Peyush Bansal set to buy back up to 2% in Lenskart ahead of IPO at $7–8 billion valuation

Lenskart’s cofounder and CEO, Peyush Bansal, is reportedly preparing to acquire between 1.5% and 2% stake in the omnichannel eyewear brand from current investors, in a deal estimated at over $150 million (more than ₹1,280 crore).

According to sources cited by Mint, the transaction is being negotiated at a company valuation between $7 billion and $8 billion, with shares likely to come from investors including TR Capital, SoftBank, Chiratae Ventures, and Kedaara Capital.

Talks are underway, and the deal is expected to close in the next four to six weeks. Once completed, Lenskart is expected to file its draft red herring prospectus (DRHP) with SEBI to move forward with its IPO plans.

Founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapahi, Lenskart has grown into a prominent eyewear retailer with more than 2,500 stores serving over 20 million customers across India, the UAE, Singapore, and Japan. The company has raised upwards of $1.75 billion from investors such as ChrysCapital, Abu Dhabi Investment Authority, and Temasek.

As part of its broader growth strategy, Lenskart recently announced a strategic investment in Mumbai-based deeptech startup AjnaLens to collaborate on AI-driven smart glasses. Last year, it also launched audio-enabled eyewear under the brand Phonic.

The stake purchase comes as Lenskart positions itself for a public debut amid a busy IPO market for Indian tech companies. Earlier this year, the company reportedly hired two investment banks to steer its IPO, targeting a raise of $750 million–$1 billion at a potential $10 billion valuation.

In May, Lenskart took a key step in its IPO journey by converting into a public company.

Financially, the company reported strong growth in FY24 with sales rising 43% to ₹5,427.7 crore from ₹3,788 crore the previous year, while trimming net losses significantly to ₹10 crore from ₹64 crore in FY23.