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Eyewear startup Lenskart, backed by SoftBank and gearing up for a public listing later this year, posted ₹6,415 crore (USD 755 million) in revenue for FY25, according to its latest investor presentation. This marks a 17% year-on-year increase from FY24’s USD 645 million, reflecting a shift from rapid growth to a more sustainable, profit-focused trajectory.
The company’s growth is evenly split between its domestic business, which brought in ₹3,865 crore, and international operations contributing ₹2,550 crore—highlighting the rising importance of its global footprint. International revenues now account for nearly 40% of Lenskart’s total, driven by its aggressive expansion in Southeast Asia and the Middle East, along with the USD 400 million acquisition of Japanese eyewear brand Owndays in 2022 and a joint manufacturing venture in China.
Despite a slowdown in topline growth compared to the 46% surge seen in FY24, Lenskart continues to demonstrate strong unit economics. Gross margins hold steady at around 70%, with an average cost per unit of USD 8 against a selling price of USD 28. FY25 EBITDA margins stood between 18–22%, underscoring healthy profitability even at scale.
Backed by ample liquidity, Lenskart reported net cash reserves of approximately USD 200 million (₹1,700 crore) as of the first half of FY25. These reserves are expected to fund further expansion and strategic initiatives leading up to its IPO.
The company is in the final stages of filing a public Draft Red Herring Prospectus (DRHP), aiming to raise USD 1 billion (₹8,500 crore) at a proposed valuation of USD 10 billion (₹85,000 crore). Unlike many startups that pursue confidential filings, Lenskart intends to go public with its DRHP, reinforcing its confidence in long-term growth prospects.
Looking ahead, Lenskart aims to grow its market share in India from the current 10% to 25% by FY30. With a strong international presence, robust margins, and a focus on disciplined growth, Lenskart is positioning itself as a sustainable consumer tech business ready for the public markets. Its IPO will be a key test of investor confidence in that vision.
