Eyewear retailer Lenskart, which is set to debut on the bourses on November 10, will launch its Rs 7,300-crore IPO this week, aiming for a valuation north of Rs 70,000 crore. In an hour-long conversation with ET, founder and CEO Peyush Bansal said the 17-year-old company, which had once experimented beyond eyewear, has sharpened its focus on its core mission to sell a billion pairs of glasses without categorising itself as an online, offline or omnichannel retailer.
Bansal discussed Lenskart’s growth drivers, its India manufacturing push, the transition to become a public company, and the long-term bets such as smart glasses and artificial intelligence shaping its next phase. Edited excerpts:
You started by selling contact lenses online, opened your first store in 2013, and now in 2025 you’re preparing to go public. How has the vision changed over the last 15 years?
In spirit, the vision hasn’t changed. From day one, it was about doing something transformative…building a company that genuinely improves people’s lives. I often told my early team, “Can you imagine life without Google Maps? That’s how indispensable Lenskart should feel.”
What has evolved is the scale and definition of impact. Initially, our mission was to give vision to those who couldn’t see—to get people who needed glasses to actually wear them so they could study and earn better. In the last five years, we’ve gone beyond accessibility to ask: Can eyewear also enhance quality of life?
That’s where innovation like lightweight materials, smart glasses, and new brands such as John Jacobs or Aqualens comes in. The goal now is not just to help people see, but to let them use eyewear for different occasions, and experience comfort and style.
So, Lenskart’s purpose has expanded from making eyewear accessible to making it aspirational?
Exactly. We began with a “give vision” mission. Now it’s “improve life through vision”. Earlier, we wanted 50% of India in a cricket stadium to wear our glasses. Today, we’re thinking about Asia and the Middle East.
In the early years, our target was to serve 100 million people. Now, we talk about a billion. The core purpose of empowering people through vision remains, but the mission has grown.
You started with other categories such as watches, bags, and jewellery before focusing on eyewear. What made you narrow the scope?
When I left Microsoft, it wasn’t to make money…it was to solve a real problem. India is the blindness capital of the world, and that struck me deeply. Initially we tried multiple categories and it’s normal for entrepreneurs to experiment but my heart was always in eyewear.
Almost 80% of our GMV (gross merchandise value) was from accessories, yet I spent 80% of my time on eyewear. One conversation with Ronnie Screwvala (who was among the earliest investors in Lenskart) changed everything. He asked where I saw myself ten years later. I said I wanted to give vision to India, like Maruti gave comfort of mobility. Ronnie said, “If that’s what you want, focus only on that…and I’ll back you.”
The next day I told the team we’d drop everything else. It was an emotional decision, but the right one.
Any plans now to diversify beyond eyewear into adjacent categories?
We sold around 22-23 million pairs last year, but our ambition is for a billion pairs. There’s a lot of work to be done.
People often suggest cosmetics because we have a large distribution network, or even cataract surgeries…but we’d rather deepen impact where it matters. For many customers, getting their first eye test is lifechanging. We want to stay focused on that.
You’ve moved from providing access to offering innovation and premium designs. Are you shifting from mass to premium?
Not really. Lenskart has always been a brand for all. Our DRHP shows as many transactions below Rs 2,000 as above Rs 10,000. Innovation in eyewear doesn’t necessarily mean premiumisation…it means better quality and variety.
A pair of Lenskart Air glasses, which work on the same concept as Uniqlo’s airism, cost around Rs 2,000, including lenses, yet packs advanced tech: lightness, durability, impact resistance. So, it’s as mass market as it is innovative. We serve everyone from a student buying kids’ glasses at Rs 1,000 to a customer choosing designer frames. Lenskart has always been mass and premium at the same time. We’re a house of brands, each addressing a different need.
Your international business now contributes 40-50% of revenue. How big a focus is that?
It’s very significant and definitely not a side project. We’re expanding fast in Singapore, Thailand, Japan, the UAE and Saudi Arabia, and building a strong brand in Southeast Asia.
These are the most myopia-affected markets globally…over 80% of people in Singapore need corrective lenses by age 18 and yet the market is largely unorganised. Our goal is to democratise eyewear there, just as we did in India.
International expansion also raises our own bar. Competing in Japan or Singapore forces us to match global quality standards, which ultimately benefits Indian consumers.
