Peyush Bansal, a judge on Shark Tank India and a co-founder of Lenskart, is poised to become a billionaire as his eyeglasses company prepares for a $9 billion initial public offering (IPO) in Mumbai.
Bansal Nears Billion Milestone
The offering may value Bansal’s holding close to $800 million, perhaps topping $1 billion if shares climb on debut.
As his eyeglasses firm, Lenskart Solutions Ltd., prepares to make its stock market debut in Mumbai as early as next month, 41-year-old entrepreneur and Indian television personality Peyush Bansal is getting ready for a momentous occasion. Since its founding more than 15 years ago, Lenskart has expanded to become a multibillion-dollar company with partners he met on LinkedIn.
Based on figures from the company’s prospectus and individuals with knowledge of the situation, the IPO may value Lenskart at $9 billion, which would give Bansal a stake of about $800 million once he sells a tiny fraction of his shares. According to analysts, if Lenskart shares increase by around 25% on launch, his stock may reach $1 billion.
Technology and Robotics Are Fueling Growth
Following a period of slowness in India’s IT environment, Bansal’s achievement demonstrates the resurgence of investor trust in founder-led firms. With robotic manufacture in India using German-imported machinery and a website that lets clients purchase and test eyeglasses from a distance, Lenskart has established a niche for itself. Bansal, who is expanding across Southeast Asia, pointed out that demand trends in Vietnam and Indonesia are similar to those in India ten years ago.
In a Mumbai interview, Bansal said, “India is the myopia capital of the globe, and many of our people require glasses.” “Everything else, including size, profit, and increasing market capitalization, will follow if we can resolve it.”
Retail Presence and Shark Tank Fame
With over 900,000 Instagram followers, Bansal’s public presence as a judge on the Indian Shark Tank series is also advantageous to the business. The Gurugram-based company Lenskart announced its first-ever full-year profit for the fiscal year that concluded on March 31. Regarding the concepts he and co-founder Amit Chaudhary generate each week, Bansal said, “Our success rate is roughly 50%.” “A coin toss may have been just as effective.”
Due to trade conflicts, geopolitical concerns, and past disappointments in India’s startup valuations, investors are becoming cautious ahead of the IPO. However, businesses like Urban Co., which just went public, have given consumer tech stocks new life. Fidelity Management & Research has valued Lenskart at $6.1 billion, and SoftBank, who owns 15% of the firm, has highlighted the company as an example of patient capital.
International Growth and Upcoming Developments
Although more than one-third of Lenskart’s raw materials come from China, Bansal says the supply chain is controllable. The business is building a huge new plant in Hyderabad that will likely be the biggest in the world and be able to produce hundreds of thousands of glasses per day. With 2,723 outlets operating both in India and abroad, foreign markets account for around 40% of total income.
After graduating from McGill University with a degree in engineering, Bansal started his career at Microsoft before moving back to India to start his own business. In addition to employing hundreds of ophthalmologists and managing lens design, production, and last-mile delivery, Lenskart is also creating AI-based technologies to increase access to eye care in smaller towns. The anticipated use of IPO proceeds is to finance acquisitions, retail growth, AI research, and other business objectives.
With an eye toward the future, Bansal is considering smart eyewear that incorporates capabilities like UPI, AI tools, cameras, and headphones. He said, “It is tempting to go all in.” “But timing is important.”