Lenskart's Got That IPO Glow — Time to Monet-Eyes

Image Source: Indian Startup News

Lenskart, India's top eyewear retailer, has formally become a public company, marking its move towards a blockbuster Initial Public Offering (IPO) that has the potential to raise as much as $1 billion. The step moves the company one step closer towards a market listing as it makes a go for an ambitious valuation and strengthens its global reach.

Major Milestones Towards IPO Preparations

Lenskart altered its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, a step towards formal listing.

It's target market value is $10 billion, double the benchmark of its last funding round.

Its recent financial restructuring and operational efficiencies have decreased losses by 84% in FY24, improving investor confidence.

Financial Strength & Growth Plans

Lenskart raised $200 million in June 2024 at a valuation of $5 billion, backed by Temasek and Fidelity.

The firm has an annual revenue run rate of $1 billion, underlining its financial health before public trading.

With over 2,500 stores in India and Southeast Asia, Lenskart's online-offline hybrid model continues to fuel growth.

Context in India's Startup IPO Wave

Some Indian startups such as Shiprocket, Zetwerk, PhysicsWallah, Infra.Market, Boat, and Bluestone are planning IPOs, highlighting a wider trend in the startup ecosystem towards listing on the public markets.

Lenskart's IPO would pave the way for consumer-led tech-retail companies seeking high valuation in India's changing capital market.

As Lenskart gets ready for a historic public listing, the sector is waiting to observe if the action will revolutionize India's optical sector and set the tone for subsequent retail IPOs.

Sources: Economic Times, Moneycontrol, TechCrunch