E-commerce

Frame by frame: Reading the finer details in Lenskart’s DRHP

Nikhil Patwardhan

Pranav Balakrishnan

July 30, 2025 | 13 Min Read

Lenskart’s IPO documents lift the lid on how India’s largest eyewear brand is navigating global expansion, heavy infrastructure bets, and a business model that bets more on bricks over clicks.

Key Takeaways

Lenskart reported FY25 revenue of Rs 6,652.5 crore and a net profit of Rs 297.3 crore—marking its first full-year profitability ahead of its IPO
The company is doubling down on offline retail, shifting away from franchisees, with a significant amount earmarked for new CoCo stores and leases
Despite operating at under 50% capacity, Lenskart is building a new Telangana factory to mitigate regional risks and prep for global growth
40% of Lenskart’s revenue now comes from overseas, with brands like Owndays and Meller driving expansion across Asia, the Middle East, and Europe

Nearly half a billion Indians need vision correction. Over 200 million don’t have access to it. For years, that massive unmet need has been the backbone of Lenskart’s pitch, a vertically integrated eyewear company aiming to fill one of India’s most overlooked consumer healthcare gaps.

Since its founding in 2010, the company has positioned itself as part manufacturer, part retailer, and part tech platform in an industry where eyewear is as much about fashion as it is about function. It has raised over a billion dollars in primary and secondary funding from marquee global investors.

Now, Lenskart has entered a new phase—one that will invite a lot of public scrutiny. Its draft red herring prospectus (DRHP) opens up the inner mechanics of one of India’s most recognisable direct-to-consumer (D2C) brands.

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