Lenskart, one of India’s largest eyewear retailers, has acquired an 80% stake in Spanish fashion eyewear brand Meller for Rs 407 crore (€41.5 million), as disclosed in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).
The acquisition, executed via Lenskart’s Singapore-based subsidiary, is part of the company’s strategy to expand its global footprint and target younger, fashion-conscious consumers in Europe. Meller, run by Stellio Ventures, sells trendy sunglasses and accessories through its direct-to-consumer website across several international markets and also operates a flagship retail store in Barcelona.
According to the DRHP, the transaction involves a Rs 230 crore payment to Stellio’s investors and Rs 176 crore to the brand’s founders, structured as a mix of fixed and deferred payouts. The deal remains subject to customary closing conditions.
Lenskart described Meller as a profitable venture under Spanish accounting standards in 2024, and said the acquisition is expected to create strong synergies in ecommerce capabilities, social media-driven marketing, and supply chain optimization—particularly within the sunglasses segment.
This move marks the latest in a series of international investments by the Gurugram-based company. In 2022, Lenskart acquired Japanese D2C eyewear firm Owndays. That was followed by a minority stake in French brand Le Petit Lunetier in 2023, and most recently, an investment in Mumbai-based Ajna Lens, a startup specializing in AI-powered extended reality (XR) glasses.
The Meller acquisition comes alongside Lenskart’s IPO plans. The company is seeking to raise Rs 2,150 crore in primary capital as part of a Rs 7,500-8,000 crore public issue, which will also include a secondary sale of shares held by major investors such as SoftBank, Alpha Wave, and Kedaara Capital.
Proceeds from the fresh issue will be used to accelerate domestic expansion and improve store infrastructure. As per the DRHP, Lenskart will allocate Rs 272 crore to open new retail outlets in India and Rs 591 crore towards lease payments and operational expenses for existing stores. The company currently operates more than 2,700 locations across geographies.
For the fiscal year ending March 2025, Lenskart posted a net profit of Rs 297 crore, marking a strong turnaround from a net loss of Rs 10 crore in FY24. Revenue grew 22% year-on-year to Rs 6,625 crore.
