Lenskart is building one of India’s most dominant retail machines. It has Trent-like growth, Manyavar-like margins, true delta 4 experience, one of the few retail chains to have international revenues and still single % market share - ₹6,700 Cr total revenue in FY25 - 60% revenue from India, 40% from abroad. - 2,700 stores - 75% in India, 25% abroad; second-largest organised eyewear retailer in Asia. - ₹1,000 Cr Ebidta - In some sense, with 25% of stores abroad, Lenskart is generating the same EBITDA as the other 75% stores in India. - 80% of revenue comes from prescription glasses, followed by sunglasses, contact lenses, and accessories. - TAM of India is ₹7,880 Cr, growing at 13% CAGR, vs. Lenskart currently at ~5% of the TAM but growing at 33% over the last three years. - TAM of all international markets (in which Lenskart is present) is ₹16,410 Cr, growing at 5–7% CAGR, and Lenskart is about 1.5% of the overall market. - Working capital down from 48 → 28 days (12× capital turns)
Insightful article Anurag Pagaria - wondering if the TAM number here is correct though. Looks like a 0 is missing.
I see most people comment on rev. multiples etc. What they are failing to see that its an almost monopoly business (removing biases from the word). Its dominant and defines the eyewear industry in India and trying to do so going abroad. We all aspire that Indian brands should dominate globally but when reality comes most can't stop but keep criticizing, its something not been done before at this scale and hence there will be multiple things that we get to see for the first time as well.
Prescription lenses create sticky behavior, high repeat rates transform retail into recurring revenue, global expansion signals market leadership before category saturation hits.
Great execution Ramneek Khurana and the team 👍
Very insightful Anurag Pagaria - we are fortunate to democratise a "Lenskart" store, lifting retail experiences for top brands. Would love to share details of the same with you if interesting!
Amazing metrics, kudos to team and investors to build this. I’ll be participating in this IPO because we need Indian global consumer brands. Their global success playbook will send ripples across many aspirants. All the best !
IPOs are meant only for founders and investors, it is not meant to benefit the Public! Just because, Indians do no realise this, often due to greed, are the founders able to sit on Billions in cash and absolutely die to somehow drag their companies till the IPO! Bansal took a loan of 200 crores in the Pre IPO round, which will multiply 8x post IPO!! There’s nothing wrong in what he’s doing, he’s just taking the advantage of a huge privilege that startup founders in India have got!
VC at Blume Ventures
1wLink to the full write up - https://nospeedlimit.substack.com/p/lenskart-indian-spirits-and-asian