Lenskart becomes public limited company in preparation for IPO

Omnichannel eyewear brand Lenskart has converted itself into a public company as it prepares for a public listing, changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders.

This comes at a time when Lenskart is considering raising a $1 billion public offering at a potential $10 billion valuation, double that of its last funding round. The transition to a public company is a necessary step before filing its IPO papers.

The Gurugram-based company closed a $200 million secondary round in June last year at a $5 billion valuation, with investments from Singapore's sovereign fund Temasek and US financial services giant Fidelity. In July 2024, Lenskart founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi had invested almost $20 million in the company.


On February 17, ET reported that the company has set its sights on filing draft papers in May, contingent on market conditions. However, the omnichannel eyewear retailer is yet to file its draft papers.

Lenskart, which won the ET Startup Awards last year, has hit an annual revenue run rate of $1 billion (Rs 8,400 crore). The company produces 25 million frames and 30–40 million lenses annually and operates over 2,500 stores across India and Southeast Asia, maintaining a strong online presence.

Lenskart’s conversion into a public company was first reported by the news website Entrackr.

With this, the SoftBank-backed company joins startups like Shiprocket, Zetwerk, PhysicsWallah, Infra.Market, Boat, Bluestone, and others that are preparing for IPOs. Since its inception, Lenskart has closed nearly $2 billion in funding, including secondary sales.

In FY24, Lenskart’s net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) more than doubled to Rs 856 crore. It is yet to file financial statements for 2024-25 with the Registrar of Companies (RoC).