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Peyush Bansal
Peyush Bansal-led eyewear retailer Lenskart Solutions is set to launch its initial public offering (IPO) on October 31, aiming to raise ₹7,278 crore at a price band of ₹382-402 per equity share with a face value of ₹2 each. At the upper end of the price band, the market valuation is pegged at around ₹70,000 crore (approximately $7.97 billion), positioning Lenskart among the country’s most valuable consumer-tech listings in recent years.
The Gurugram-based company is seeking a ₹70,000 crore valuation, implying a steep 235x price-to-earnings (P/E) ratio based on its FY25 earnings: a number that has sparked debate among investors and market observers.
Why The Backlash?
The controversy has deepened on the Internet after it came to light that Lenksart's founder, Peyush Bansal, had acquired company shares in July 2025 at a fairly lower valuation of ₹8,500 crore, via a ₹200 crore personal loan. And now, with the IPO’s price band set at ₹402 per share, Peyush is expected to offload shares worth ₹850 crore. This has raised eyebrows, prompting criticism over potential insider advantage and timing.
Netizens react
Social media users have been quick to question the sharp jump in valuation.
“In July, just three months before the IPO, Peyush Bansal took a ₹200 crore loan to buy Lenskart shares at an ₹8,500 crore valuation. Now, in November, he is selling those same shares to the public at a whopping ₹70,000 crore valuation and is expected to cash out ₹850 crore himself. What exactly changed in three months? How did the valuation jump 8X? Maybe it’s time we put on a different lens to see the real picture,”wrote one user on X.
Read More: Gurugram Startup Eliminates Stress From People’s Life By Running Errands On Their Behalf – Clocks Rs 4.8 Cr In FY25neha
The finances
On the financial front, Lenskart reported a net profit of ₹297.3 crore in FY25, a sharp turnaround from the ₹10.2 crore loss in FY24. Revenue grew 23% YoY to ₹6,652.5 crore, up 33% CAGR over the last two years. Gross margins expanded over 500 basis points to 69% on the back of operational efficiencies and economies of scale.
Founded by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi back in 2010, the online eyewear startup has grown into an omnichannel retail giant with 2,723 stores across the world, of which 2,067 are based in India and 656 overseas as on March 31, 2025. It competes with Titan Eyeplus, GKB Opticals, Lawrence & Mayo, Specsmakers, and a large unorganised market segment.
Despite the optimism over growth, the valuation leap and the insider transaction have cast a shadow over what was meant to be one of India's largest consumer IPOs this year.