Peyush Bansal-led Lenskart starts preparation to launch IPO, looks to raise $1 billion: Report

Peyush Bansal-led eyewear giant Lenskart is laying the groundwork for an initial public offering, with plans to raise between $750 million and $1 billion.

According to a report by Moneycontrol, the company has approached bankers for the offering and is eyeing a valuation of $7 billion to $8 billion.

Aiming to go public by the end of FY26

Lenskart aims to go public by the end of the financial year 2026, which could place it among the largest listings in India’s startup ecosystem if market conditions remain favourable.

The company, founded in 2010 by Peyush Bansal and others, has experienced significant growth in recent years, fueled by nearly $1 billion in funding secured over the past 18 months. This includes a secondary investment of $200 million from Fidelity Management & Research and Temasek in June 2024, which propelled Lenskart’s valuation to $5 billion.

A secondary share sale of $200-300 million could further boost its valuation by 20%, potentially setting the stage for a bigger IPO. Lenskart has also drawn interest from investors such as KKR, the Abu Dhabi Investment Authority, and Kedaara Capital, hinting at strong institutional support.

Lenskart's financial performance

Despite a challenging economic climate, Lenskart’s performance has shown robust topline growth. Its revenue from operations surged 43% year-on-year in fiscal 2024 to Rs 5,427 crore, helped by an expanding customer base and broader retail footprint.

However, it posted a loss of around Rs 10 crore in FY24, compared with a loss of over Rs 60 crore in the previous fiscal, highlighting a continued focus on scaling despite near-term profitability challenges.

The company operates more than 2,500 stores worldwide, with around 2,000 in India, and has strategically expanded in Asia through acquisitions like AI-based computer vision startup Tango Eye and a stake in Paris-based eyewear brand Le Petit Lunetier.