Eyewear has evolved from a necessity to a statement of style and technology. Amid this transformation, Lenskart Solutions stands out as a company that didn’t just sell glasses—it redefined how India sees eyewear. From a digital-first startup in Gurugram to a 2,700-store global retail network, Lenskart has built one of the most integrated and data-driven business models in Indian retail.
In the Lenskart IPO review, we’ll decode how the company makes money, scales profitably, and competes across global markets. It is a data-backed business model and revenue stream analysis written from an investor’s perspective.
By the end of this Lenskart IPO analysis, you’ll know everything that matters before investing.
Lenskart IPO Snapshot & Overview
Lenskart Solutions operates as a technology-driven eyewear company integrating designing, manufacturing, branding, and retailing under a single ecosystem. As of 31 March 2025, it operated 2,723 stores globally — including 2,067 stores in India and 656 international locations spread across Japan, Southeast Asia, and the Middle East.
The company’s mobile app, downloaded over 100 million times, has become a key customer acquisition channel. During FY25, Lenskart served 9.94 million transacting customer accounts, selling 22.91 million eyewear units.
Key Promoters: Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
IPO Details:
- Fresh Issue: INR 2,150 crore
- Offer for Sale (OFS): 13,22,88,941 equity shares
- Retail Allocation: 10%
- Book Running Lead Managers: Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup, Axis Capital, Intensive Fiscal
- Registrar: MUFG Intime India
- Listing: BSE and NSE
Prominent Investors in Offer for Sale: Include SoftBank’s SVF II Lightbulb (Cayman), Kedaara Capital, Macritchie Investments (Temasek), and Alpha Wave Ventures — each partially exiting via the IPO.
Lenskart IPO Review: The Market Company Is Targeting
India’s eyewear industry is quietly becoming one of the most promising consumer markets of the decade. The combination of rising screen exposure, growing disposable incomes, and expanding health awareness has created a structural demand for optical products.
Market Size & Growth:
- The global eyewear market is valued at approximately INR 15.2 lakh crore in FY25, expected to grow at a 4% CAGR, reaching INR 18.6 lakh crore by FY30.
- The Indian eyewear market stands at INR 78,800 crore in FY2025, projected to almost double to INR 1,48,300 crore by FY2030 at a 13% CAGR, according to Redseer research.
Category Breakdown (India, FY2025):
- Prescription Eyewear: ~73% of total market value
- Sunglasses: ~22%
- Contact Lenses & Accessories: ~5%
Structural Drivers:
- Refractive error prevalence in India has jumped from 43% in FY20 to 54% in FY25, and is projected to reach 62% by FY30.
- Urban Lifestyle Impact: Metro and Tier 1 cities lead adoption due to screen exposure and fashion consciousness.
- Untapped Tier 2+ Markets: Low penetration but high growth potential as affordability and awareness rise.
Organised Retail & D2C Transformation:
- Organised eyewear channels make up ~24% of the Indian market in FY25, expected to reach ~31% by FY30.
- D2C brands have grown from 6–8% market share in FY20 to 11–13% in FY25, and are projected to hit 17–22% by FY30, growing at 22–28% CAGR.
Lenskart IPO Analysis: Financial Performance
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 3,788.03 | 5,427.70 | 6,652.52 |
| Total Expenses | 4,025.07 | 5,549.59 | 6,619.48 |
| Net Profit/(Loss) | (63.76) | (10.15) | 297.34 |
| EBITDA Margin (%) | 6.86 | 12.38 | 14.60 |
| ROCE (%) | (0.48) | 5.08 | 13.84 |
| RONW (%) | (1.25) | (0.31) | 4.84 |
| Debt-to-Equity (X) | 26.65 | 24.56 | 23.61 |
Lenskart IPO Review: Business Model
Lenskart’s success lies in its vertically integrated, omnichannel model, blending retail, technology, and manufacturing into one seamless value chain. Unlike traditional optical stores that depend on third-party suppliers, Lenskart owns every major step of its production and sales journey.
A. Vertical Integration
- End-to-end ownership from design and prototyping to in-house manufacturing and last-mile delivery.
- Centralised manufacturing facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), plus international units in Singapore, Dubai, and a JV facility in China.
- Automation Focus: The Bhiwadi plant is 75% automated, enabling faster order turnaround and precise quality control.
- AI-driven Quality Checks: ISO 9001:2015 and ISO 13485:2016 certified systems ensure optical accuracy and consistency.
This vertical control allows Lenskart to reduce its dependency on third-party suppliers, manage costs effectively, and offer affordable yet high-quality eyewear — a combination that underpins its competitive moat.
B. Omnichannel Strategy
Lenskart’s omnichannel retail network integrates digital discovery with physical fulfilment:
- 2,723 global stores — 2,067 in India and 656 internationally.
- Apps and Website: Over 100 million downloads; major traffic from Tier 1 & 2 cities.
- “Home Try-On” Service: 323 home agents across India offering doorstep eye tests and product trials.
- Online + Offline Synergy: 44%+ of Indian sales involve digitally engaged customers — a crucial differentiator versus legacy optical players.
C. Proprietary Brands & Product Innovation
Lenskart has built an in-house brand portfolio designed for diverse customer personas:
- Owndays – minimalist, titanium-based comfort wear.
- John Jacobs – premium fashion-forward designer frames.
- Vincent Chase – fast-fashion, affordable styles.
- Lenskart Air – lightweight, durable daily wear.
