Lenskart Vs Groww IPO: What Should You Bet On? Here's What Verdict From Brokerages Reveal
Lenskart Vs Groww IPO: Both brands are household names, but when it comes to their IPOs, they’re playing in very different leagues.
Two of India’s most talked-about startups, Lenskart and Groww, are hitting the market, and retail investors are spoilt for choice. Both brands are well known: one sells eyewear that’s become a household name, while the other has changed how millions invest online.
For investors, both IPOs tell a story of India’s digital rise — one through tech and finance, the other through retail and lifestyle. Both brands are household names, but when it comes to their IPOs, they are playing in very different leagues.
Lenskart is hitting the market with a much larger issue size of around Rs 7,278 crore and a price band of Rs 382–Rs 402 per share, valuing the company at about Rs 70,000 crore.
In contrast, Groww has set a slightly smaller IPO size of Rs 6,632 crore with a more affordable price band of Rs 95–Rs 100 per share, valuing it around Rs 61,700 crore. But if you are wondering IPO makes more sense? Here’s what top brokerages have to say:
Groww: The Fintech Favourite
Groww, officially known as Billionbrains Garage Ventures, has grown from a small startup in 2017 to India’s biggest digital investment platform. It lets users invest in stocks, mutual funds, ETFs, bonds, and even U.S. shares, all from their phones.
Why brokerages like it:
Strong market position: Groww now leads the pack with over 1.7 crore active users and a 26% market share among retail investors.
Low costs, big profits: Because most of its customers come through word-of-mouth (not paid ads), it spends less to acquire users — helping it post high margins (around 45–60%) and strong profitability.
Broad reach: Groww’s users come from nearly every Indian pin code, and over 80% live outside the top six cities, showing how far its reach extends.
Expanding product range: The platform is adding new offerings like wealth management (‘W by Groww’), loans against shares, and bonds — aiming to become a one-stop shop for investing.
What to watch out for:
Since 84% of its revenue comes from stock broking, any slowdown in trading activity could hurt earnings.
Like any tech firm, Groww is vulnerable to cybersecurity risks and system outages.
Valuations are not cheap, at about 34 times earnings, the stock isn’t a bargain.
Verdict from brokerages:
Nuvama calls Groww a “leader among retail brokers” and says its tech platform and user experience are key strengths.
Arihant Capital recommends “Subscribe for listing gains”, saying its scalable model, high retention, and low costs make it a long-term winner.
Anand Rathi is also positive but calls it “fully priced”, advising “Subscribe – Long Term”.
Lenskart: The Eyewear Giant
Lenskart has redefined how Indians buy glasses, moving the experience online and blending it with a strong retail presence. With 2,800 stores across India and abroad, it’s also expanding in Asia and the Middle East.
Why analysts like it:
Clear leader: It dominates India’s organised eyewear market and continues to grow rapidly.
Tech-driven: The company uses AI and robotics in its manufacturing and lens fitting.
Steady financials: Revenue grew 22.6% year-on-year to Rs 6,652 crore in financial year 2025, while profits and margins are improving.
Risks to keep in mind:
High valuation: At over 200 times earnings, the IPO looks pricey, meaning much of the optimism may already be built into the price.
Import dependence: A large portion of lenses and frames come from China, which poses supply chain risks.
Franchise control: Reliance on franchise stores could affect brand consistency.
Competition: The eyewear space is attracting new entrants, both domestic and global.
Verdict from brokerages:
SBI Securities: Subscribe only for the long term, as the stock looks expensive in the short run.
Bajaj Broking: Likes its brand and tech edge but warns valuations are “steep.”
Axis Capital: Highlights its global expansion and brand strength but flags execution and supply risks.
Nirmal Bang: Notes strong growth and profitability, but says the IPO is “expensive” and may see margin pressures later.
According to investors, one should pick Groww if they want exposure to India’s fast-growing digital investing ecosystem and prefer a company already showing strong profits and scale. One should pick Lenskart if betting on long-term consumption growth, global expansion, and the rise of branded eyewear, but get ready to hold for the long haul.