How much of your global supply chain is now driven from India?
A significant part. Eyewear is highly customised…it’s not a simple mass-manufactured item so engineering and precision matter. That’s where India has an edge. We already have a centralised facility in Bhiwadi, Rajasthan, where every pair of lenses is cut and assembled before shipping. We’re now investing in a new factory in Hyderabad to scale for both Indian and international demand.
A large share of our production has shifted from China to India over the past few years, and that share keeps rising.
Can you quantify how much manufacturing for Lenskart happens in India now?
We do manufacturing at three levels — frames, lenses and bringing them together, which is called specs manufacturing. The specs manufacturing part we’re doing entirely in India for every order that we fulfill here. For frame and lens manufacturing, a significant part now happens in India, and we are increasing that portion.
As you head for listing, what are the top growth drivers for the next few years?
There are three areas. First, customer experience…improving product quality, delivery speed, and service consistency. Our Net Promoter Score has risen from 72 to 78, and we want it even higher. Great brands are built on brilliant basics.
Second, eye tests. We did about 16 million last year, up from six million a few years ago. Increasing eye-check penetration directly drives sales and serves our mission.
Third, technology, especially in diagnostics and AI. We’re using generative AI to make remote and self-testing scalable. You can already do a self-eye test in over 500 stores.
Last year, your online growth outpaced offline for the first time. How do you view that balance?
We don’t think in terms of online versus offline…it’s all one customer. As people get comfortable with the brand, they move fluidly between channels. AI now powers online styling and frame recommendations. Once someone has a prescription saved, buying online is seamless. The mix will keep oscillating, but for us it’s eyewear-first, channel-agnostic.
What’s next on the tech and product side—smart glasses, wearables?
Earlier this year we launched Bluetooth-enabled “Phonic” smartglasses in partnership with Qualcomm, and they’ve done well. The next version with a camera and video capability is in production. We see smart eyewear as the next extension of the smartphone. Some tasks like calls, photos and quick payments can move from phone to glasses. We’ve even integrated UPI payments into our smart glasses.
We’ve invested in AjnaLens, an Indian AR-XR startup, and are developing everything in-house…from hardware and optics to software. The goal is to build a full-stack tech ecosystem for vision and wearables.
How much are you investing in technology overall?
Everything we do is driven by tech…it’s hard to separate it. Our retail expansion of over 300 new stores a year is guided entirely by location analytics from our Tango Eye acquisition. Our supply chain and next-day delivery are powered by predictive algorithms. Even hiring and training are fully digital. Technology is embedded in every part of Lenskart…from how we decide where to open a store, to how a pair of lenses is cut, packed, and delivered.
Global players like Meta and Snap are also working on smart eyewear. How do you plan to compete?
It’s not about competition. We have enough customers and enough problems to solve. Success will come from knowing our users intimately and iterating fast. If a customer buys a pair of Lenskart smart glasses today and something goes wrong, they can walk into any of our 2,500 stores and get them serviced. That’s the advantage of being a tech-plus-retail brand with physical reach.
There’s been chatter that Lenskart’s IPO valuation is on the higher side for a retail business. How do you respond?
Valuation is a conversation between buyers and sellers. Our job is to create value for customers…investors decide what that’s worth. We’ve been profitable for years, generate strong cash flows, and most of our fundraises have been secondaries. So, pricing isn’t something I focus on. What matters to me is partnering with investors who share our long-term vision.
From TCM (Sundaram of Chiratae, Lenskart’s first institutional investor) early on and Ronnie or TPG coming when we started investing in talent or SoftBank joining our cap table after which we started taking bolder bets investing in our factory…every partner we’ve had pushed us to think bigger and longer term. That’s far more important than any single valuation number.
You’ve often been called a tech company. Do you see yourself that way?
Labels don’t matter. Twelve years ago, when we opened our first store, people said an online brand shouldn’t go offline because it would be valued like retail.
My answer was—and still is—that Lenskart is an eyewear company. We are neither a tech nor a non-tech company. We use technology as a means to deliver delight. When a customer walks out of a store, they take a pair of glasses and not a piece of tech with them.
Your IPO includes a large secondary component and a small primary raise. Why that structure?
