Introduction
In a landmark moment for India’s D2C and eyewear industry, Lenskart has secured approval from SEBI (Securities and Exchange Board of India) to move ahead with its Initial Public Offering (IPO). This green signal paves the way for one of the most anticipated listings in the Indian startup ecosystem.
For years, Lenskart has been a posterchild of “Made-in-India D2C done right,” combining offline retail, omnichannel depth, and tech-driven supply chain. With SEBI’s approval, it now moves into the next phase — entering public markets and setting a new benchmark for Indian consumer brands.
The Journey: From Vision to Market Leader
Lenskart’s journey began in 2010, when co-founders Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi set out to make eyewear accessible, affordable, and stylish in India. Their early bet: combine optometry + e-commerce + offline stores.
Challenges in the early days were massive:
Convincing investors that eyewear is a recurring business, not just fashion.
Consumers in small towns mistrust buying eyewear online.
High import duties, weak logistics in remote regions.
Balancing margins with low-cost manufacturing.
Lenskart innovated with “Home Eye-Test Vans”, tie-ups with eye clinics, and in-store optometrists. They invested heavily in vertical supply — running their own factories, labs, and currency currency exchange efficiencies. Over time, they built trust in Tier-2/3 markets and set themselves apart from fashion brands.
By 2023–24, Lenskart became one of India’s leading omnichannel players in eyewear, with thousands of stores across the country, strong D2C presence, and a loyal customer base.
Why SEBI’s Nod Matters
- Capital for Growth: Raising public capital helps Lenskart scale faster — expanding international presence, improving supply chain, and enabling new verticals (e.g. contact lenses, eyewear accessories).
- Institutional Credibility: SEBI approval means public investors, funds, and institutions can now own a piece — raising transparency and governance.
- Path to Liquidity: Early investors and employees now see an exit path — boosting confidence in D2C startup careers.
- Indexing & Brand Credibility: A public listing elevates Lenskart from startup to household brand, aiding marketing, partnerships, and trust with large buyers.
Key Metrics & What to Watch
While the IPO draft (DRHP) is still under wraps, some key speculated metrics and things investors should watch:
- Revenue Run-Rate & Profitability: How close is Lenskart to break-even or profitability? Many D2C brands have strong top-line growth but struggle on bottom-line margins.
- Retail vs Online Mix: The share of sales coming from physical stores vs e-commerce will matter — investors will reward scalable, memory-based revenue.
- Unit Economics & Supply Chain Efficiency: Cost per box, average unit margin, fulfillment cost, return ratio will be heavily scrutinized.
- International Expansion Plans: Which markets will Lenskart target first — Southeast Asia, Middle East, Africa?
- Governance & Promoter Stake Lock-In: How the shareholding structure will evolve, and how transparent their reporting will be.
What It Signals for India’s D2C & Startup Ecosystem
- Public D2C Wave Has Arrived
For years, D2C brands raised private rounds, but SEBI nod means consumer brands can now scale via public markets. - New Benchmark for Eyewear / Optical Tech
Lenskart’s IPO may set the valuation benchmark for rivals and new entrants in eyewear, smart glasses, and augmented vision tech. - More Exit Opportunities
Earlier, founders in consumer startups struggled with exits. Lenskart going public opens doors for investors, employees, and ecosystem builders. - Consumer Trust & Branding Advantage
Public brands carry built-in trust. Lenskart may now compete more confidently with global eyewear brands entering India.