1. The Business Model and Revenue Sources
The company, Lenskart Solutions Limited, is fundamentally a technology-driven eyewear company. Its primary goal is to make quality eyewear accessible and affordable globally.
To understand how the company operates and generates revenue, it is crucial to understand its core strategy: a vertically integrated value chain with a centralized supply chain.
Core Business and Revenue Sources
The company generates revenue primarily by selling eyewear products:
1. Prescription Eyeglasses: This is the company's main revenue driver, representing more than 80% of revenue from operations during the Financial Years 2023, 2024, and 2025 (on a restated basis). These products include powered eyeglasses, sunglasses, and smart glasses used for vision correction.
2. Sunglasses: Offering a wide range of styles and lens options, categorized under various owned brands like Vincent Chase and John Jacobs.
3. Other Products: Including contact lenses (powered, colored, and solutions), sold under brands like Aqualens and Owndays, and eyewear accessories such as clip-ons, cases, and lens care kits.
4. Value-Added Services: Such as eye tests, at-home trial services, after-sales services, and loyalty membership programs (like "Lenskart Gold" in India, which had 7.12 million members as of June 30, 2025).
Unlike traditional retail where products pass through multiple layers of intermediaries (importers, wholesalers, distributors), this company operates a D2C model that controls the entire process.
Below is a snapshot of Lenskart's market presence as at June 30, 2025, and select financial information on a pro forma basis for the three months ended June 30, 2025:
2. Objects of Fresh Issue: Fund Utilization
The Fresh Issue is one component of the Offer, and the company intends to utilize the Net Proceeds towards several key strategic growth initiatives (the "Objects"):
The proposed utilization schedule for the major identified items is as follows:
| Object of Fresh Issue | Amount (₹ in Cr) | Utilization Details |
| 1. Capital expenditure towards set-up of new CoCo stores in India | 272.622 | Funds will be used for store setup costs and additional equipment for approximately 620 new Company-owned and Company-operated (CoCo) stores across Metropolitan, Tier 1, and Tier 2+ cities in India. |
| 2. Expenditure for lease/rent/license agreements related payments for CoCo stores operated by the Company in India | 591.44 | This amount covers lease rentals for approximately 1,118 existing CoCo stores in India, based on valid and existing lease agreements. |
| 3. Investing in technology and cloud infrastructure | 213.37 | The investment is aimed at strengthening and scaling the end-to-end technology infrastructure. This includes funding costs related to cloud infrastructure subscriptions (e.g., the Cloudkeeper Agreement), technical manpower payroll costs, smart manufacturing technologies, AI-based eye testing solutions, and cybersecurity infrastructure enhancements. |
| 4. Brand marketing and business promotion expenses for enhancing brand awareness | 320.06 | Funds will be utilized for brand-building and business promotion initiatives, including targeted marketing campaigns through digital media, endorsements, sponsorships, and expanding social media presence, particularly in international markets. |
| 5. Unidentified inorganic acquisitions and general corporate purposes | [●] | The balance Net Proceeds are allocated here. |
