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

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.