Lenskart Founder Peyush Bansal to Buy 2% Stake from Investors Ahead of IPO

Lenskart CEO and co-founder Peyush Bansal is set to buy back a 1.5% to 2% stake in the company from existing investors, as per news reports. The transaction is estimated to be worth around $150 million, or over ₹1,280 crore. 

Investors Likely to Exit

Investors expected to dilute their stake include TR Capital, Chiratae Ventures, SoftBank, and Kedaara Capital. As per the Mint report, the stake is likely to be acquired at a valuation ranging from $7 billion to $8 billion.

The company is expected to file its draft IPO papers with SEBI after the transaction is completed. The timeline for the filing is between 4 to 6 weeks from the deal’s closure.

As part of its IPO process, Lenskart converted into a public limited company last month. This is a necessary step for companies planning to list on Indian stock exchanges.

About the Company

Lenskart was founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi. It operates as an omnichannel eyewear retailer with a presence in India, the UAE, Singapore, and Japan.

The company has more than 2,500 stores and serves a reported customer base of over 2 crore. It has raised a total of $1.75 billion from investors such as Temasek, Abu Dhabi Investment Authority, and ChrysCapital.

Lenskart recently announced a strategic investment in Mumbai-based deep tech company AjnaLens. This comes after the launch of its audio-enabled eyewear line ‘Phonic’ last year.

Read more: Ahead of IPO Lenskart Invests in AI Startup Ajna Lens for Smart Glasses Push!

Lenskart Financial Performance

Lenskart's financial performance in FY24 was robust. The company reported a 43% jump in sales, hitting ₹5,427.7 Crore from ₹3,788 Crore in the last fiscal year. Furthermore, Lenskart significantly trimmed its net loss by 84%, achieving a loss of only ₹10 Crore, a considerable improvement from ₹64 Crore in FY23.

Conclusion

The buyback and IPO preparations mark ongoing structural changes at Lenskart, as the company moves closer to its planned public market debut.

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