Peyush Bansal, co-founder and CEO of Lenskart, helped build the company into India's largest omnichannel eyewear retailer alongside Amit Chaudhary and Sumeet Kapahi.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick-Facts Bio Box
Peyush Bansal: Born 26 April 1985, New Delhi; B.Eng, Electrical Engineering, McGill University; management program, IIM Bangalore; Occupation: Co-founder and CEO, Lenskart; Years active: 2010-present; Spouse: Nidhi Bansal, married 2011 (Wikipedia).
Amit Chaudhary: Co-founder, Lenskart; Years active: 2008/2010-present; joined Bansal at Valyoo Technologies before Lenskart’s 2010 launch (Wikipedia).
Sumeet Kapahi: Co-founder, Lenskart, joined in 2011 from another eyewear brand; Years active: 2011-present (Wikipedia).
Table of Contents
- Introduction
- The Lenskart Story
- Business Model
- How Lenskart Makes Money
- Funding History
- Revenue and Recent Challenges
- Lenskart vs Competitors
- Current Role and Recent Moves
- Key Takeaways
- FAQs
Introduction
Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi built Lenskart from a 2010 online eyewear startup into India’s largest omnichannel eyewear company, which listed on the NSE and BSE in November 2025 at a valuation near $7 billion (Wikipedia). The company now runs over 2,700 stores across India and abroad and posted its first full-year profit in FY25.
The Lenskart Story
Bansal quit a Microsoft program manager role in the US, returned to India, and in 2008 registered Valyoo Technologies, initially running a student classifieds site called SearchMyCampus.com (Wikipedia). After a US eyewear venture called Flyrr showed promise, he and Chaudhary launched Lenskart in 2010, focused first on contact lenses before expanding into prescription glasses and sunglasses (Wikipedia). Kapahi, then working at another eyewear brand, joined as the third co-founder in 2011.
To overcome skepticism about buying prescription eyewear online, the founders introduced a “no questions asked” return policy, home eye-checkups, and a call-center support model (Everything Startups). Lenskart turned profitable in 2020, entered the unicorn club in 2019 after a SoftBank investment, and expanded internationally with the 2022 acquisition of Japan’s Owndays for roughly $400 million (Wikipedia).
Business Model
Lenskart runs a vertically integrated, omnichannel model: it designs and manufactures its own frames and lenses at facilities in Bhiwadi and Gurugram, and sells through its website, app, and a mix of owned and franchised stores (Wikipedia). Key extensions include the Owndays acquisition (2022) for Japan and Southeast Asia access, and an 80 percent stake in Spanish eyewear brand Meller (2025) for over €40 million (Wikipedia).
How Lenskart Makes Money
Revenue comes from direct sales of eyeglasses, sunglasses, contact lenses, and accessories across owned and franchised stores, supplemented by franchise fees from partner-operated outlets (Recipe Finology).
Funding History
| Round | Year | Amount | Lead Investors |
|---|---|---|---|
| Series C | 2015 | ₹135 crore | TPG, TR Capital, IDG (Wikipedia) |
| Growth | Dec 2019 | $275 million | SoftBank Vision Fund (Wikipedia) |
| Growth | May 2021 | $95 million | KKR (Wikipedia) |
| Series | Jul 2021 | $220 million ($2.5B valuation) | Temasek, Falcon Edge Capital (Wikipedia) |
| Growth | Mar 2023 | $500 million ($4.5B valuation) | Abu Dhabi Investment Authority (Wikipedia) |
| IPO | Oct-Nov 2025 | ₹7,278 crore (~$828M) | Public listing, $7B valuation (Wikipedia) |
Lenskart has raised over $1.08 billion across 19 rounds from 58 institutional investors, including SoftBank, ADIA, Temasek, KKR, and Fidelity (Buzz4AI).
Revenue and Recent Challenges
Revenue grew from ₹3,788 crore in FY23 to ₹6,652 crore in FY25 (InsightsByBeatTheStreet). Lenskart posted a profit after tax of ₹297 crore in FY25, a turnaround from a ₹10 crore loss in FY24, though roughly ₹167 crore of that profit came from a one-time revaluation of payment liabilities rather than core operations (InsightsByBeatTheStreet). Post-IPO, Q3 FY26 net profit rose 28 percent quarter-on-quarter to ₹131 crore on revenue of ₹2,307 crore (Whalesbook). The stock’s valuation has drawn scrutiny: at listing it traded near 238x earnings, far above global peers like EssilorLuxottica (~50x) and Titan (~92x) (Whalesbook).
Lenskart vs Competitors
| Company | Founded | Position | Notes |
|---|---|---|---|
| Titan Eyeplus | 2007 | Tata-backed, 900+ stores | Trust-led, clinical in-store experience (Chai and Charts) |
| Specsmakers | 2007 | Regional (South India) | Budget-focused, fast-growing chain |
| GKB Opticals | 1969 | 70+ premium stores | Legacy player, international luxury brands |
Lenskart holds roughly 5 percent of India’s organized eyewear market but leads on growth velocity, having been VC-funded to expand stores far faster than Titan’s internally-funded, steadier approach (Chai and Charts). Titan Eyeplus, backed by the Tata Group’s balance sheet, remains the most credible threat given its brand trust and retail scale.
Current Role and Recent Moves
Bansal continues as CEO, having also acquired shares from existing investors at a $1 billion valuation in July 2025 ahead of the IPO (InsightsByBeatTheStreet). In April 2026, Bansal faced public backlash over a Lenskart dress-code policy seen as restricting Hindu religious symbols while permitting other religious attire; the company issued clarifications following the controversy (Wikipedia).
Key Takeaways
- Lenskart began in 2010 as an online contact-lens retailer before expanding into a vertically integrated omnichannel eyewear brand.
- It raised over $1.08 billion across 19 rounds from investors including SoftBank, KKR, ADIA, and Temasek.
- Lenskart listed on the NSE and BSE in November 2025 at a $7 billion valuation, one of India’s largest consumer IPOs.
- FY25 revenue reached ₹6,652 crore with a ₹297 crore profit, its first full-year profit, though partly aided by a one-time accounting item.
- Titan Eyeplus remains its most credible competitive threat, backed by Tata Group scale and trust.
FAQs
Who founded Lenskart?
Peyush Bansal and Amit Chaudhary in 2010, joined by Sumeet Kapahi in 2011.
Is Lenskart profitable?
Yes, since FY25, with ₹297 crore profit after tax.
Has Lenskart gone public?
Yes, it listed on the NSE and BSE in November 2025 at a $7 billion valuation.
Who are Lenskart’s key investors?
SoftBank Vision Fund, KKR, Temasek, ADIA, and Fidelity, among others.
How does Lenskart make money?
Direct sales of eyewear across owned and franchised stores, plus franchise fees.
Who are Lenskart’s main competitors?
Titan Eyeplus, GKB Opticals, and Specsmakers.
What international acquisitions has Lenskart made?
Japan’s Owndays (2022) and Spain’s Meller (2025).
Is Peyush Bansal still CEO?
Yes, he continues to lead Lenskart as co-founder and CEO.
© The Founder Nation | Written by TFN Research Desk
