Lenskart acquires Spain’s Stellio ahead of IPO for Rs 406 crore

New Delhi: IPO-bound eyewear company Lenskart has acquired an 80 % stake in Spain-based Stellio Ventures S.L, the parent firm of fashion sunglasses brand Meller, for approximately Rs 406.4 crore, according to the report. 

The transaction is part of Lenskart’s broader strategy to strengthen its offering among Gen Z and Millennial customers and expand its presence in the lifestyle and fashion accessories category.

As per the company's draft red herring prospectus (DRHP) filed on July 29, the total deal value could reach up to Rs 572 crore. This includes Rs 230 crore payable to the investors and shareholders of Stellio, Rs 176 crore to additional stakeholders, and Rs 166 crore to the founders of Stellio, comprising both fixed and deferred components. The deal is subject to completion and regulatory approvals.

As per the report, Stellio, which operates under the Meller brand, is based in Spain and sells fashion-forward sunglasses and accessories directly to consumers. The company reported profits under Spanish GAAP for the calendar year 2024.

Lenskart, backed by SoftBank, stated in the DRHP that the acquisition will “introduce a new sub-brand within our portfolio, focused on Gen Z and Millennial customers.” The company added, “It also strengthens our offering in the sunglasses category for our customers and further strengthens our social media brand building and online e-commerce capabilities, among other benefits.”

Lenskart has previously acquired companies including Owndays and Ajna Lens, reflecting an ongoing strategy to build a global eyewear platform through acquisitions.

According to the DRHP, over 80% of Lenskart’s revenue comes from optometric eye care services such as prescription glasses and contact lenses, while the remainder is generated from lifestyle and fashion accessories, including sunglasses.

The Stellio acquisition comes as Lenskart prepares for its upcoming IPO, which will consist of a fresh issue of shares worth Rs 2,150 crore and an offer-for-sale (OFS) of 13.2 crore equity shares by existing investors. 

Selling shareholders in the OFS include SVF II Lightbulb (Cayman) Limited, PI Opportunities Fund II, Macritchie Investments, Kedaara Capital Fund II, Alpha Wave Ventures LP, and Schroders Capital Private Equity Asia Mauritius. Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will also offload shares as part of the offer.

Promoters currently hold a 19.96% stake in Lenskart, with the remaining 80.04% owned by public shareholders, including institutional investors.

Lenskart reported a 33 % revenue CAGR over the past two years, reaching Rs 6,524 crore in FY25, with 60 % of revenue coming from India and the rest from international markets. The company also recorded a high gross margin of 69 %, with an approximate 500 basis points expansion over the last two years.