Eyewear brand Lenskart, backed by SoftBank, is getting ready to go public (IPO) later this year. According to documents shared with investors, the company earned $755 million (₹6,415 crore) in revenue in the financial year 2025 (FY25). This includes earnings from both India and international markets.
Revenue Growth Over the Years
- In FY23, Lenskart made $443 million
- In FY24, it grew by 46%, reaching $645 million
- In FY25, the growth slowed to 17%, reaching $755 million
This slowdown is common for companies once they reach a large scale, as they focus more on profitability than rapid growth.
Upcoming IPO Details
Lenskart is now in the final stages of filing its Draft Red Herring Prospectus (DRHP) with the capital markets regulator. The company plans to raise $1 billion (₹8,500 crore) at a valuation of $10 billion (₹85,000 crore). Unlike other startups that keep IPO plans confidential, Lenskart’s DRHP will be public.
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India vs International Business
- India revenue (FY25): $455 million (₹3,865 crore)
- International revenue (FY25): $300 million (₹2,550 crore)
About 60% of Lenskart’s revenue comes from India, while the rest is from countries in Southeast Asia and other international markets. One of its big moves abroad was buying Japan’s Owndays in 2022 for $400 million. It also has a joint venture in China for making spectacles.
Lenskart believes its market share in India will grow from 10% now to 25% by 2030, as the eyewear market becomes more organized. Its main competitor in India is Titan Eyeplus, owned by the Tata Group.
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Strong Financials
Lenskart operates with:
- EBITDA margins of 18–22%
- Gross margins of 70%
This means the company keeps a large portion of its revenue as profit before taxes and other costs. The average cost to make a product is $8 (₹680), while it sells for $28 (₹2,380).
As of the first half of FY25, Lenskart had over $200 million (₹1,700 crore) in cash. This may have changed if the company invested in improving its operations.
Lenskart is showing strong financial performance and steady growth as it heads toward its IPO. With solid profits, global expansion, and a growing market share in India, the company is positioning itself as a major player in the eyewear industry.
