Lenskart set to debut after $821m Indian IPO

Lenskart Solutions Ltd., an eyewear retailer backed by SoftBank Group Corp., raised 72.8 billion rupees (US$821 million) in its Mumbai IPO and is set to begin trading amid ongoing debate over Indian startup valuations.

The company, founded by Peyush Bansal, reported its shares oversubscribed 28.3x, mostly by institutional investors.

Lenskart shares were trading at about 447 rupees (US$0.03) in unofficial markets, above the IPO price of 402 rupees (US$0.02).

Social media users have criticized the listing’s valuation, which stands at roughly 700 billion rupees (US$7.9 billion), higher than several major Indian consumer firms.

DSP Asset Managers Pvt., an investor in the IPO, acknowledged the deal was expensive but defended the company’s business fundamentals.

Investors in the IPO include funds from JP Morgan Chase & Co., Nomura Holdings Inc., Amundi SA, HSBC Holdings Plc, and the government of Singapore.

India has raised about US$16 billion from IPOs so far in 2025, making it the fourth-busiest market globally.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Debate over Lenskart’s ~₹700b valuation amid a diverse optical retail landscape

India’s eyewear market ranges from big chains to boutique shops in metros and smaller cities. The ZEISS You&Eye Awards honor standout stores and reveal that spread 1.
Lenskart’s roughly ₹700 billion valuation has drawn social media criticism for topping several big Indian consumer names. DSP Asset Managers Pvt., an Indian asset management firm, defended the company’s fundamentals.
Forecasts put the global eyewear market at USD 196.26 billion in 2024 and USD 452.82 billion by 2035, a 7.9% Compound Annual Growth Rate (CAGR) 2. Lenskart’s price tag suggests expectations of big share gains as screen time rises, populations age, and myopia climbs 2.

Tech vendors can target India’s optical chains using Augmented Reality (AR) try-ons plus store and online systems

Lenskart calls itself a “technology-driven eyewear company” with “tech-enabled supply and distribution solutions” 3, which raises the bar for older chains.
Meta’s Ray-Ban and Rokid Glasses are coming to India 2. Photochromic lenses are getting popular, and online contact lens buys rose from 35% (Q4 2024) to 39% (Q1 2025) 2. That shift lifts demand for Point-of-Sale (POS) tools, virtual try-on software, and inventory systems at established chains.
Software firms and logistics players can map sales plans by finding award-winning retailers from the ZEISS You&Eye Awards 1 who want upgrades to match Lenskart’s reach across stores and online.