We already have strong profits and a healthy balance sheet. We don’t want to over-raise. The fresh issue is just what we need for growth.
We’ll continue investing in manufacturing, technology, and new markets using internal accruals. The listing is more about broadening ownership and bringing long-term partners on board.
Bansal discussed Lenskart’s growth drivers, its India manufacturing push, the transition to become a public company, and the long-term bets such as smart glasses and artificial intelligence shaping its next phase. Edited excerpts:
You started by selling contact lenses online, opened your first store in 2013, and now in 2025 you’re preparing to go public. How has the vision changed over the last 15 years?
In spirit, the vision hasn’t changed. From day one, it was about doing something transformative…building a company that genuinely improves people’s lives. I often told my early team, “Can you imagine life without Google Maps? That’s how indispensable Lenskart should feel.”
What has evolved is the scale and definition of impact. Initially, our mission was to give vision to those who couldn’t see—to get people who needed glasses to actually wear them so they could study and earn better. In the last five years, we’ve gone beyond accessibility to ask: Can eyewear also enhance quality of life?
That’s where innovation like lightweight materials, smart glasses, and new brands such as John Jacobs or Aqualens comes in. The goal now is not just to help people see, but to let them use eyewear for different occasions, and experience comfort and style.
So, Lenskart’s purpose has expanded from making eyewear accessible to making it aspirational?
Exactly. We began with a “give vision” mission. Now it’s “improve life through vision”. Earlier, we wanted 50% of India in a cricket stadium to wear our glasses. Today, we’re thinking about Asia and the Middle East.
In the early years, our target was to serve 100 million people. Now, we talk about a billion. The core purpose of empowering people through vision remains, but the mission has grown.
You started with other categories such as watches, bags, and jewellery before focusing on eyewear. What made you narrow the scope?
When I left Microsoft, it wasn’t to make money…it was to solve a real problem. India is the blindness capital of the world, and that struck me deeply. Initially we tried multiple categories and it’s normal for entrepreneurs to experiment but my heart was always in eyewear.
Almost 80% of our GMV (gross merchandise value) was from accessories, yet I spent 80% of my time on eyewear. One conversation with Ronnie Screwvala (who was among the earliest investors in Lenskart) changed everything. He asked where I saw myself ten years later. I said I wanted to give vision to India, like Maruti gave comfort of mobility. Ronnie said, “If that’s what you want, focus only on that…and I’ll back you.”
The next day I told the team we’d drop everything else. It was an emotional decision, but the right one.
Any plans now to diversify beyond eyewear into adjacent categories?
We sold around 22-23 million pairs last year, but our ambition is for a billion pairs. There’s a lot of work to be done.
People often suggest cosmetics because we have a large distribution network, or even cataract surgeries…but we’d rather deepen impact where it matters. For many customers, getting their first eye test is lifechanging. We want to stay focused on that.
You’ve moved from providing access to offering innovation and premium designs. Are you shifting from mass to premium?
Not really. Lenskart has always been a brand for all. Our DRHP shows as many transactions below Rs 2,000 as above Rs 10,000. Innovation in eyewear doesn’t necessarily mean premiumisation…it means better quality and variety.
A pair of Lenskart Air glasses, which work on the same concept as Uniqlo’s airism, cost around Rs 2,000, including lenses, yet packs advanced tech: lightness, durability, impact resistance. So, it’s as mass market as it is innovative. We serve everyone from a student buying kids’ glasses at Rs 1,000 to a customer choosing designer frames. Lenskart has always been mass and premium at the same time. We’re a house of brands, each addressing a different need.
Your international business now contributes 40-50% of revenue. How big a focus is that?
It’s very significant and definitely not a side project. We’re expanding fast in Singapore, Thailand, Japan, the UAE and Saudi Arabia, and building a strong brand in Southeast Asia.
These are the most myopia-affected markets globally…over 80% of people in Singapore need corrective lenses by age 18 and yet the market is largely unorganised. Our goal is to democratise eyewear there, just as we did in India.
International expansion also raises our own bar. Competing in Japan or Singapore forces us to match global quality standards, which ultimately benefits Indian consumers.
How much of your global supply chain is now driven from India?
