Through India’s Eyes: Why Lenskart’s Listing Rides on a ₹1.5 Trillion Eyewear Revolution

When Lenskart filed for its public listing in October 2025, the move did not come out of the blue. The company is stepping into markets that are changing fast—where eyewear is shifting from a basic health need to a mainstream lifestyle purchase. That change is exactly what makes Lenskart IPO more than a typical tech or retail listing.

Overview of Eyewear Market

Globally, the eyewear market is valued at around ₹15,207 billion ($177 billion) in FY 2025 and is expected to grow to ₹18,657 billion ($217 billion) by FY 2030 at a CAGR of around 4%. Within this, prescription eyewear forms about 73% of the total market.

In India, this shift is particularly visible among younger consumers who view eyeglasses as part of their fashion identity rather than just a medical need. On average, Indian consumers purchase around 1.8 pairs of eyewear every two years.

Besides the dominance of prescription glasses, the evolution of retail and consumer behaviour is changing how the market grows. Historically, the unorganised retail channel (small optical shops and informal players) accounted for the bulk of demand. But there is a structural shift toward organised players (brands, chains, omnichannel models) who offer wider assortments, consistent quality, and fashion-oriented products.

Reports suggest that India’s organised eyewear market is expected to grow at a CAGR of around 19% between FY 2025 and FY 2030.

Several factors are fuelling this transition:

• Rising discretionary consumption: As disposable incomes rise and consumers become more style-aware, glasses are no longer just about vision correction. They are about appearance, branding and value. The fast-fashion effect is evident as more people own multiple frames for different occasions.

• Better diagnosis and access: Growth in Internet penetration, mobile networks and healthcare awareness means more people are getting eye tests and discovering the need for corrective eyewear earlier. For example, the incidence of refractive error in India increased from 43% (590 million people) in FY2020 to 53% (777 million) in FY2025, with a further rise to 62% (943 million) projected by FY2030.

• Channel modernisation: The expansion of organised retail, both online and offline, means better availability, better experiences, and stronger value propositions (example: home try, virtual try-ons, D2C brands) that unorganised shops struggle to match.

Structural Shifts Powering the Sector

The following factors support the structural shift that the Indian eyewear sector is undergoing:

Optical Awareness and Diagnostics

In the past, the low rate of eye testing and the limited density of optical stores were the key barriers. Previously, India had only about 60 optical stores per million population, far lower than in other retail categories. This constrained access and delayed correction. With awareness campaigns, mobile penetration and value-retail models expanding, more first-time users are entering the market. Also, increasing employer- and government-sponsored vision programmes are helping to increase the uptake of prescription eyeglasses.

Fashion Integration and Premiumisation

Glasses are no longer simply utilitarian. Frames, lens coatings, designer collaborations, trendy materials and colours are now key purchase drivers. Search data globally shows that monthly searches for ‘cat-eye glasses,’ ‘transparent glasses’ and ‘geometric glasses’ rose by 171%, 80% and 247% respectively between 2019-24. This indicates a growing interest in style-led eyewear. Such premiumisation also raises average selling price (ASP) potential and allows brands to improve margins. Even though India’s ASP for economy prescription eyeglasses remains relatively low (₹1,500 for single-vision in some segments) compared to developed markets, the fashion tier is growing.

Technology and Omnichannel Fulfilment

Digital penetration is essential in modern eyewear retail. Consumers browse online, try virtually, and either purchase online or in-store. Organised players are adopting omnichannel models: online discovery, offline fulfilment, and return services. For example, firms offering virtual try-on, artificial intelligence (AI)-based recommendations, remote eye-testing and physical stores in tier-2/3 cities create seamless experiences. The integration reduces friction (discovery, trial, fitting) and supports faster growth. The increased role of omnichannel is also helping brands scale beyond metros, reaching users in smaller cities.

Lenskart’s Alignment with Industry Tailwinds

Lenskart’s business model positions it strongly to tap into India’s growing eyewear market and ongoing structural shifts.

