SoftBank-backed eyewear startup Lenskart has reported revenue of $755 million (₹6,415 crore) for FY25, marking a 17% year-on-year growth, as per internal investor documents reviewed by Moneycontrol. This growth rate, while healthy, is slower than the 46% YoY growth the company posted between FY23 and FY24.
In comparison, Lenskart’s revenue was $443 million in FY23, which rose to $645 million in FY24, before reaching the latest figure in FY25.
According to the report, the company is in the final stages of filing its Draft Red Herring Prospectus (DRHP) for a $1 billion (₹8,500 crore) IPO, targeting a valuation of $10 billion (₹85,000 crore). Unlike some other startups that filed confidentially, Lenskart’s DRHP will be publicly available.
While India contributed the majority of revenues, Lenskart’s international operations have expanded significantly. Of the FY25 revenue, approximately $455 million (₹3,865 crore) came from India and $300 million (₹2,550 crore) from overseas markets, particularly Southeast Asia. Its global footprint has been supported by strategic moves like the $400 million acquisition of Japanese eyewear chain Owndays in 2022 and a joint venture in China.
Lenskart reported robust EBITDA margins of 18–22% in FY25 and maintained a gross margin of 70%, backed by a cost-efficient model with an average cost price (ACP) of $8 (₹680) and an average selling price (ASP) of $28 (₹2,380).
As of the first half of FY25, Lenskart held around $200 million (₹1,700 crore) in net cash, though that figure may have changed based on subsequent investments and operational expenses.
The company estimates its total addressable market across India, Asia, and the Middle East at $30 billion, signaling significant room for growth in the coming years.
