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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 1m ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

Decoding Lenskart FY25 numbers

EntrackrEntrackr · 3d ago
Decoding Lenskart FY25 numbers
Medial

Eyewear brand Lenskart has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in order to raise Rs 2,150 crore via a fresh issue. The company made a sharp turnaround from FY24 and turned profitable, driven by robust growth in revenue and controlled spending across key verticals. Lenskart’s operating revenue grew 23% to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, according to its restated financial statement given in DRHP. The bulk of the company’s revenue came from the sale of goods such as prescription eyewear, sunglasses, contact lenses, and accessories which rose 23% to Rs 6,360 crore. Revenue from services such as memberships, home eye check-ups, and training grew 27% to Rs 133 crore, supported by the expansion of its Lenskart Gold programs, which grew to 68 lakh members by March 2025. Other operating income consisted of lease income, scrap sales, website licence fees, and support charges which remained steady at Rs 160 crore. Geographically, revenue from India rose 27% to Rs 4,015 crore. Lenskart added 282 new stores and saw its annual transacting customer base rise 23% to 99 lakh, while eyewear unit sales surged 30% to 2 crore. International markets contributed Rs 2,638 crore, up 17% from FY24; the brand expanded its overseas footprint with 52 new stores, growing its international customer base to 25 lakh. On the expense front, employee benefit expenses emerged as the largest cost component, which rose 27% to Rs 1,379 crore in FY25, followed by material costs which increased 20% to Rs 2,134 crore. Marketing costs also saw a 27% jump to Rs 448 crore. Meanwhile, commission and incentives fell slightly by 4% to Rs 733 crore. Depreciation expenses stood at Rs 797 crore, up 19% from the previous year. Overall, total costs rose 19% to Rs 6,619 crore in FY25 as compared to Rs 5,550 crore in FY24. This combination of steady revenue growth and calibrated cost management enabled Lenskart to post a net profit of Rs 297 crore in FY25, a substantial improvement from a Rs 10 crore loss a year earlier. Its ROCE and EBITDA margin stood at 6.17% and 2.27% respectively. On a unit basis, the company spent Re 0.99 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 3,630 crore in FY25, including Rs 865 crore in cash and bank balances. Lenskart converted into a public company in June this year in preparation for the listing. The public offering is being managed by a consortium of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

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