Peyush Bansal’s Lenskart Acquires 80% Stake In Spanish Gen Z-focused Eyewear Brand Called Meller

As Lenskart begins preparing to launch its Initial Public Offering later in 2025, the Gurugram-based eyewear brand has acquired an 80% stake in Stellio Ventures S.L.

Stellio Ventures S.L. is a Spain-based group that operates Meller, a new-age fashion eyewear brand that focuses on serving Gen Z customers.

This acquisition, made through Lenskart’s Singapore arm, cost Rs 407 crore.

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THE WHY OF THE ACQUISITION

This is not the first time that Peyush Bansal’s Lenskart has finalized an acquisition.

According to Financial Express, the company acquired the Japanese D2C brand called Owndays in 2022. It also made minority investments in French and Mumbai-based brands like Le Petit Lunetier and Ajna Lens.

In its Draft Red Herring Prospectus (DRHP), Lenskart stated, “We have pursued, and are likely to continue to pursue, acquisitions that provide us access to complementary or synergistic eyewear capabilities, products, and markets."

With its latest acquisition of Meller, Lenskart moves closer to expanding its product footprint in Europe, scaling its sunglasses portfolio, and enhancing its presence on social media and e-commerce channels.

As per the eyewear brand’s DRHP filed with the Securities and Exchange Board of India (SEBI), the deal value with Meller could zoom to an amount of Rs 572 crore. This is subject to getting regulatory approvals.

In its DRHP, Lenskart said, “It strengthens our offering in the sunglasses category, enhances brand-building through social media, and enables cost efficiencies across the supply chain.”

With Meller under its umbrella, Lenskart may move closer to establishing a sub-brand, especially for Gen Z and millennial audiences and customers.

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UPCOMING IPO

Lenskart’s upcoming IPO, reportedly, will have a fresh issue of shares worth Rs 2,150 crore. It will also include an offer-for-sale component of 13.2 crore equity shares by existing shareholders, such as Premji Invest’s PI Opportunities Fund II, Kedaara Capital, Alpha Wave Ventures, Schroders Capital, and SoftBank’s SVF II Lightbulb (Cayman) Ltd.

As part of the OFS, Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will offload a segment of their own holdings.

With more than 2,700 stores, Lenskart reported a net profit of Rs 297 crore in FY25.

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