Lenskart Posts $755 Million Revenue in FY25 as It Prepares for Upcoming IPO

Eyewear giant Lenskart is expected to close FY25 with a total revenue of $755 million (approximately ₹6,415 crore), according to internal investor documents reviewed by Moneycontrol. This marks a 17% year-on-year growth, a notable deceleration compared to the 46% growth reported between FY23 and FY24. In FY23, the company posted $443 million in revenue, which surged to $645 million in FY24.

India Remains Core Market, but International Expansion Accelerates

Of the total FY25 revenue, $455 million (₹3,865 crore) was generated from India, while $300 million (₹2,550 crore) came from global markets, especially Southeast Asia. This growing international presence includes a $400 million acquisition of Japanese eyewear chain Owndays in 2022 and a manufacturing joint venture in China. Since FY23, India has contributed approximately 60% of Lenskart’s revenue, with the rest from its overseas operations.

IPO Plans Underway with a $10 Billion Valuation

Lenskart is currently preparing to file its Draft Red Herring Prospectus (DRHP) for a proposed $1 billion (₹8,500 crore) IPO. Unlike several startups that opt for confidential filings, Lenskart will publicly file its DRHP, showcasing transparency in its listing plans. The IPO is expected to value the company at $10 billion (₹85,000 crore).

Strong Margins and Efficient Pricing Strategy

Lenskart has reported EBITDA margins of 18–22% in FY25, supported by an efficient cost structure. The company maintains a 70% gross margin, thanks to its attractive unit economics: the average cost price (ACP) is $8 (₹680), while the average selling price (ASP) stands at $28 (₹2,380). These numbers reflect a robust business model with healthy profitability.

Solid Cash Reserves and Operational Flexibility

As of the first half of FY25, Lenskart held around $200 million (₹1,700 crore) in net cash reserves. However, this figure may have changed due to capital expenditure and investments aimed at operational efficiency. The company's continued financial strength positions it well for global expansion and innovation.

Tapping into a $30 Billion Addressable Market

Lenskart’s internal forecasts highlight significant growth potential. It estimates that India, Asia, and the Middle East represent a combined $30 billion total addressable market (TAM) for its products. The brand is strategically positioning itself to capture a large share of this market, both through physical retail expansion and digital platforms.

Global Strategy to Drive Future Growth

The company’s strategic acquisitions and joint ventures underscore its ambitions beyond India. With Southeast Asia emerging as a key growth engine and manufacturing support from China, Lenskart is steadily building a strong global footprint. This international expansion, combined with strong fundamentals at home, supports its long-term IPO story and investor appeal.