IPO Is a Milestone — Not an Exit, Says Lenskart’s Peyush Bansal
In an interview , Peyush Bansal, CEO and co-founder of India’s eyewear major Lenskart Solutions Ltd., made clear that the firm’s forthcoming initial public offering (IPO) is not a cash-out event, but rather a key waypoint on a long strategic path. “This is not an exit event,” he emphasized.
Backed by heavyweight investors such as SoftBank Group, Temasek Holdings and Abu Dhabi Investment Authority (ADIA), Lenskart is targeting a valuation in the ball-park of ₹70,000 crore (around USD 8 billion) for its IPO, which is slated to open for subscription between October 31 and November 4, with the anchor portion on October 30. source: MoneyControl
Promoters Seek Long-Term Value, Not Windfall Gains
When asked why the promoter share sale (offer-for-sale or OFS) is relatively large while the fresh issue is modest, Bansal replied that the company already had “decent money on its balance sheet” and is generating positive cash flow. The fresh capital is intended for specific near-term uses rather than large-scale dilution.
He urged that valuation should not dominate the IPO narrative. “Valuations don’t decide whether an IPO is good or not… At least it won’t really matter to me, or the company, in the long term.”
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Being a Promoter Has an “Emotional Angle”
Bansal reflected candidly on the choice of staying on as promoter rather than exiting the company. “For me and my co-founders, it’s difficult to explain, but there is an emotional angle to being a promoter.”
He said the decision to remain “logged in” gives him more skin in the game: “It gives that feeling, that this is it. This is what I’m committing myself to do. And we are going to do this for the long term while staying committed.”
On Total Addressable Market (TAM): “It Doesn’t Matter”
Interestingly, Bansal said that the conventional fixation on total addressable market (TAM) metrics holds little sway for him. Asked if Lenskart’s TAM estimate of 500-700 million people is realistic, he said:
“It doesn’t matter what the TAM is beyond a point. … I don’t get into this. I think this is an analyst’s job.”
He added:
“If it is Rs 5,000 crore, we can give vision to 50 percent of India and that is a sizable impact to create.”
The implication: Lenskart’s focus lies less in exact large-scale numbers and more in meaningful execution and impact.
Global Ambitions, Technology-Driven Expansion
Bansal revealed that about 40 percent of Lenskart’s revenues already come from outside India, underscoring its global ambitions.
One of his bold analogies: just as Jio laid fibre-optic infrastructure to unlock consumer internet in India, Lenskart aims to “lay the optic fibre” of eye-care accessibility in India. “The problem in India is that we have only 30 optometrists for a million people … We’ll never be able to solve this problem the conventional way.”
On the tech front: Lenskart has tied up with Qualcomm Incorporated as it positions itself as a technology company — not only a retailer. “We have over 500 plus engineers … This is a very exciting moment for us. Maybe even more exciting than the IPO in many ways.”
Smart-glasses, augmented reality and payments on eyewear are all part of that roadmap: “Smart glasses are like the cherry on top of the whipped cream in many ways.”
Focus on Purpose & Culture Over Short-Term Metrics
Unlike many startup-led companies that chase growth at any cost, Bansal emphasises value creation for customers as the core driver of profit and longevity. “Profit is just a by-product of that process.”
For him, sustaining a company for decades means staying purpose-driven and aligned in culture. “When everybody comes to work every day with a common purpose … it doesn’t become about oneself, it becomes about that purpose and that becomes stronger and stronger.”
What’s Next Over The Next 6-12 Months?
In the near term, Lenskart will focus on three big areas:
Democratising eye-testing. For example, scaling remote optometry so a single optometrist can conduct far more tests than current norms allow.
Building manufacturing and supply-chain capacity in India. Much of the eyewear manufacturing ecosystem is still imported or sub-par; Lenskart aims to “make in India” at scale.
Scaling smart-eyewear (R&D) and global expansion. Technology, new product categories and overseas markets feature prominently.
Why Lenskart May Be Positioned Differently
In a start-up ecosystem where many companies chase valuation headlines, Lenskart seems to be positioning itself differently: established profitability, integrated manufacturing, a founder-promoter team committed for the long term and a large addressable underserved market. As noted by mechanics in the interview: Bansal stresses that they’re not obsessed with competition or narrowly chasing metrics. “We are working towards what we have … We can be nimble. We can be agile. … We fail many times. But our customers have put a lot of faith in us.”
Final Word
For Peyush Bansal, the upcoming IPO of Lenskart isn’t the climactic finish line of a journey, but a launchpad for the next phase. He rejects the notion that the offering is about founders or early investors cashing out. Instead, his focus is on assembling the right partners, staying connected to the customer, building the business across geographies and technologies —and doing so with purpose, culture and a promoter’s emotional stake intact.
