Lenskart to acquire 80% stake in Spain’s Meller brand for Rs 406 Cr ahead of IPO

Omnichannel eyewear retailer Lenskart will acquire an 80% stake in Spain-based Stellio Ventures S.L., the company behind the “Meller” sunglasses brand, for Rs 406 crore, according to the company’s Draft Red Herring Prospectus.

The deal was signed earlier on July 12, 2025, between Lenskart’s Singapore-based subsidiary, Lenskart Solutions Pte. Ltd., and the founders and investors of Stellio Ventures. The transaction involves Lenskart purchasing 32,226 shares of Stellio, representing 80% of its fully diluted share capital.

Of the total consideration, Lenskart will pay Rs 230.1 crore to Stellio’s investor shareholders and Rs 176.2 crore to its founders, which includes both fixed and deferred components. The deal is subject to completion, the draft initial public offering (IPO) papers filed with the Securities Exchange Board of India (SEBI) showed.

Stellio sells fashion sunglasses and accessories under the Meller brand, primarily through its website and a physical retail store in Barcelona. The business was profitable in calendar year 2024 under Spanish GAAP, the filing noted.

The acquisition is expected to expand Lenskart’s reach among Gen Z and millennial customers, strengthen its sunglasses portfolio, and enhance its social media and ecommerce capabilities. It is also expected to generate supply chain cost synergies, the company said.

The Stellio deal adds to Lenskart’s series of strategic moves in recent years. Earlier this year, Lenskart acquired Dealskart, a master franchise operator for its Indian retail outlets, and invested in immersive tech firm Dimension NXG.

In 2024, it made a minority investment in French brand Le Petit Lunetier. The eyewear retailer acquired Japanese eyewear brand Owndays in August 2022 and introduced it in select Lenskart stores globally.

The acquisition comes as Lenskart prepares to go public. The company filed its DRHP with SEBI to raise Rs 2,150 crore through a fresh issue, alongside a secondary sale by existing shareholders, targeting a total issue size of around Rs 8,000 crore.