India’s leading omnichannel eyewear brand, Lenskart, is preparing for a major public market debut. With robust financials, strategic global acquisitions, and strong investor backing, the company is positioning itself as a dominant player in the $30 billion eyewear market across India, Asia, and the Middle East.

A) Who Is Lenskart Solutions Private Limited?

Founded in 2010 by Peyush Bansal, Amit Chaudhary, Sumeet Kapahi, and Neha Bansal, Lenskart is a vertically integrated, tech-driven eyewear brand headquartered in Gurugram, India. Its offerings include prescription eyeglasses, sunglasses, contact lenses, and accessories through brands such as John Jacobs, Vincent Chase, and Lenskart Air. The company has over 2,000 retail stores globally and a strong digital platform featuring AI-based recommendations and virtual try-ons.

B) Business Model & Services

• Full-stack eyewear solution: Owns end-to-end supply chain from manufacturing to customer delivery.

• Manufacturing facility: Capacity of 5 crore glasses per year at Bhiwadi.

• Tech-enabled operations: Proprietary software stack integrates design, inventory, and retail across digital and offline platforms.

• Value-added services: Includes in-store eye testing, virtual try-ons, contact lens subscriptions, and after-sales service.

C) Funding & Valuation Journey

• Raised capital from top-tier investors like SoftBank, Temasek, ADIA, KKR, and ChrysCapital.

• Became a unicorn in 2019 post SoftBank investment.

• As of April 2025, company is valued at $6.1 billion, up 22% from its previous valuation (Fidelity).

D) Market Reach & Global Expansion

• Serves over 40 million customers across 175 cities.

• Operates 2,500+ stores in India and abroad.

• Acquired Japan-based Owndays in 2022 for $400 million, entering Japan & SEA markets.

• Presence in Singapore, UAE, USA, and a JV for manufacturing in China.

E) What Are the Key Financial Highlights of FY25?

• Total Revenue: $755 million (~Rs 6,415 crore)

  • India Revenue: $455 million (~Rs 3,865 crore)

  • International Revenue: $300 million (~Rs 2,550 crore)

• Gross Margin: 70%

• EBITDA Margins: 18-22%

• Net Cash Position: Over $200 million (~Rs 1,700 crore)

How Did Lenskart Achieve 70% Gross Margin?

Lenskart maintains high profitability through a vertically integrated supply chain:

• ACP (Average Cost Price): $8 (~Rs 680)

• ASP (Average Selling Price): $28 (~Rs 2,380)

• Gross margin of 70% is on par with top global players like Germany’s Fielmann and Japan’s JINS.

F) FY25 vs FY24 Financial Performance Comparison

📌 *EBITDA range for FY25 is derived using 18–22% margin on ₹6,415 Cr revenue.

G) What’s Fueling Lenskart’s Global Expansion?

Lenskart’s international push includes:

• 2022 acquisition of Owndays (Japan)

• Strategic presence in SEA, China (JV), USA, UAE, and Singapore

• Plans to grow Indian market share from 10% to 25% by FY30

Who’s Steering the Lenskart Ship?

Led by Peyush Bansal (CEO), the executive team includes:

• Ramneek Khurana – India CEO & CTO

• Neha Bansal – Head, Merchandising

• Amit Chaudhary – Business Development

• Ashwani Agarwal – Chief Supply Chain Officer

• Take Umiyama – CEO, Japan & SEA

• Sumeet Kapahi – Head, Procurement

• Abhishek Gupta – CFO

H) What Are the IPO Plans and Expected Valuation?

Lenskart is:

• Finalizing its Draft Red Herring Prospectus (DRHP) for SEBI filing

• Planning to raise $1 billion (~Rs 8,500 crore)

• Targeting a $10 billion (~Rs 85,000 crore) valuation

• Choosing a public DRHP filing, unlike many peers opting for confidential filings

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