As it readies itself for a public listing later this year, SoftBank-backed Lenskart is making moves that signal where it wants to go next—straight into the wardrobes of Gen Z and millennial consumers. The Gurugram-based eyewear brand has just acquired an 80 percent stake in Spanish company Stellio Ventures, the firm behind trendy eyewear label Meller.
The deal, valued at ₹406.4 crore at the current exchange rate of EUR 1 to ₹97.97, could go up to ₹572 crore depending on additional payout terms. According to Lenskart’s draft red herring prospectus (DRHP), ₹230 crore will be paid to Stellio’s existing investors, with another ₹176 crore going to additional shareholders. The founders of Stellio will receive around ₹166 crore, a mix of fixed and deferred payments.
Stellio, which turned a profit under Spanish accounting norms last year, sells stylish sunglasses and accessories directly to consumers through its Meller brand. The brand has gained popularity in Europe for its bold styles and digitally savvy campaigns—qualities Lenskart is hoping to tap into.
This move isn’t just about expanding a product line. Lenskart has made it clear it plans to launch a new sub-brand targeted at younger shoppers, using Meller’s style playbook and digital reach. With over 80 percent of its current revenue still coming from prescription eyewear and eye care, the company sees Meller as a way to grow its lifestyle and fashion vertical.
The acquisition also fits into a broader pattern. Lenskart has been steadily building out its global presence and tech stack through strategic buys. Previous deals include Owndays in Southeast Asia and AR-focussed AjnaLens in India.
All of this comes as the company preps for an IPO that includes a fresh issue of ₹2,150 crore worth of shares and a large offer-for-sale of 13.2 crore equity shares. Key investors such as SoftBank, Temasek, Kedaara Capital, Alpha Wave, and Premji Invest will be offloading stakes, alongside co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
With these bets in place, Lenskart is trying to be more than just your go-to for specs—it wants to be the brand young people wear because it feels like them.
