SoftBank-backed eyewear startup eyes $10 billion valuation as IPO filing nears; India revenue leads while global expansion gains pace

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Strong Margins and Robust Financial Backing Support Listing Plans Sectoral Outlook and IPO Buzz Drive Investor Focus

Lenskart, the eyewear unicorn backed by SoftBank, is understood to have clocked $755 million in revenue in FY25, driven by its core India business and a growing international footprint, according to internal documents accessed ahead of its upcoming IPO’s filing. Of the total revenue, $455 million (₹3,865 crore) came from India, while $300 million (₹2,550 crore) was generated internationally. This marks a 17% year-on-year growth, slower than the 46% jump seen between FY23 and FY24 as the company shifted focus towards profitability at scale.

Lenskart is expected to file its Draft Red Herring Prospectus (DRHP) publicly soon, targeting a $1 billion IPO at a valuation of $10 billion (₹85,000 crore)—a rare move in the current market, where many new-age startups opt for confidential filings. The offering is likely to be one of the biggest in India’s consumer tech space this year.

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Strong Margins and Robust Financial Backing Support Listing Plans

The company maintained a gross margin of 70% in FY25, owing to an average cost price of $8 (₹680) and an average selling price of $28 (₹2,380). EBITDA margins ranged between 18–22%, aligning it with global eyewear players like Fielmann and JINS. Internal reports suggest that net cash reserves stood at over $200 million (₹1,700 crore) as of H1 FY25, bolstering investor confidence ahead of the IPO.

With rising operational efficiency and strategic international plays—such as its $400 million acquisition of Japan’s Owndays in 2022 and a manufacturing JV in China—Lenskart continues to solidify its global presence. Southeast Asia has been a key revenue driver outside India, where the company still holds a 10% market share, with ambitions to scale that to 25% by FY30.

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Sectoral Outlook and IPO Buzz Drive Investor Focus

India’s optical retail market remains fragmented, with Titan Eyeplus as Lenskart’s biggest organised competitor. However, with a projected $30 billion total addressable market across India, Asia, and the Middle East, the sector presents ample growth runway. The upcoming Lenskart IPO is expected to trigger interest in other new-age tech listings as well as organised retail plays.

What Traders Should Watch Next

Market participants are watching for Lenskart’s formal DRHP filing and subsequent valuation commentary. The IPO is likely to influence sentiment in the consumer discretionary, retail tech, and startup IPO segments.