IPO-Bound Lenskart’s Peyush Bansal To Acquire 2% Stake From Investors

Omnichannel eyewear retailer Lenskart’s cofounder and chief executive Peyush Bansal is reportedly looking to buy back 1.5% to 2% stake in the company from its existing investors at around $150 Mn (more than INR 1,280 Cr).

Citing sources, Mint reported that the stake is likely to be acquired at a valuation of $7 Bn to $8 Bn.

Existing investors TR Capital, SoftBank, Chiratae Ventures and Kedaara Capital are expected to sell their shares.

Negotiations are ongoing and the transaction is expected to close within four to six weeks, following which the company will file its draft IPO papers with markets regulator SEBI, the report added.

A mail sent to Bansal with queries on the development didn’t elicit any response till the time of publishing this story. 

Founded in 2010 by Bansal, Amit Chaudhury and Sumeet Kapahi, LensKart is an omnichannel eyewear retailer serving customers in India, the UAE, Singapore, and Japan. The company claims to have over 2,500 stores and a customer base of 2 Cr.

It has raised a total funding of over $1.75 Bn to date and counts the likes of ChrysCapital, Abu Dhabi Investment Authority, and Temasek among its investors.

Yesterday, the company announced a strategic investment in Mumbai-based deeptech startup AjnaLens to develop AI-powered smart glasses. Notably, Lenskart launched its audio eyewear under the brand ‘Phonic’ last year.

The developments come at a time when Lenskart is gearing up for a public listing amid the ongoing IPO boom of new-age tech companies.

Earlier this year, reports said that the eyewear unicorn hired two bankers for its IPO, and was looking to make its public market debut in the ongoing financial year. The company was said to be looking to raise $750 Mn to $1 Bn at a valuation of about $10 Bn.

Taking a pivotal step as part of its IPO journey, Lenskart converted into a public entity last month.

On the financial front, the unicorn’s sales jumped 43% to INR 5,427.7 Cr in FY24 from INR 3,788 Cr in the previous fiscal year. Lenskart managed to reduce its net loss by 84% to INR 10 Cr from INR 64 Cr in FY23.