Diagnostics and Access

Lenskart has built a large store network (2,137 stores in India as of June 30, 2025) plus home-try-on agents and remote-optometry services (298 stores supported by 164 remote optometrists). This helps reach underserved geographies, overcome the shortage of optometrists, and provide first-time users with easier access. Further expanding diagnostics helps convert latent demand (0.8 billion individuals in its target geographies remain uncorrected) into actual purchases.

Fashion-Led and Vertical Manufacturing

The firm manufactures 70% of its eyeglasses in its centralised factories (Bhiwadi, etc.) with 75% automation. This scale and control mean it can offer wider assortments (frames, coatings, designer labels), faster fulfilment, and maintain margins through cost efficiencies (it claims 35-40% lower frame and lens costs than the industry average). In FY 2025, it sold 22.9 million units in India, highlighting volume scale.

Omnichannel and Tech-Driven Reach

Lenskart’s mobile apps have 100+ million downloads globally, and in FY25, it recorded 104.97 million annual website visitors. It conducted 38.6 million virtual try-ons in India in FY25 and 37.9 million face/size measurements. Nearly 45% of Lenskart’s India revenue was generated via digital touchpoints. Lenskart plans to use ₹2,150 crore (fresh issue) from the IPO to open 620 new stores by 2029 and invest ₹213 crore in technology and cloud upgrades, underscoring its omnichannel expansion strategy.

Lenskart: Challenges Ahead

Despite the strong alignment, Lenskart (and the wider eyewear sector) faces several challenges. These must be weighed carefully, especially in the context of its upcoming IPO and valuation.

Infrastructure and Accessibility Gaps

While diagnostics access is improving, significant portions of India and neighbouring markets still lack adequate optical store density, qualified optometrists and managed after-sales service. For Lenskart to convert latent demand (0.8 billion unserved individuals) into sales, it needs to expand further into tier-2/3 towns, maintain service quality and manage fulfilment logistics.

High Customisation and Supply-Chain Complexity

Prescription eyeglasses are not a standard product—they require custom lens surfacing, frame fitting, coatings, and measurements for each customer. This complexity means high working capital requirements, potential for errors (remakes), and a reliance on skilled labour or automation. Although Lenskart has centralised manufacturing, sustaining fast delivery and quality consistency at scale is operationally challenging.

Affordability and Pricing Pressure

Even though the economy segment in India may sell under ₹1,500, for many consumers, this remains a non-trivial outlay. Affordability remains a barrier. Further cost pressures from import dependence (frames, lenses), rising input costs and high mark-ups in unorganised channels can limit growth. The company must balance fashion/premium positioning with value for price-sensitive consumers.

Competitive and Valuation Risks

With its IPO (target valuation $7.9-8 billion), market expectations will be high. However, execution challenges in store expansion, margin stability, and sustainable expansion in the international market, along with competition from the 70% unorganised market and emerging surgical or smart eyewear alternatives, could weigh on performance.

Outlook: A Vision-Led Consumer Revolution by Lenskart

Eyewear sits at the intersection of healthcare and lifestyle, and that presents a rich opportunity. In India, younger demographics, increased screen-time in work and leisure, urbanisation, and higher visual stress mean refractive errors and demand for eyewear are structurally rising. With its model, Lenskart is positioned to capitalise.

Future potential is broad: smart eyewear (augmented reality, health sensors), tele-optometry, insurance-paired vision plans, and multiple-pair wardrobes for style vs function. As vision becomes part of lifestyle identity, and price-sensitive markets demand accessible models, organised players who scale efficiently will benefit. If Lenskart delivers on its expansion, manufacturing scale, tech ecosystem, and customer reach, it could trigger a consumer-led eyewear revolution in India.

As you consider the IPO, keep in mind that while execution will be key, the structural momentum driving the sector’s growth is fairly strong. For an investor or observer, the eyewear category is evolving fast, and Lenskart could be at the centre of that shift.