Peyush Bansal-led Lenskart receives shareholders approval to raise Rs 2,150 crore via IPO

Eyewear retailer Lenskart has secured shareholder approval to raise Rs 2,150 crore (approximately $250 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO).

Regulatory filings sourced from the Registrar of Companies (RoC) show that the company, at its annual general meeting on Saturday, also cleared an offer-for-sale (OFS) component that will bring the total IPO size to an estimated $1 billion.

The AGM filing also disclosed remuneration of key leadership. Peyush Bansal will receive a fixed annual salary of Rs 6 crore, while Neha Bansal and co-founder Amit Chaudhary will each draw Rs 3 crore per annum.

The company is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the coming days, according to media reports. Lenskart will join a growing cohort of new-age, venture-backed companies, including Groww, Meesho, PhysicsWallah, and Pine Labs, preparing to list on Indian bourses in 2025.

The public offering will comprise a Rs 2,150 crore ($248.7 million) fresh issue, alongside secondary share sales by existing investors. Lenskart has also received in-principle approval from its board to allocate equity shares worth up to Rs 430 crore to select investors ahead of filing the red herring prospectus.

The IPO approval follows a series of corporate developments designed to align with public market expectations. Earlier this year, Lenskart transitioned into a public company and overhauled its board, appointing independent directors Sayali Karanjkar, cofounder of PaySense, and Ashish Kashyap, founder of IndMoney.

Peyush Bansal has been formally named chairman, managing director, and CEO, while cofounder Neha Bansal assumes the role of executive director. Amit Chaudhary, another cofounder, has also been appointed as executive director.

Lenskart operates more than 2,500 retail outlets across India and international markets such as the Middle East, Southeast Asia, Australia, Japan, and South Korea.

In fiscal year 2024, the company reported a 43% increase in operating revenue to Rs 5,428 crore. Net loss narrowed significantly to Rs 10 crore, compared with Rs 64 crore in FY23. Moneycontrol reported that it recorded Rs 6,415 crore revenue in FY25.