confidence in the company’s future.
Financially, Lenskart has seen significant progress. Its revenue from operations jumped 43% in FY24, reaching ₹5,427.7 crore, up from ₹3,788 crore in FY23. The company also managed to cut its losses by 84%, reducing them to just ₹10 crore in FY24, compared to ₹63 crore the year before.
As of FY24, Lenskart runs over 2,500 stores worldwide, including around 2,000 in India. Impressively, 42% of its revenue now comes from international markets. The company has expanded its global presence to countries like Japan, Singapore, Taiwan, and Thailand.
Lenskart’s strategy of combining strong domestic growth with global expansion seems to be paying off. With an IPO on the horizon and rising investor confidence, the company is clearly positioning itself for a bigger leap forward.
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