In 2007, Peyush Bansal left a stable job at Microsoft in the US and returned to India with no clear business plan. What he did have was a conviction that large, unorganised consumer categories could be transformed with technology and direct-to-consumer models.
The first experiment was SearchMyCampus, an online platform to help college students find housing, coaching and jobs. But it was in 2010, after co-founding Valyoo Technologies with Sumeet Kapahi and Amit Chaudhary, that Bansal zeroed in on a category hiding in plain sight: eyewear.
At the time, buying prescription glasses in India was largely an offline, opaque process. Branded options were expensive, and affordability meant compromising on quality. Lenskart launched as an online-only contact lens retailer but quickly expanded into eyeglasses and sunglasses by 2011, sensing the depth of unmet demand.
Between 2011 and 2014, Lenskart tried replicating its online model across verticals like Watchkart, Bagskart, and Jewelskart. But by late 2014, the company shuttered all non-eyewear businesses to focus entirely on a single category. This was a turning point. By choosing depth over breadth, Lenskart began building what would eventually become a vertically integrated operation, owning design, manufacturing, warehousing, and retail. Today, it operates its factories, including a massive facility in Bhiwadi, inaugurated in 2023, which it claims is the world’s largest eyewear plant with an annual capacity of 50 million pairs.
The company also invested early in omnichannel expansion. It opened its first offline store in Delhi in 2013, well before omnichannel became retail’s buzzword. The offline footprint has since grown to over 2,000 stores across India and international markets, including Southeast Asia and the Middle East.
Who owns Lenskart?
As of 2024, Lenskart’s ownership reflects a mix of global sovereign funds, venture investors and family offices. The largest shareholder is SoftBank Vision Fund, with a 20.1% stake. Premji Invest holds 11.1%, followed by ADIA (Abu Dhabi Investment Authority) at 10%. Founder Peyush Bansal and his wife Neha Bansal jointly hold 16.4%, as per 5paisa.
Other investors include:
- Kedaara Capital – 9.5%
- TR Capital – 8.3%
- Unilazer Ventures – 6.6%
- International Finance Corporation (IFC) – 5.4%
- Steadview Capital – 5.3%
The company’s most recent funding rounds include Rs 4,100 crore from ADIA in a secondary share sale, Rs 1,650 crore from Alpha Wave Global and Temasek, and Rs 2,255 crore from SoftBank in its Series G. These capital infusions have pushed Lenskart’s valuation to an estimated $5 billion.
An eyewear company, not a marketplace
Unlike many other consumer tech businesses, Lenskart has avoided becoming a generic marketplace. Instead, it has built private-label brands like John Jacobs, created a full-stack fulfilment system, and launched services like home eye check-ups, which have aided deeper penetration into Tier II and III cities.
It also achieved EBITDA positivity in 2018, an uncommon milestone in India’s D2C ecosystem. The acquisition of Japanese brand Owndays in 2022 gave it access to the Southeast Asian market, and underscored its global intent at a time when most Indian D2C brands remain domestic.
Yet, challenges remain. Eyewear remains a low-frequency category, and customer loyalty is volatile in the absence of prescription need. While Lenskart has built subscription programmes like Lenskart Gold, its success will hinge on repeat behaviour, international performance, and offline efficiencies.
IPO
This week, shareholders of Lenskart approved a proposal to raise Rs 2,150 crore through a fresh issue of shares, paving the way for the company’s public market debut, as per MoneyControl. The overall IPO size is expected to be around Rs 8,500 crore (approximately $1 billion), comprising both the primary issue and a secondary offer-for-sale (OFS) by existing investors.
Ahead of the listing, founder Peyush Bansal is reportedly in talks to buy back a 1.5–2% stake, worth roughly $150 million, from a group of early investors. For a company that began by selling contact lenses online, Lenskart’s ambition has scaled far beyond domestic retail. With over 2,500 stores in India and a growing presence in Southeast Asia and the UAE, it now seeks to convince public market investors of its ability to translate that footprint into durable, profitable growth.