Bansal: Lenskart IPO Was Never About Valuation, But Vision

New Delhi, November 10,2025: Eyewear giant Lenskart’s highly-anticipated debut on the stock market has been marked by a significant statement from its co-founder and CEO, Peyush Bansal, who has consistently pushed back against the intense public debate surrounding the company’s valuation. Bansal has made it unequivocally clear that the driving force behind Lenskart’s journey and its decision to go public was never the pursuit of a market capitalisation number, but an unwavering focus on its foundational mission: to bring clear vision to millions across the country.

Reaching People, Not Valuations

In a heartfelt note shared with shareholders just ahead of the listing, which he pointedly referred to as “Day Zero,” Bansal articulated a philosophy deeply rooted in customer-centricity. “We didn’t build Lenskart to reach a valuation. We built it to reach people—from the heart of Delhi to the smallest towns in the Northeast,” he wrote.

This sentiment was further reinforced during the listing ceremony, where he famously declared, “We didn’t build Lenskart to build a valuation… we did it to give eyesight to India.” For Bansal, the true measure of success is not the ringing of the stock market bell, but the daily ‘ringing’ that happens when a customer receives their glasses, smiles, and sees clearly again. He even went so far as to equate customer trust with the public market milestone, stating, “Every customer we serve is our IPO.“

A Necessary Scrutiny: The Valuation Debate

Lenskart’s Initial Public Offering (IPO) attracted significant scrutiny from market observers, who noted that the nearly ₹70,000 crore valuation translated into a steep price-to-earnings (P/E) ratio compared to established listed peers. This led to online discussions and criticism, with some commentators calling the pricing “overvalued.”

Addressing this head-on, Bansal maintained a detached view on the pricing mechanism itself, explaining that determining valuation is ultimately not the entrepreneur’s primary role. He framed it as a conversation strictly between buyers and sellers—the investors who participated in the highly oversubscribed IPO.

“Valuation is a conversation between buyers and sellers,” he said in a recent interview, adding that his focus over the last 15 years has been solely on justifying value for the customer by providing the best quality eyewear at the most accessible price. He emphasised that Lenskart has been profitable for years and generates strong cash flows, which sets it apart from other new-age tech companies that debuted while still reporting losses.

Building Global Indian Institutions

Bansal’s vision extends beyond the domestic eyewear market. He referenced the ‘bittersweet’ memory of earlier Indian startups being acquired by global conglomerates, stating that Lenskart was born from a larger, more profound dream: that India can build “global institutions, not just startups.” An institution, in his view, is one that stands shoulder-to-shoulder with the world’s best while retaining “India in their DNA.”

The decision to go public, therefore, is framed as a long-term commitment, not a financial exit. By prioritising a customer-first approach—even personally reviewing store feedback weekly—and focusing on technological integration, Bansal believes the company is building the “operating system for eyewear,” an integrated, AI-driven network that links design, manufacturing, supply chain, and customer experience.

In essence, while the market focused on the IPO’s price, Peyush Bansal steered the narrative towards its purpose, reminding stakeholders that for Lenskart, “Profit is oxygen but purpose is breath.” The public listing, for him, is merely the commencement of a new, more challenging chapter—the next “Day Zero” in its relentless pursuit of providing universal vision.