Lenskart IPO Filing Shows Company Promoter Can't Locate His College Degree
In the 761-page DRHP document, Lenskart said that its promoter, Sumeet Kapahi, has been unable to locate his B.Com (Hons) degree from the University of Delhi.
An unusual disclosure has come to light after eyewear retailer Lenskart Solutions Ltd. filed its draft papers with SEBI for an initial public offering (IPO) worth Rs 2,150 crore. According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India on Monday, one of the promoters of the company has failed to furnish his degree certificate and marksheet.
In the 761-page document, Lenskart said that its promoter, Sumeet Kapahi, has been unable to locate his B.Com (Hons) degree and marksheet from the University of Delhi. Despite multiple requests to the university, he has not received any response.
Kapahi is the 'Global Head of Sourcing' at Lenskart.
"One of our Promoters, Sumeet Kapahi, who is also the Global Head of Sourcing of our Company, has been unable to trace the copies of his B.Com (Hons.) degree and marksheets from the University of Delhi. While he has written multiple emails and a letter to the concerned university requesting a copy of his degree certificate, and has applied for copies of the marksheets on the portal of the university on its website as well, a response from the university is awaited," the company said.
However, the company informed SEBI that "there can be no assurances that the promoter will be able to trace the relevant documents".
"There is no assurance that the university will respond to such emails and letters in a timely manner, or at all. Accordingly, reliance has been placed on certificates furnished by him to us and the BRLMs to disclose details of his educational qualifications in this Draft Red Herring Prospectus. Further, there can be no assurances that he will be able to trace the relevant documents pertaining to his educational qualifications in the future or at all," the DRHP mentioned.
Who Is Sumeet Kapahi?
Kapahi is one of the promoters of the company, while others include Peyush Bansal, Neha Bansal and Amit Chaudhary. Together, the promoters and investors are set to offload 13.22 crore equity shares to raise funds for this IPO.
The co-founder has been associated with Lenskart since September 2011. He previously worked with Ray-Ban Sun Optics India. At Lenskart, he is responsible for developing, planning, sourcing strategies, managing supplier relationships and driving cost optimization for the company, according to the document.
In FY25, he was paid a compensation amounting to Rs 22.46 million, which includes provisions for incentives amounting to Rs 5 million, payable in FY26.
Founded in 2008, Lenskart is valued at Rs 52,533 crore as of June 13, Reuters reported.