A significant part. Eyewear is highly customised…it’s not a simple mass-manufactured item so engineering and precision matter. That’s where India has an edge. We already have a centralised facility in Bhiwadi, Rajasthan, where every pair of lenses is cut and assembled before shipping. We’re now investing in a new factory in Hyderabad to scale for both Indian and international demand.
A large share of our production has shifted from China to India over the past few years, and that share keeps rising.
Can you quantify how much manufacturing for Lenskart happens in India now?
We do manufacturing at three levels — frames, lenses and bringing them together, which is called specs manufacturing. The specs manufacturing part we’re doing entirely in India for every order that we fulfill here. For frame and lens manufacturing, a significant part now happens in India, and we are increasing that portion.
As you head for listing, what are the top growth drivers for the next few years?
There are three areas. First, customer experience…improving product quality, delivery speed, and service consistency. Our Net Promoter Score has risen from 72 to 78, and we want it even higher. Great brands are built on brilliant basics.
Second, eye tests. We did about 16 million last year, up from six million a few years ago. Increasing eye-check penetration directly drives sales and serves our mission.
Third, technology, especially in diagnostics and AI. We’re using generative AI to make remote and self-testing scalable. You can already do a self-eye test in over 500 stores.
Last year, your online growth outpaced offline for the first time. How do you view that balance?
We don’t think in terms of online versus offline…it’s all one customer. As people get comfortable with the brand, they move fluidly between channels. AI now powers online styling and frame recommendations. Once someone has a prescription saved, buying online is seamless. The mix will keep oscillating, but for us it’s eyewear-first, channel-agnostic.
What’s next on the tech and product side—smart glasses, wearables?
Earlier this year we launched Bluetooth-enabled “Phonic” smartglasses in partnership with Qualcomm, and they’ve done well. The next version with a camera and video capability is in production. We see smart eyewear as the next extension of the smartphone. Some tasks like calls, photos and quick payments can move from phone to glasses. We’ve even integrated UPI payments into our smart glasses.
We’ve invested in AjnaLens, an Indian AR-XR startup, and are developing everything in-house…from hardware and optics to software. The goal is to build a full-stack tech ecosystem for vision and wearables.
How much are you investing in technology overall?
Everything we do is driven by tech…it’s hard to separate it. Our retail expansion of over 300 new stores a year is guided entirely by location analytics from our Tango Eye acquisition. Our supply chain and next-day delivery are powered by predictive algorithms. Even hiring and training are fully digital. Technology is embedded in every part of Lenskart…from how we decide where to open a store, to how a pair of lenses is cut, packed, and delivered.
Global players like Meta and Snap are also working on smart eyewear. How do you plan to compete?
It’s not about competition. We have enough customers and enough problems to solve. Success will come from knowing our users intimately and iterating fast. If a customer buys a pair of Lenskart smart glasses today and something goes wrong, they can walk into any of our 2,500 stores and get them serviced. That’s the advantage of being a tech-plus-retail brand with physical reach.
There’s been chatter that Lenskart’s IPO valuation is on the higher side for a retail business. How do you respond?
Valuation is a conversation between buyers and sellers. Our job is to create value for customers…investors decide what that’s worth. We’ve been profitable for years, generate strong cash flows, and most of our fundraises have been secondaries. So, pricing isn’t something I focus on. What matters to me is partnering with investors who share our long-term vision.
From TCM (Sundaram of Chiratae, Lenskart’s first institutional investor) early on and Ronnie or TPG coming when we started investing in talent or SoftBank joining our cap table after which we started taking bolder bets investing in our factory…every partner we’ve had pushed us to think bigger and longer term. That’s far more important than any single valuation number.
You’ve often been called a tech company. Do you see yourself that way?
Labels don’t matter. Twelve years ago, when we opened our first store, people said an online brand shouldn’t go offline because it would be valued like retail.
My answer was—and still is—that Lenskart is an eyewear company. We are neither a tech nor a non-tech company. We use technology as a means to deliver delight. When a customer walks out of a store, they take a pair of glasses and not a piece of tech with them.
Your IPO includes a large secondary component and a small primary raise. Why that structure?
We already have strong profits and a healthy balance sheet. We don’t want to over-raise. The fresh issue is just what we need for growth.
We’ll continue investing in manufacturing, technology, and new markets using internal accruals. The listing is more about broadening ownership and bringing long-term partners on board.
