$755 million revenue, 70% gross margins, $400 million Japan acquisition. These are more than just impressive numbers; they’re a masterclass in how to turn commodity eyewear into a premium global business.
Lenskart’s upcoming $10 billion IPO represents something unprecedented: an Indian D2C brand that’s cracked the code on international expansion while maintaining profitability in one of retail’s most competitive categories.
What is the news?
- Lenskart closed FY25 with $755 million in revenue ($455 million domestic, $300 million international) and is preparing for a $1 billion IPO at a $10 billion valuation.
- The SoftBank-backed company maintains 70% gross margins with 18-22% EBITDA margins, over $200 million in cash, and has chosen an open public filing approach.
Why is it interesting?
- Lenskart has achieved a 70% gross margins in eyewear, putting them on par with luxury brands rather than traditional retailers. Their manufacturing JV in China combined with the $400 million Owndays acquisition shows they’re building an integrated ecosystem rather than just a brand, creating sustainable moats in a fragmented market.
- With 40% of revenues already international and targeting 25% India market share by FY30 (from 10% today), Lenskart is proving that Indian companies can simultaneously dominate home markets while building regional empires. The $30 billion TAM they’re addressing across India, Asia and Middle East represents a fundamentally different scale of ambition than previous Indian retail stories.
Read more: IPO-bound Lenskart clocked revenue of $755 million in FY25, has cash of over $200 million