Peyush Bansal, who started Lenskart from Faridabad in 2010, is looking to transform it into a global brand, aligning it with international customer experience standards. In an interview with ET, Bansal emphasised that while discussions around an initial public offering continue, the company remains focused on scale and consistency with customers which is key to delivering long-term success.
“There’s a lot of external discussion about an IPO, but internally, our focus is on delivering a great experience at scale. Can we create a global consumer brand that matches global standards of customer experience? That’s the real question,” he said.
Lenskart has begun preparations for a potential listing this year, targeting filing of draft IPO papers in May — contingent on market conditions. It would be one of the top new-age firms that is also operationally profitable to go public this year.
He reiterated that an IPO, while a significant milestone, is not the end goal. “Going public may be a nice milestone, but it’s not the goal. The goal is to build a brand that delivers consistently, whether in India or globally.”
Bansal is the winner of the ‘Entrepreneur of the Year’ category in The Economic Times Awards for Corporate Excellence 2024, with the elite jury crediting him for his ability to balance rapid scale with operational performance. Lenskart has grown from an online eyewear retailer to one of Asia’s leading omnichannel eyewear companies.
With a network of more than 2,500 stores across India and Southeast Asia and a strong online presence, the unicorn has leveraged its hybrid approach to drive growth. Lenskart was ET Startup of the Year in 2024, underscoring its strong trajectory in the Indian startup ecosystem.
Growth at scale and profit
As Lenskart scales above $1 billion in annual revenue, Bansal underscored the importance of reinforcing core strengths.
“Any brand that crosses a natural threshold—where it becomes viral or widely recognised—has to double down on what made it great in the first place,” he said.
“As you scale, the ability to think long-term and go deep into customer detail is what sets companies apart,” he said, adding that it is easy for large-scale firms to get into a mode of self-confidence, where one feels what she or he is providing is already great. “But at that point, it is really important to meet customers who are rating you three or four stars, not just five, and ask—what better can we do?”
Profitability, he said, hinges on efficiency and customer retention. “The key is a strong focus on technology. Technology drives efficiency and better customer experience. At scale, you must ensure you are providing a better experience at the same or lower cost.”
“You also need to focus on your existing customers, not just acquiring new ones. Many brands in India have done this well — retaining loyal customers and doing everything for them,” he said.
In FY24, Lenskart’s net loss shrank to Rs 10 crore, from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while Ebitda more than doubled to Rs 856 crore.
By leveraging automation and data analytics, Lenskart has optimised supply chains and improved operational efficiency, leading to better margins. Bansal stressed that this, along with customer retention, will ensure long-term sustainability.
Amazon and IndiGo are among top firms Bansal sees as great examples of building consumer-focused firms offering a good experience.
Expansion and manufacturing
Lenskart will continue to scale its operations, with a new manufacturing facility in Telangana expected to enhance capacity. “For sure, the new facility will add significantly to our capacity, which we definitely need. We have not yet finalised the capacity for Phase 1, but we are working very hard on it,” Bansal said.
The company is also investing $200 million in the Telangana facility to strengthen its India export business and reduce costs.
Lenskart’s majority of global manufacturing has moved to India; it has shifted frame production from Japan to its Rajasthan facility. This has helped the SoftBank-backed firm enhance quality, cut costs and improve delivery times. It now produces 25 million frames and 30-40 million lenses annually.
Omnichannel growth and store experience
Lenskart has been investing in elevating its in-store experience. “If you visit some of our new stores, you will see the experience is on another level. We are aspiring to global standards, inspired by the Apple Store. We are beginning to get there, and if you visit, you will be surprised,” Bansal said.
The company is also enhancing its omni-channel strategy, integrating online and offline experiences. “Yes, we are going really deep. I want to go very, very deep. I want to start where most people stop,” he said, adding that this year is about improving customer recommendations. “The top management is personally visiting stores, meeting customers, and understanding their pain points.”
Leadership grooming
On winning the ET award, Bansal said he was surprised and that it also belonged to the team.
He is focused on enabling a new set of leaders critical to its growth in India and abroad, Bansal said.
“We now have a new set of leaders who are pushing the boundaries, thinking globally, and making decisions that will shape the future of Lenskart,” he said.
Empowering leadership across levels ensures agility and sustained growth, he said. “We are consciously building a system where decision-making is not just dependent on me but is distributed across capable teams.”
