Lenskart Eyeing $10 Bn Valuation in IPO: Report
Lenskart, the omnichannel eyewear retailer, has reportedly initiated the process of its initial public offering (IPO) and is planning to file its draft papers by May. According to a recent report by ET, citing people close to the matter, the company is set to enter the public markets with a whopping $10 billion valuation, more than double its previous funding round.
Lenskart’s IPO plans have been on the cards for some time now, with the company having received approval from the Securities and Exchange Board of India (SEBI) in November last year. The company had initially planned to file its draft red herring prospectus (DRHP) by the end of 2022, but it appears that the process has been delayed slightly.
Despite the delay, Lenskart’s IPO plans are gaining traction, with the company reportedly seeking to raise around $500-750 million in the public issue. This would make it one of the largest IPOs in the Indian e-commerce space in recent years.
Lenskart’s impressive growth and expansion plans have been driving the company’s valuation upwards. Founded in 2010 by Peyush Bansal, the company has grown rapidly to become one of the largest eyewear retailers in India, with over 600 physical stores and a strong online presence.
The company’s omnichannel approach has been a key factor in its success, with Lenskart offering a seamless shopping experience to its customers across both online and offline channels. This has enabled the company to cater to a wide range of customers, from those seeking affordable eyewear options to those looking for high-end designer brands.
Lenskart’s revenue has been growing steadily over the years, with the company reporting a revenue of over $500 million in 2020. The company’s profit margins have also been improving, with Lenskart reporting a profit after tax of over $100 million in 2020.
The company’s expansion plans are also driving its growth, with Lenskart planning to open over 1,000 physical stores in the next five years. The company is also investing heavily in its online platform, with plans to launch new features such as artificial intelligence-powered virtual try-on and augmented reality-based virtual try-on.
Lenskart’s IPO plans come at a time when the Indian e-commerce space is witnessing a wave of consolidation and fundraising. Other major e-commerce players such as Zomato, Nykaa, and PolicyBazaar are also planning to go public in the near future.
The Lenskart IPO is expected to be closely watched by investors and analysts, who will be keen to see how the company performs in the public markets. With its strong brand presence, impressive growth track record, and expansion plans, Lenskart is well-positioned to become one of the top-performing IPOs of the year.
In conclusion, Lenskart’s IPO plans are significant news for the Indian e-commerce space, and the company’s valuation of $10 billion is a testament to its impressive growth and expansion plans. As the company prepares to enter the public markets, investors and analysts will be keen to see how Lenskart performs and whether it can continue to deliver strong growth and returns.
Source: https://inc42.com/buzz/lenskart-eyeing-10-bn-valuation-in-ipo-report/
