s grown into India’s largest eyewear retailer and one of Asia’s biggest organised players in prescription eyeglasses. The company operates more than 2000 stores across India and more than 650 overseas. The company manufactures its own frames and lenses through automated facilities, giving it tighter control over costs and faster turnaround times. It also uses AI-driven tools to personalise style recommendations and streamline virtual try-ons. It combines online and offline channels through an integrated supply chain that lets customers browse online, book eye tests, or try products in-store. This “phygital” model, similar to the one pioneered by eyewear giant Warby Parker in the US, has helped Lenskart dominate a market long fragmented by unorganised local opticians. “This new way of selling glasses is helping Lenskart grow fast and show how technology can transform traditional shopping in India,” Vandana Jain, co-founder of Nubra, said on LinkedIn. “For anyone interested in Indian consumer tech or retail stocks, Lenskart’s IPO is worth watching.” After years of losses, the company turned profitable in FY2024, posting a net profit of nearly ₹300 crore on sales that grew more than 20 per cent year-on-year. Riding India’s IPO wave The IPO also marks a windfall for founder Peyush Bansal, who is set to cash out nearly US$100 million (₹824 crore) by selling 2.05 crore shares, while retaining an 8.78 per cent stake in the company. His investment has yielded an extraordinary 2,061 per cent return, according to regulatory filings. Unlike many founders who step back after a listing, Bansal plans to remain actively involved, signalling confidence in Lenskart’s global ambitions. The listing comes amid an Indian IPO surge, with 200 offerings launched so far this year, including 82 main-board listings, according to the Bombay Stock Exchange. Investment bankers estimate Indian firms could raise as much as US$8 billion in the final quarter of 2025 alone, with Tata Capital and LG Electronics India among the next in line. If achieved, it would make this the second-busiest quarter for IPOs on record, trailing only last year’s boom. This surge is supported by growing retail investor participation and optimism around India’s consumption-led growth. The country’s middle class, now estimated at 400 million strong, is spending more on health, beauty and lifestyle. According to Statista, India’s eyewear market is projected to reach US$6.24 billion in revenue this year, growing at a compound annual rate of 5.26 per cent between 2025 and 2029. Betting big on global reach and smart technology While India remains Lenskart’s core market, its ambitions are increasingly global. Over the past three years, the company has expanded rapidly across Southeast Asia, the Middle East and Japan, with acquisitions playing a central role, most notably its purchase of Singapore’s Owndays, one of Asia’s largest optical chains. The opportunity is vast. In Asia, more than 80 per cent of young adults in major cities like Seoul, Tokyo, and Singapore are nearsighted, according to research published in The Lancet Global Health and Ophthalmology. In India, more than half the population requires vision correction, yet access to quality eyewear remains limited outside urban centres. This mix of healthcare necessity and lifestyle aspiration creates fertile ground for scalable growth. Beyond retail expansion, Lenskart is betting on AI and smart eyewear as its next frontier. Earlier this year, it announced a partnership with Qualcomm to develop AI-enabled smart glasses. The company is also investing in AI-powered eye testing to address India’s chronic shortage of optometrists. These self-service diagnostic tools, now being piloted in select stores, could make eye care more accessible in smaller towns while reducing reliance on trained specialists. Caution amid the hype Still, not everyone is sold on Lenskart’s lofty valuation. Varun N Joshi, director and chief of technical research and market analysis at GoalFi, said that while Lenskart’s fundamentals are strong, its valuation looks stretched, and the quality of its reported profits warrants scrutiny. “The company’s FY25 net profit of ₹297 crore includes one-time accounting gains, nearly 56 per cent of earnings come from adjustments tied to its Owndays acquisition and mutual fund investments,” the analysis noted on LinkedIn. “Compared to consumer peers like Titan or Kalyan Jewellers, Lenskart’s valuation is exceptionally high.” That scepticism has also surfaced more broadly across financial media and investor circles. In recent days, analysts and reporters have begun questioning Lenskart’s valuation metrics, its founder’s share sales, and the profile of its anchor investors. But some observers see echoes of déjà vu. “I saw the same kind of scepticism during the Eternal (Zomato) IPO, yet once it listed, Eternal’s stock took off like a rocket,” Varunkumar Patel, a research analyst at India-based company JAP Finserve, said. “At that time, even leaders from India’s oldest business houses were tweeting about Eternal’s valuation concerns. But today, Eternal trades at a Price-to-Earnings of nearly 1700, far higher than Lenskart, and no one in the media is questioning Deepinder Goyal anymore.” Further reading: Owndays’ Group CEO on the Japanese eyewear label’s rebrand after 16 years.