Eyewear retailer Lenskart, backed by SoftBank, has acquired an 80% stake in Spain-based Stellio Ventures S.L., which operates the Gen Z-focused fashion eyewear brand Meller, for Rs 407 crore. The acquisition was made through Lenskart’s Singapore arm and comes as the Gurugram-based company prepares for a public listing later this year.
The stake buy forms part of a broader strategy to expand Lenskart’s product footprint in Europe, diversify its sunglasses portfolio, and boost its social media and ecommerce capabilities. The deal value could rise to Rs 572 crore, subject to customary completion and regulatory approvals, according to Lenskart’s Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) on July 29.
As per the DRHP, the total consideration includes Rs 230 crore to be paid to Stellio’s investors and Rs 176 crore to its founders, split between fixed and deferred payments, as per MoneyControl. Stellio was profitable in calendar year 2024 under Spanish accounting standards. Meller, its flagship brand, retails directly to consumers via its own ecommerce platform and operates a physical store in Barcelona.
This acquisition will also pave the way for the launch of a new sub-brand under Lenskart, tailored to Gen Z and millennial consumers. “It strengthens our offering in the sunglasses category, enhances brand-building through social media, and enables cost efficiencies across the supply chain,” the company noted in the DRHP.
Growth through acquisitions
Lenskart’s European ambitions aren’t new. In 2022, the company acquired Japanese direct-to-consumer brand Owndays. It has since made minority investments in France-based Le Petit Lunetier and Mumbai-based Ajna Lens, which builds AI-powered XR glasses.
“We have pursued, and are likely to continue to pursue, acquisitions that provide us access to complementary or synergistic eyewear capabilities, products, and markets,” Lenskart said in its DRHP.
IPO details
The IPO will comprise a fresh issue of shares worth Rs 2,150 crore, and an offer-for-sale (OFS) component of 13.2 crore equity shares by existing shareholders. These include institutional investors such as SoftBank’s SVF II Lightbulb (Cayman) Ltd, Temasek’s Macritchie Investments, Premji Invest’s PI Opportunities Fund II, Kedaara Capital, Alpha Wave Ventures, and Schroders Capital.
Founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will also offload part of their holdings through the OFS. Promoters currently hold a 19.96% stake in the company, with the remaining owned by public investors.
Lenskart has earmarked Rs 272 crore from the IPO proceeds to expand its store footprint in India, and another Rs 591 crore towards leasing and operational costs for its existing network. The company currently operates over 2,700 stores across its markets.
Financial performance
The eyewear major reported a net profit of Rs 297 crore in FY25, rebounding from a loss of Rs 10 crore in FY24. Revenue rose 22% to Rs 6,625 crore during the year, from Rs 5,428 crore in FY24. According to its filing, around 60% of Lenskart’s revenue comes from India, with the rest contributed by international markets.
The company has maintained a strong gross margin of 69%, reflecting operational efficiencies and scale benefits across both physical and digital channels.