Peyush Bansal-led Lenskart has turned profitable, clocking a profit of Rs 297.3 crore in the financial year ended March 2025, according to the company’s IPO papers.
The NCR-based company has been narrowing losses year over year as it prepares for deeper scrutiny by retail investors. In FY24, it managed to pare losses by 84% at Rs 10.15 crore, against a loss of Rs 63.7 crore in the previous year, after reaching EBITDA profitability.
The omnichannel eyewear retailer posted a 22% growth in revenue from operation in FY25 at Rs 6,652 crore, up from Rs 5,427 crore in FY24. However, the growth in operating revenue was slower, compared to the 43% growth from FY23 to FY24.
During FY25, Lenskart’s total expenses grew by 19.2% to Rs 6,619.4 crore
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Use of IPO funds
The Softbank-backed company’s IPO consists of a fresh issue of Rs 2,150 crore and an offer for sale (OFS) of up to 132.29 million shares from promoters and existing shareholders.
The company plans to use a majority of its IPO proceeds, about Rs 591 crore, on lease, rent and licence agreements related to its company-owned and company-operated (CoCo) stores in India. A portion of the proceeds, amounting to Rs 272 crore, would also go towards capital expenditure in setting up new CoCo stores in the country.
The remaining funds are expected to be spent on technology, cloud infrastructure, and brand building.
The company’s draft red herring prospectus has also outlined Lenskart’s potential liabilities. The company has an income tax litigation of about Rs 19 crore, which has not been acknowledged as claims.
The company also has a GST and customs contingent liability of around Rs 13 crore, on account of a GST slab for ‘zero power’ glasses.
Edited by Swetha Kannan
