Lenskart is moving closer to its much-anticipated stock market debut, with shareholders formally approving its initial public offering plans at the company’s annual general meeting held on Saturday. The omnichannel eyewear firm plans to raise Rs 2,150 crore ($250 million) as part of the public issue, which could reach up to $1 billion in total size, according to ET citing people familiar with the matter.The company is expected to file its draft red herring prospectus (DRHP) with Sebi in the coming days, joining a growing list of new-age ventures—such as Meesho, Groww, Pine Labs, and PhysicsWallah—that are preparing to tap public markets in 2025. Collectively, over 14 such firms aim to raise more than Rs 20,000 crore this year, ET reported.Filings showed that shareholders, including SoftBank, Kedaara Capital, Abu Dhabi Investment Authority, Fidelity, and Temasek, also approved the adoption of a new employee stock option plan—Esop 2025—comprising 7.2 million shares. As per data from Tracxn, around 19% of Lenskart’s shares are currently allocated to its Esop pool.ET had reported on July 10 that the company plans to issue additional shares to founder and CEO Peyush Bansal via a structured payout, potentially increasing his holding by 1.5-2%. Bansal and his sister Neha Bansal, who is also a cofounder, together own 14-15% of the company.Lenskart, which won the ET Startup Awards 2024 in the Startup of the Year category, operates in India and international markets such as the Middle East, Southeast Asia, Australia, Japan, and South Korea. In FY24, the company’s operating revenue rose 43% year-on-year to Rs 5,428 crore, while net loss narrowed to Rs 10 crore from Rs 64 crore in the previous fiscal.In an October interview with ET, Peyush Bansal said Lenskart was investing $200 million in a new manufacturing plant in southern India. Currently, the company manufactures frames and lenses at its facility in Rajasthan.Lenskart was valued at $5 billion in its last funding round in June 2024. US-based Fidelity marked up the eyewear brand’s valuation by more than 20% to $6.1 billion as of April-end.The company’s omnichannel strategy—blending online sales with over 2,500 retail outlets—has been a key growth driver. While online revenues have outpaced offline growth over the last 2–3 years, Lenskart continues to expand its store network aggressively.Filings also revealed that PaySense cofounder Sayali Karanjkar and IndMoney founder Ashish Kashyap have joined the board as independent directors. Peyush Bansal has been appointed as chairman, managing director and CEO, while Neha Bansal and cofounder Amit Chaudhary have been named executive directors.
