IPO-Bound Lenskart's Peyush Bansal Faces Flak As Valuations Zoom 230 X PE

As Lenskart gears up for its highly anticipated initial public offering (IPO), social media has erupted with criticism over what many perceive as excessive valuations and founder gains. The eyewear retailer, led by Shark Tank India’s Piyush Bansal, is facing online backlash from retail investors and market watchers questioning the company’s IPO math.

One post that quickly gained traction on X (formerly Twitter) accused the startup of “daylight robbery of public money.” The user wrote, “Today Piyush Bansal proved that every startup founder is greedy! Lenskart’s IPO at 234x PE ratio — only because they turned profitable in FY25 — is absurd. Giving such insane valuation to a specs-selling company?”

The post further alleged that of the Rs 7,200 crore expected to be raised through the IPO, about Rs 5,100 crore would go to existing investors and promoters, with only Rs 2,100 crore earmarked for company expansion. “This screams promoter greed,” the user continued. “Piyush ji is pocketing Rs 824 crore while the public funds his exit.”

Also Read: Lenskart Plans IPO to Expand Global Reach, Boost Technological Advancement: Piyush Bansal | Republic World

Adding to the chorus of skepticism, another X user, Saketh R (@saketh1998), highlighted the timing of Bansal’s share purchases. “In July, just three months before the IPO, Piyush Bansal took a Rs 200 crore loan to buy Lenskart shares at an Rs 8,500 crore valuation. Now, he’s selling those same shares to the public at a Rs 70,000 crore valuation,” he wrote. “What exactly changed in three months? Maybe it’s time we put on a different lens to see the real picture.”

While Lenskart has yet to respond to these claims, the posts have sparked wider debate on startup IPO valuations and founder exits in India’s maturing tech ecosystem. The company, which turned profitable in FY25 after years of losses, has not officially disclosed the IPO timeline but is expected to launch the issue before the end of the current fiscal year.