Will Lenskart's Lens Convince Markets, RENEE Nets $30 Mn & More

Will Lenskart’s Lens Convince Markets?

Lenskart has set its eyes on a public listing. Last month, the omnichannel eyewear retailer filed its DRHP with SEBI to raise to INR 2,150 Cr via fresh issue and an additional OFS component of up to 13.2 Cr shares. So, what do the draft IPO papers say?

Small Share, Big Game: Lenskart commands just 4-6% of India’s fragmented $9.2 Bn eyewear space, where street-side vendors corner 76% of the market. But a sharp focus on affordability has allowed the company to churn thousands of crores in revenues and emerge as the biggest organised player in the space, which has humbled giants like Tata and Reliance.

A quick look at Lenskart’s FY25 report card:

• INR 297.3 Cr in profits vs INR 10 Cr loss in FY24
• Operating revenue grew 22.6% YoY to INR 6,652.5 Cr
• Lenskart operated 2,723 stores (2,067 in India)

Lenskart’s Eyewear Puzzle: What works for Lenskart is its tech backend, fast delivery, offline push, manufacturing capabilities and an integrated supply chain. But it’s tackling India’s most convoluted retail segment, where the average selling price is INR 2,370.

The Global Expansion Playbook: Complicating matters for Lenskart is its slowing growth (34% in FY24 vs 26% FY25) on the home turf. Having already anticipated this, Lenskart pivoted to global expansion a few years ago. Nine acquisitions across Japan, Southeast Asia and the Middle East – the global bet appears to have paid off as international operations now contribute 39% of revenues, up from 32% two years ago.

The China Dilemma: Underneath lies a complex paradox, as 42% of Lenskart’s imports come from its Chinese joint venture, giving cost advantages but also strategic vulnerabilities. New Indian facilities in Gurugram and Telangana are hedging bets, but China dependence remains risky.

Amid this game of balance, can Lenskart’s affordability playbook add lustre to its IPO plans?

From The Editor’s Desk

RENEE Cosmetics Nets $30 Mn: The D2C beauty brand has raised the funds in its Series C round, in a mix of primary and secondary deals, led by Playbook. The round pegged the startup at INR 1,755 Cr, up 50% from INR 1,400 Cr last year.

MapmyIndia’s PAT Zooms: The geotech company’s net profit rose 28% YoY to INR 45.8 Cr in Q1 FY26 while operating revenue rose 20% YoY to INR 121.6 Cr. MapmyIndia is also making an investment of INR 25 Cr in quick commerce unicorn Zepto.

Zepto’s Quick Pill: The quick commerce major has rolled out its 10-minute medicine delivery services in select pockets of Mumbai, Bengaluru, Delhi NCR, and Hyderabad. This comes weeks after rival Blinkit began piloting the delivery of prescription medicines in Bengaluru.

New CFO At Pine Labs: The IPO-bound fintech major has appointed Avendus executive Sameer Kamath as its new chief financial officer. Before Avendus, Kamath worked with Motilal Oswal as its CFO for 10 years.

RateGain’s Flat Q1: The travel tech-focussed SaaS startup reported a net profit of INR 46.9 Cr in Q1 FY26, up a mere 3.5% from INR 45.3 Cr in the year-ago period. Its revenue from operations jumped 4.9% YoY to INR 272.9 Cr in the quarter under review.

Nuuk Nets $2 Mn: The D2C home appliance brand has raised the capital in its extended Series A round from Vertex Ventures SEA and Good Capital. The startup offers a wide range of smart home appliances, including kitchen essentials, vacuum cleaners and more.

PharmEasy CEO Steps Down: Cofounder Siddharth Shah has stepped down from the role of CEO at the online pharmacy. He will now transition to the role of the vice president of the parent entity, API Holding. Rahul Guha will succeed Shah.

Eternal Slapped Tax Demand: The Uttar Pradesh GST authorities have issued a demand notice of INR 1.34 Cr against the foodtech major. The demand was raised due to the short payment of output tax and availing excess input tax credit in FY25.

Inc42 Startup Spotlight How Port Is Connecting Users Via Numberless Design

In today’s hyperconnected world, messaging platforms often demand phone numbers or emails, which can expose users to spam, scams, and privacy erosion. This fundamental flaw in how users connect digitally paved the way for the inception of Port, an instant messaging platform that eliminates the need to share any contact details.

A Numberless Design: Founded in 2023, the startup uses “Ports” to connect its users. These are single-use cryptographic links or QR codes that users can use to get in touch with each other. The platform allows its users to customise their privacy settings for each conversation, giving them better control over their chats, while allowing them to disconnect at any moment.

Privacy-First Mindset: Port also features end-to-end encryption, doesn’t store any user data, and is fully open-source. With the recent rollout of privacy-first group messaging, Port aims to redefine how netizens think about digital communication.

Competing With Heavyweights: Port is trying to make its mark in the global instant messaging market, which is projected to breach the $300 Bn mark by 2030. But, the bigger problem is that space is ruled by deep-pocketed giants like Meta’s WhatsApp, Microsoft’s Slack as well as homegrown conglomerate Reliance’s JioChat.

With much on its plate, can Port disrupt instant messaging with its numberless design?

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