Omnichannel eyewear retailer Lenskart has reportedly kicked off the process of its initial public offering (IPO) and is planning to file its draft papers by May.

As per ET, citing people close to the matter, the company is set to enter the public markets with a $10 Bn (INR 86,765 Cr) valuation, double its previous funding round.

Lenskart did not respond to the queries of Inc42 until the story was published.

This also comes weeks after the startup reportedly roped in bankers Kotak Mahindra Bank and Morgan Stanley for its IPO.

The company has onboarded these two bankers for its potential IPO in Mumbai this year.

The report further mentioned that the company's plans are subject to market conditions concerning the launch of its IPO.

"Work is underway to file the draft red herring prospectus (DRHP) by May so it can… get listed this calendar year," one of the sources was quoted as saying in the report.

Given its fast-paced preparations, sources also confirmed that there may not be time left to close a pre-listing round.

Earlier this year, Bloomberg's report revealed that Lenskart onboarded two bankers Kotak Mahindra Bank and Morgan Stanley, for its potential IPO in Mumbai this year.

Previously, Lenskart was said to eye a valuation of $7-8 Bn through its IPO.

Founded in 2010, the startup is among the largest omnichannel eyewear retailers. It also has presence in Singapore, the UAE & other geographies. Lenskart has a customer base of 20 Mn in India. The company has over 2,500 stores, of which around 2,000 are in India.

On the financial front, the Peyush Bansal-led company's operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. Lenskart also managed to reduce its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr, a year ago.