Lenskart Sees India's Eyewear Market Nearly Doubling To $17.2 Billion By 2030

Lenskart Solutions Ltd. sees the Indian eyewear market doubling to $17.2 billion from the current $9.2 billion by 2030, steered forward by growth in active eyewear users, accessible eye testing infrastructure, rising first time ecustomers, and purchase frequency, along with demand for prescription eye wear in the coming five years.

In its letter to shareholders, Lenskart pointed out eye-testing has been made more accessible. The company has more than doubled the amount of eye tests that it conducted in FY25 in comparison with FY23 from 5 million to 13 million.

Further, it underlined that it has already reached 9.3 million tests in the first half of the current fiscal and that "46% of these eye tests were first-time eye tests. This statistic is central to our market view. Nearly half the people we test have never had their eyes examined before".

Lenskart clarified that this trend does mean that people are switching from competitors, instead they are discovering the need for vision correction for the first time because of testing being made more accessible. "This represents new demand creation, not market share capture", it said.

The company's CEO, Peyush Bansal, also talked about AI's role in enhancing customer experience through AI-led eye testing, self-test kiosks, mobile testing tools, store location intelligence, and computer vision for optimised layouts.

"Our upcoming smart eyewear, 'B by Lenskart Smart Glasses', powered by AI and Snapdragon, is an effort to show that India can lead the next wave of consumer technology with products that are intelligent, personal, and globally relevant," he said.

Notably, at the end of September 2025 quarter, Lenskart is reported to have 2,949 active stores. This includes 2,270 stores in India. The company's active transacting customer accounts increased 23.2% to 48 lakh during the quarter, as compared to 39 lakh a year ago, as per the letter.

The letter to shareholders followed Lenskart's second quarter results for fiscal 2026, wherein the company's net profit rose 19.6% year-on-year after it reported a consolidated bottom-line of Rs 102 crore, compared to Rs 85.5 crore in the year-ago period.

Revenue for the quarter under review grew 20.8% to Rs 2,096 crore from Rs 1,736 crore in the corresponding quarter of last year.

Further, the company's revenue saw a growth in both Indian and international segments. Revenue for the Indian segment stood at Rs 1,230 crore, compared to Rs 1088.7 crore in the year-ago period.

International segment's revenue grew from Rs 658.36 crore in Q2 of FY25, to Rs 879.64 crore in Q2 FY26.

Bansal talked about upcoming launches and vision in his LinkedIn post, and said that the next decade will be shaped by "taking Lenskart deeper into India and Asia, Launching B Smart Glasses from India in Q4 FY26, and staying obsessed with one simple idea: vision for a billion."