“Our biggest challenge was how to get the best engineers to join a ‘chashma ka company.’ I still remember I had to convince my co-founder’s father-in-law that an eyewear company is not such a bad company, 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 listed consumer-tech company built on belief, technology, and purpose.
The shares of Lenskart Solutions listed below the IPO price before bouncing back over 3% intraday, but for Bansal, the milestone was less about market movement and more about the company’s journey from a small eyewear start-up 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 she saw everything blur. When we gave her the first pair of glasses, she started crying. That moment reminded me that vision isn’t just about eyesight—it’s about dignity, it’s about pride. And that became the soul of Lenskart.” What began as a simple idea to help Indians see better soon evolved into a massive technology-driven enterprise. “We didn’t build Lenskart to reach a valuation; we built it to reach people,” Bansal said. “Technology, not as a department but as a culture, became our backbone.”
Market debut reflects investor caution
Lenskart’s Rs 7,278 crore IPO, one of the most anticipated listings of the year, drew strong institutional demand but had a subdued debut. The stock opened at Rs 390 on the BSE—a 3% discount to its issue price of Rs 402—before recovering to Rs 403.80. On the NSE, it listed at Rs 395 and later climbed to Rs 404.90, up 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 said Lenskart remains a structural long-term play in India’s Rs 50,000 crore eyewear market, where organised retail penetration remains low. Its omnichannel model, technology-led supply chain, and brand recognition continue to make it one of India’s most ambitious consumer-tech stories.
Also read | Lenskart shares climb over 3% in debut after weak open below IPO price. What should investors do?
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