Lenskart’s Peyush Bansal seeks ₹200 crore loan to buy shares at $1 bn valuation before IPO: Report

Peyush Bansal, co-founder and CEO of Indian eyewear retailer Lenskart, is in discussions to raise a ₹200 crore loan to increase his stake in the company ahead of its planned initial public offering, Moneycontrol reported on Wednesday, citing people familiar with the matter.

Bansal currently holds about 4% in Lenskart and is looking to raise his stake by another 2 percentage points to reach 6%, Moneycontrol said.

In June 2024, Temasek and Fidelity purchased shares valuing Lenskart at $5 billion in a secondary transaction.

The company, founded by Bansal, Neha Bansal, Amit Chaudhary, Ramneek Khurana and Sumeet Kapahi, plans to raise up to $1 billion through its IPO, aiming for a $10 billion valuation, according to the report. It has appointed Kotak, Axis Capital, Citi, Morgan Stanley and Avendus as bankers for the offering.

Lenskart recorded a loss of ₹10 crore on revenue of ₹5,427 crore in FY24, according to Moneycontrol, and is yet to file its FY25 results. The company, backed by investors including ADIA, ChrysCapital, SoftBank and Alpha Wave, operates across India, the UAE, Singapore and Japan.

The company recently made a strategic investment of an undisclosed amount in AI-glasses company Ajna Lens to expand its product offerings.

"Lenskart bets big on smart glasses, invests in Ajna Lens," Lenskart said in a statement.

Founded in 2014 and headquartered in Thane, Mumbai, Ajna Lens is a deep-tech startup developing immersive technologies powered by spatial computing, AI vision, and a XR stack.

"Lenskart plans to leverage its expertise in frame design and engineering, combined with its technology-first approach, to create smart glasses that are accessible to all," the statement said.