Mumbai: Following its IPO in October, Peyush Bansal-led Lenskart Solutions Ltd is now back in the limelight as the company makes its third acquisition, a 29.25% stake in South Korean optical equipment manufacturer iiNeer Corp. This transaction, worth about Rs.18.6 crore, is aimed at boosting Lenskart’s manufacturing capabilities, especially in technology-enabled eye testing and lens cutting equipment.
The acquisition, made through Lenskart’s Singapore subsidiary, will help Lenskart reduce its capital expenditures as it aims to boost its operational efficiencies. Lenskart Singapore will acquire 123,945 preference shares, accounting for 29.24% of iiNeer’s share capital. Founded in 2020, iiNeer designs and manufactures technology-enabled equipment for eye testing and lens edging.
As per a regulatory filing, Lenskart aims to close this transaction by January 31, 2026. The acquisition doesn’t require regulatory approvals as it doesn’t fall under related party transactions, the company clarified.
This is Lenskart’s first acquisition in the manufacturing space, as the previous ones, Japan-based Owndays and Spanish brand Meller, are consumer-oriented brands.
Lenskart remains the only homegrown D2C eyewear brand that has successfully expanded its base beyond the domestic market, with almost 40% of its revenues coming from overseas. Though Lenskart’s shares fell shortly after its debut, Peyush Bansal’s appearance on Shark Tank India and the brand’s aggressive omnichannel expansion have helped it outdo most of its competitors.
Lenskart’s shares were trading at Rs.448.95 on December 25. The markets are yet to react to this development, as the news came in after trading hours on December 24.
