Lenskart’s hunt for engineers and a bride for its co-founder: Peyush Bansal’s candid IPO story

When Lenskart founder and CEO Peyush Bansal took the stage at the company’s listing ceremony on Monday, he didn’t just talk about valuations and vision. Instead, he shared how building India’s largest ever eyewear brand meant not only convincing engineers to join a ‘chashma ka company’, but even convincing his co-founder’s future father-in-law that an eyewear startup wasn’t such a bad place for his daughter’s future husband to work. “Our biggest challenge was how to get the best engineers to join a ‘chashma ka company’. I remember having to convince my co-founder’s father-in-law that an eyewear company is not such a bad business, and that he can marry off his daughter to Amit,” Bansal said, drawing laughter from the audience at the National Stock Exchange.

The light-hearted anecdote set the tone for a deeply personal speech that reflected on Lenskart’s 15-year journey from a scrappy Gurgaon start-up to a publicly traded consumer technology company built on faith, technology and purpose.Shares of Lenskart Solutions traded below the IPO price before bouncing back over 3% intraday, but for Bansal, the milestone was less about market moves and more about the company’s journey from a small eyewear startup to a global, tech-led brand.

From tears to technology

Recalling an early customer, Bansal said, “One of our first customers was a teacher who had given up reading notebooks because her vision was blurry. When we gave her the first pair of glasses, she started crying. That moment reminded me that vision is not just about eyesight, it’s about dignity, it’s about pride. And that became the soul of Lenskart.” What started as a simple idea to help Indians see better quickly evolved into a massive technology-driven enterprise. “We didn’t build Lenskart to reach a rating; we built it to reach people,” said Bansal. “Technology, not as a department but as a culture, became our backbone.”

The market debut reflects investor caution

Lenskart’s Rs 7,278 crore IPO, one of the most anticipated listings of the year, attracted strong institutional demand but had a subdued debut. The stock opened at Rs 390 on the BSE – a 3% discount to the issue price of Rs 402 – before recovering to Rs 403.80. On the NSE, it was trading at Rs 395 and later rose to Rs 404.90, an increase of over 3%.

While investors showed cautious optimism, analysts pointed to steep valuations. Brokerage Ambit Capital initiated coverage with a ‘Sell’ rating and a target price of Rs 337, calling the company’s 55x FY28 EV/EBITDA multiple ‘unwarranted’.

Still, analysts say Lenskart remains a long-term structural player in the Rs 50,000-crore Indian eyewear market, where organized retail penetration remains low. Its omnichannel model, tech-led supply chain and brand recognition continue to make it one of India’s most ambitious consumer technology stories.

Also read | Shares of Lenskart are up over 3% on their debut after a weak open below the IPO price. What should investors do?

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