SEBI Clears IPO Plans for Wakefit and Lenskart

India’s markets regulator, SEBI, has officially approved the IPO plans of Wakefit, a company in the home and sleep solutions space, and Lenskart, the eyewear retailer. This regulatory nod paves the way for both companies to list their shares on Indian stock exchanges. 

These approvals mark a significant milestone in India’s consumer-oriented startup IPO pipeline, signaling strong regulatory confidence and likely investor interest. 

Lenskart’s IPO: First Eyewear-Only Company to Go Public

Business Reach & Scale

Lenskart operates 2,067 stores domestically and 656 internationally, making it India’s largest organized eyewear retailer. 

As of September 10, the company is valued at ₹49,000 crore.

It filed for its IPO in July, seeking to raise ₹2,150 crore via a fresh issue of equity. 

Use of Funds & Growth Drivers

The IPO proceeds are earmarked for opening new company-owned stores, investing in technology and cloud infrastructure, and general corporate purposes. 

Analysts at Jefferies see several tailwinds for eyewear demand in India: increasing vision issues, deeper market penetration across geographies, and expanding health insurance coverage could all play a role. 

In its latest financial disclosures (FY25), Lenskart reported revenue from operations of ₹6,652.5 crore, marking about 22.5 percent growth over the prior fiscal year. The company swung to a net profit of ₹297.34 crore, compared to a net loss of ₹10.15 crore in FY24. 

Share Sales & Stakeholders

In addition to the fresh issue, Lenskart’s IPO includes an Offer For Sale (OFS) portion, allowing investors and founders to sell up to 132.3 million shares.

Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with institutional investors (SoftBank’s SVF II Lightbulb, Schroders Capital, PI Opportunities Fund, Macritchie Investments, Kedaara Capital, Alpha Wave Ventures), are part of the OFS. 

Lenskart has named Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital among its Book Running Lead Managers. 

Wakefit’s IPO: Sleep & Home Solutions Firm Enters the Fray

Financial Performance & Business Trajectory

Wakefit crossed ₹1,000 crore in revenue in FY23-24 and returned to profitability, posting an EBITDA of ₹65 crore.

Under its brand extension “Wakefit Zense,” the company has begun offering AI-powered sleep solutions.

It filed draft IPO papers with SEBI in June 2025. The proposed offering includes a combination of fresh equity and an OFS component, with proceeds directed toward expansion and operational strengthening. 

Capital Use & Strategic Plans

Wakefit plans to utilize the IPO proceeds to open new company-owned (CoCo) stores, invest in equipment, meet lease or licence obligations for existing stores, and allocate funds to marketing and general corporate purposes.

According to filings, it intends to apply ₹82 crore for setting up ~117 new CoCo stores and one jumbo store, ₹145.2 crore for lease, rent and licence expenses, ₹15.4 crore toward equipment, and ₹108.4 crore toward marketing and advertising. 

Promoters Ankit Garg and Chaitanya Ramalingegowda, along with institutional backers like Peak XV Partners, Verlinvest SA, Investcorp, Redwood Trust, and Paramark KB Fund, will participate in the OFS. 

In earlier updates, Wakefit had sought to raise ₹468.2 crore through its IPO. 

Significance & Outlook

Consumer Startups Tap Public Markets

The SEBI approvals for Wakefit and Lenskart add momentum to the consumer and lifestyle startup IPO pipeline in India. These listings signal growing confidence among regulators and investors in brands focused on health, home, and retail segments. 

Risks & Considerations

• Going public means increased scrutiny — profitability, margins, execution of expansion plans, and sustainability will come under the lens.

• Achieving ambitious store growth and scaling technology investments across geographies involves capital and operational risks.

• Market conditions, macroeconomic trends, and investor sentiment will influence valuation and demand for these IPOs.

• For Lenskart, dependence on consumer health spending and insurance penetration may be a key lever; for Wakefit, penetration in smaller cities and durability of demand in home furnishing will matter.

Conclusion

With SEBI granting approval to their IPO plans, Wakefit and Lenskart are set to make their public market debut, marking pivotal moments in India’s consumer startup landscape. Lenskart, already valued at ₹49,000 crore and running a vast store network, plans to raise ₹2,150 crore to accelerate retail expansion and tech investments. Wakefit, having crossed ₹1,000 crore in revenue and returned to profitability, seeks ₹468.2 crore to bolster its operations and retail footprint.

These moves reflect growing investor appetite for growth-oriented consumer brands in India. But the success of their public listing will depend not only on robust execution and scaling, but also on market sentiment, valuation discipline, and continued demand in their respective sectors.