Lenskart to file DRHP confidentially by the end of this month: Sources

Omnichannel eyewear retailer Lenskart is set to file its draft red herring prospectus (DRHP) confidentially with the markets regulator by the end of this month, sources shared with YourStory.

Lenskart did not respond immediately to queries shared by YourStory.

This development comes just days after the company officially transitioned into a public limited company, following a special board resolution. According to regulatory filings, Lenskart dropped 'private' from its name, renaming itself from Lenskart Solutions Private Limited to Lenskart Solutions Limited.

The NCR-based company is reportedly gearing for a $10-billion IPO, with a public issue of more than $1 billion.

Peyush Bansal-led Lenskart will join the ranks of a host of startups embracing the Securities and Exchange Board of India's (SEBI) confidential IPO route.

The success of Swiggy, which filed through this route and eventually listed on the bourses in November last year, has prompted a host of late-stage startups, including Groww, Shiprocket, PhysicsWallah, and Oyo, to consider the option.

Founded by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart sells prescription glasses, sunglasses, and other eyewear accessories across India, the UAE, Singapore and Japan.

The company had last raised $200 million in secondary investment from Temasek and Fidelity Management and Research Company in June last year. It has attracted over $1 billion in the last 18 months.

As it prepares for a public market debut, the Softbank-backed company has, in the last year, focused on profitability, a key metric for retail investors.

The company managed to rein in its losses by 84% in FY24 to Rs 10.15 crore against a loss of Rs 63.7 crore in FY23. During the same period, it posted a 43.2% rise in operating revenue to Rs 5427.7 crore, from Rs 3788.02 crore in FY23.