Lenskart, India’s leading eyewear brand founded by Peyush Bansal, entered 2025 with huge buzz around its Initial Public Offering (IPO). What began as a proud milestone soon turned into one of the most debated business stories of the year.
The company announced plans to raise around ₹7,200 crore, aiming for a massive valuation of nearly ₹70,000 crore. It sounded like a big win for Indian startups, but soon the excitement turned into skepticism. Market experts, investors, and analysts started asking one question — is Lenskart really worth that much?
The doubts began when people looked closely at the numbers. Lenskart had reported a profit of around ₹297 crore for the financial year, but a big part of that came from one-time accounting gains, not from its regular eyewear business. In simple words, it was profit on paper, not entirely from sales. That made the high valuation — over 200 times its yearly earnings — seem unrealistic.
Another reason the IPO faced criticism was the sudden jump in the company’s value. Just months before the IPO, Lenskart’s estimated worth was around ₹8,000 to ₹9,000 crore. Within no time, that number shot up to ₹70,000 crore. Investors were left wondering what changed so dramatically in such a short span.
Despite the backlash, Lenskart’s founder Peyush Bansal stood firm. He said the IPO was not about cashing out but about expanding further — opening more stores, entering new global markets, and improving technology and supply chains. He argued that the Indian eyewear market is still largely untapped, and Lenskart’s real potential lies in the future, not just in current profits.
For now, the controversy remains a mix of optimism and doubt. Some see Lenskart as the next big retail success story from India, while others believe the valuation hype has gone too far.
The truth is simple — Lenskart has built a strong brand and loyal customer base, but its IPO is a bold bet. If the company delivers on its promises and maintains growth, it could prove the critics wrong. But if profits don’t keep pace, this might become another case of an overhyped listing.
Only time will tell whether the Lenskart IPO becomes a shining example of Indian innovation or a cautionary tale for investors.
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