India/Singapore
Lenskart Singapore to Acquire 29.24% Stake in Korean Startup iiNeer; Shares Surge Nearly 4%: Lenskart Solutions Ltd on Wednesday announced that its Singapore-based subsidiary will acquire a 29.24% stake in South Korea’s iiNeer Corp., Ltd. for KRW 3 billion (approximately ₹186 million or ₹18.6 crore), a move that sent the company’s shares sharply higher in early trade on Friday.
Following the disclosure, Lenskart shares jumped as much as 3.98% to an intraday high of ₹470 on the National Stock Exchange (NSE). On the BSE, the stock climbed even higher, rising 4.3% to touch ₹471.35, as investors welcomed the strategic push toward proprietary technology and cost efficiencies.
The company informed exchanges that the board of directors of Lenskart Solutions Pte. Ltd., Singapore, a wholly owned subsidiary, approved the investment during post-market hours on Wednesday, December 24. As part of the transaction, Lenskart Singapore will acquire 123,945 preference shares in iiNeer Corp., with the deal expected to be completed by January 31, 2026.
Founded in 2020, iiNeer Corp. is a Korea-based startup focused on developing technology-enabled eye-testing and lens-cutting equipment. The acquisition aligns closely with Lenskart’s long-term strategy to strengthen its technology backbone and reduce dependence on third-party equipment providers.
In its exchange filing, Lenskart said the investment will support the company’s efforts to build proprietary capabilities in core equipment. Moreover, it is expected to improve operating efficiencies and reduce equipment-related capital expenditure over time. Importantly, the objective of acquiring a stake in iiNeer is to enable in-house optical hardware manufacturing, including lens edging systems comprising edgers, tracers, and blockers.
Meanwhile, iiNeer reported a turnover of KRW 177.7 million in calendar year 2024, highlighting its early-stage but growing presence in the optical technology segment. By partnering with the Korean startup, Lenskart aims to integrate advanced hardware innovation directly into its supply chain.
The acquisition comes at a time when Lenskart is delivering strong financial performance. In Q2 FY26, the company reported a 19.59% year-on-year increase in consolidated profit after tax to ₹102.21 crore, compared with ₹85.46 crore in the same quarter last year. Additionally, product margin accruals rose 26% year-on-year to ₹1,485 crore, up from ₹1,180.7 crore.
Furthermore, product margins improved to 69.2% during the September quarter, compared with 68.1% in the September 2024 quarter, reflecting better operational efficiency. Revenue from operations also grew 20.76% to ₹2,096.14 crore, against ₹1,735.68 crore in Q2 FY25.
In a pro forma financial report, Lenskart projected even stronger growth. According to the forward-looking estimate, profit surged nearly 50% to ₹113 crore, up from ₹75.6 crore a year earlier. Pro forma revenue from operations climbed 24% to ₹2,146.6 crore, compared with ₹1,732.6 crore in the September 2024 quarter.
As of 1:45 pm, Lenskart shares were trading 1.55% higher at ₹459, outperforming the NIFTY IPO index, which was down 0.23%. Market participants viewed the iiNeer acquisition as a value-accretive move that enhances Lenskart’s technological independence and long-term profitability.
In conclusion, Lenskart’s decision to invest in iiNeer underscores its ambition to build end-to-end control over optical hardware, strengthen innovation, and drive sustainable growth. As investors react positively, the acquisition positions Lenskart to sharpen its competitive edge in the global eyewear market.
