Peyush Bansal of Lenskart Plans to Expand Globally Amidst IPO Buzz

Peyush Bansal, who founded Lenskart in Faridabad in 2010, hopes to convert it into a global brand that meets international customer experience criteria. In an interview with ET, Bansal stated that, while negotiations about an initial public offering continue, the company remains focused on size and consistency with consumers, which are critical to long-term success.

"There is a lot of external discussion about an IPO, but our internal focus is on providing a terrific experience at scale. Can we establish a worldwide consumer brand that adheres to global customer experience standards? "That's the real question," he stated.

Lenskart has began preparations for a prospective listing this year, with the goal of filing draft IPO documents in May – subject to market conditions. It would be one of the top new-age enterprises to go public this year, as well as being operationally profitable.

He stressed that, while an IPO is an important milestone, it is not the ultimate goal. "Becoming public may be a good milestone, but it is not the purpose. The goal is to create a brand that constantly delivers, whether in India or globally.

Bansal has won the 'Entrepreneur of the Year' title at The Economic Times Awards for Corporate Excellence 2024, with the distinguished jury praising him for his ability to reconcile rapid growth with operational efficiency. Lenskart has evolved from an online eyewear store into one of Asia's leading omnichannel eyewear brands.

With a network of over 2,500 stores throughout India and Southeast Asia, as well as a strong online presence, the unicorn has used a hybrid approach to fuel expansion. Lenskart was named ET Startup of the Year in 2024, demonstrating its remarkable performance in the Indian startup environment.

Expanding and manufacturing

Lenskart plans to expand its operations, with a new production plant in Telangana likely to boost capacity. "The new facility will undoubtedly increase our capacity, which is critical. We haven't finalized the capacity for Phase 1, but we're working hard on it," Bansal said.

The corporation is also investing $200 million in the Telangana facility to boost its India exports and save expenses.

Lenskart has moved the majority of its worldwide manufacturing to India, with frame production shifting from Japan to its Rajasthan factory. This has helped the SoftBank-backed company improve quality, lower prices, and shorten delivery times. It now manufactures 25 million frames and 30-40 million lenses per year.