- Hooper & Hustlr – children’s and youth-focused sub-brands.
As of FY25, over 80% of sales came from Lenskart’s own brands, enabling higher gross margins and brand control. The company launched over 105 new eyewear collections in FY25 — showing agility similar to fast-fashion models like Zara or Uniqlo.
Lenskart Revenue Streams Analysis
Lenskart revenue streams is diversified across products, geographies, and recurring income streams. Its integrated ecosystem allows monetization through multiple touchpoints.
| Revenue Stream | Approx. Share (FY25) | Growth Driver |
|---|---|---|
| Prescription Eyeglasses | ~80% | Core healthcare demand; high repeat rate |
| Sunglasses | ~10–12% | Lifestyle & fashion-led consumption |
| Contact Lenses (Aqualens) | ~3–5% | Younger, urban customers seeking comfort & convenience |
| Accessories | <3% | Upselling, premium add-ons |
| Membership (Lenskart Gold) | Recurring | 6.77 million members, driving loyalty and repeat orders |
| International Operations | 20%+ | Fastest-growing segment, leveraging Owndays network |
Recurring Revenue & Customer Retention
Lenskart’s “Gold Membership” program — launched in 2018 and now spanning India and select global markets — adds a subscription layer to its retail model.
Members receive discounts, faster deliveries, and early access to collections. With 67 lakh members as of FY25, this has evolved into a high-margin, recurring revenue engine comparable to Amazon Prime or Nykaa Prive.
International Contribution
Global operations (Japan, Southeast Asia, and the Middle East) account for roughly one-fifth of total revenue, positioning Lenskart as one of India’s few consumer-tech firms with meaningful global exposure. Its acquisition of Owndays has accelerated brand diversification and geographical de-risking.
Growth & Expansion Strategy
Lenskart’s growth philosophy goes beyond opening new stores — it’s about deepening customer engagement and integrating technology at every stage of the value chain. The company’s IPO proceeds are aligned with this philosophy, targeting both domestic scale and global expansion.
Utilisation of IPO Proceeds
The INR 2,150 crore fresh issue is structured to strengthen its operational and technological backbone:
| Purpose | Allocation | Objective |
|---|---|---|
| Setting up new company-owned stores (CoCo) in India | 272.62 | Expand urban and Tier-2 coverage |
| Lease & rental payments for CoCo stores | 591.44 | Secure strategic retail locations |
| Technology & cloud infrastructure | 213.38 | Enhance automation, AI, and data analytics |
| Brand marketing & business promotion | 320.06 | Strengthen brand recall and awareness |
| Inorganic acquisitions & general corporate purposes | Remaining | Expand international footprint & vertical synergies |
The mix shows a balanced capital deployment — not just expansion, but investment in technology, infrastructure, and global brand-building.
Global Growth Playbook
Lenskart’s international expansion is one of its most distinctive strategic advantages:
- Owndays Integration: Post-acquisition, Owndays-branded products are now sold through Lenskart stores in India — boosting premium segment positioning.
- Regional Presence: Operations across Japan, Singapore, Thailand, UAE, KSA, Hong Kong, and Australia; early entries into Southeast Asia show strong scalability.
- Localisation Strategy: Country-specific product lines (e.g., Lunar New Year collections, Ramadan editions) show cultural sensitivity and marketing agility.
Competitive Landscape
Lenskart operates in a unique competitive zone — somewhere between traditional optical retail and tech-enabled lifestyle commerce. Its closest peers vary across dimensions:
| Player | Business Model | Core Strength | Scale (India) |
|---|---|---|---|
| Titan Eye+ (Titan Co.) | Multi-brand optical retail | Brand trust, offline dominance | ~900 stores |
| Specsmakers | Regional optical chain | Price leadership in South India | ~300 stores |
| Warby Parker (US) | D2C eyewear with virtual try-ons | Brand storytelling, subscription models | ~240 stores (US) |
| Lenskart | Omnichannel + vertically integrated + D2C | Tech-driven operations, in-house manufacturing | 2,000+ India stores |
Lenskart IPO Review: Key Strengths
Lenskart’s long-term defensibility lies in its integration, data, and brand ecosystem. Unlike typical retail chains, it behaves more like a consumer-technology company with scalable, recurring revenue levers.
- Deep Vertical Integration: Owning its entire value chain — design, manufacturing, logistics, and retail — gives Lenskart unmatched control over cost, quality, and speed.
- Omnichannel Dominance: The company has successfully merged online discovery with offline trust, a balance few Indian brands have achieved. Digital platforms bring reach and data; physical stores build credibility — together, they create a powerful customer retention engine.
- Technology & Data Intelligence: AI-driven quality checks, warehouse automation, and customer data analytics help Lenskart forecast demand and reduce wastage.
- Brand Portfolio & Customer Loyalty: From Vincent Chase’s fast-fashion appeal to John Jacobs’ luxury positioning, Lenskart serves every price and persona segment. Its Lenskart Gold and Owndays Loyalty programs strengthen repeat engagement, pushing CLTV (Customer Lifetime Value) higher each year.
- Global Growth Optionality: By leveraging Owndays and its overseas facilities, Lenskart is emerging as a pan-Asian eyewear platform, a rare feat for an Indian consumer brand.
Conclusion
Lenskart IPO review clearly highlights the company’s ability to blend manufacturing depth, digital intelligence, and lifestyle branding, making it more than an eyewear retailer — it’s a scalable platform model that can replicate success across geographies.
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