
Mumbai3 minutes ago
- Copy link
Iewear company Lenscart is planning to bring Initial Public Offering i.e. IPO. According to the Economic Times report, the company will raise $ 1 billion (existing value- about ₹ 8,684 crore) funds at a valuation of $ 10 billion (about 86,835 crores). For this, Lenskart can file its draft documentation in May this year.
Recently, a conversation with Lenskart’s CEO Piyush Bansal, investors and IPO bankers revealed a $ 1 billion IPO. However, how much it will be final, it will depend on the then market condition.
The company’s valuation in 2024 was $ 5 billion
In June last year, Lenskart raised $ 200 million (about ₹ 1700 million) fund at a valuation of $ 5 billion. The company had earlier invested money on $ 4.5 billion valuations in another round. Softbank and Temasek Backd Lenskart Domine the Evier Sector. The company’s business is also profitable here. At the same time, its business is increasing rapidly in Thailand.
Lenskart lost 8.9 crore in FY2024
FY | Revenue | Profit/Loss |
2020 | ₹ 964 | ₹ 17.8 |
2021 | ₹ 1,032 | ₹ 28.9 |
2022 | ₹ 1,618 | -₹ 107.8 |
2023 | ₹ 3,928 | -₹ 59.7 |
2024 | ₹ 5,610 | -₹ 8.9 |
Source: tracxn; Note: The figures are in crores of rupees.
What is IPO?
When a company releases its shares for the common people for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to increase business. In such a situation, instead of taking loans from the market, the company raises money by selling some shares to public or issuing new share. For this, the company brings IPO.
Lenscart started in 2010
Piyush Bansal and a friend from Kolkata made a plan to form a company that could change the habit of not wearing glasses. He found another co-founder Sumit Kapahi on LinkedIn. Kapahi left an iewear company job a few months ago.
The trio jointly created value technology in 2010, which had different e-commerce websites. It had Lenskart, Julcart, Bagcart and Watchcart websites. After some time, the three started focusing on lenscart only after seeing potential in the glasses market.
Automatic manufacturing unit
The company started the world’s first automatic manufacturing unit in Bhiwadi, Rajasthan. Currently Delhi, Gurugram along with Manufacturing Unit in Zhengzhou, China. The company is going to set up a new plant in Bengaluru at a cost of Rs 1600 crore. Production will begin in the next 18 months.