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Peyush Bansal, co-founder and CEO of eyewear giant Lenskart, is set to acquire a larger stake in the company by buying shares at a significantly discounted valuation of $1 billion — just a tenth of the $10 billion figure the company is targeting for its upcoming IPO, according to sources familiar with the matter.
Reportedly, Bansal is in talks to raise ₹200 crore (approximately $24 million) through a loan to fund the purchase. The shares are being offloaded by several existing investors, including SoftBank, Chiratae Ventures, and TR Capital. The deal would mark a return to Lenskart’s 2019 valuation levels and indicates Bansal’s desire to increase his ownership as the company prepares to go public.
Currently holding around 4% of Lenskart, Bansal is expected to raise his stake to about 6% through this transaction. He also holds additional equity through the company’s ESOP pool, which constitutes roughly 19% of the cap table, as per data from Tracxn.
This move follows a broader trend of Indian startup founders increasing their stakes at discounted valuations ahead of IPOs. Similar strategies were adopted by Swiggy’s Sriharsha Majety and FirstCry’s Supam Maheshwari.
Lenskart plans to file its draft red herring prospectus (DRHP) in the coming weeks and aims to raise $1 billion in its IPO at a $10 billion valuation. Investment banks including Kotak, Axis Capital, Citi, Morgan Stanley, and Avendus have been appointed to lead the issue.
Once profitable, Lenskart posted a ₹10 crore loss in FY24 on revenues of ₹5,427 crore, amid aggressive international expansion. The company’s FY25 results are yet to be released.
Founded in 2010 by Peyush and Neha Bansal along with Amit Chaudhary, Ramneek Khurana, and Sumeet Kapahi, Lenskart operates across India, Southeast Asia, and the Middle East. It has raised over $1 billion from investors such as ADIA, ChrysCapital, SoftBank, and Alpha Wave.
