'Would've Got Rejected On Shark Tank': Peyush Bansal Slammed for Lenskart's $7 Billion Valuation
Business analyst Jayant Mundhra in an open letter has called out Lenskart’s $7 billion IPO, accusing Bansal of dodging valuation questions, inflating overseas assets and ignoring franchisee lawsuits.
A day after Lenskart Solutions Ltd. founder and chief executive officer Peyush Bansal shrugged of the ongoing debate around the eyewear company’s valuation, market critics have hit back saying that he would be rejected if he was a contestant on Shark Tank.
Business analyst Jayant Mundhra in an open letter has called out Lenskart’s $7 billion IPO, accusing Bansal of dodging valuation questions, inflating overseas assets and ignoring franchisee lawsuits. He has also branded the IPO a ‘mockery’ of public trust.
He has alleged that Lenskart's management has deflected by emphasising 'creating value for customers' over discussing the IPO price, a stance he characterises as dismissive of public market scrutiny.
According to Mundhra, a 'backward-integrated retail chain' is not entitled to a software-style multiple unless its earnings quality and its growth justifies this high valuation. He has also pointed out 'hundreds' of pending cases that include cheating allegations from franchisees.
Among others critising Bansal is a Twitter user using the handle name 'Save Invest Repeat' who said, "If Peyush Bansal pitched Lenskart’s valuation to Shark Tank’s Peyush Bansal then he would have got rejected."
Another user Viral Nagra has called out the sale of stake to market vetran R.K Damani. According to him Bansal bought stake at a valuation of $1 billion in July 2025, but within three months sold the stake to Damani at a valuation of $7 billion. Now the company is seeking $8.5 billion in valuation through the IPO.
He said, "Are we really using Damani’s 90 crore investment as “validation”? Because for him, 90 crore is peanuts, but for retail investors it’s the bait."
In response to NDTV Profit's question about Lenskart’s valuation being significantly higher than that of its global peers on metrics such as price-to-earnings and price-to-Ebitda, Bansal said he does not view determining valuation as part of an entrepreneur’s role. Instead, he emphasised that his responsibility lies in ensuring that customers receive the best-quality spectacles at the lowest possible price.
“I'm only justifying the value for the customer, right? How to make the best quality spectacles every day at the lowest price possibly is the job,” Bansal said.
He further added that valuation is something that he understands less and it is largely determined by strong advisers, and as entrepreneur, "it is not our job to decide valuation".
