Early Lenskart investor and entrepreneur Ronnie Screwvala has defended the eyewear brand’s IPO pricing, saying co-founder and CEO Peyush Bansal deliberately set it about 20% below the company’s true value. Speaking to Moneycontrol ahead of Lenskart’s market debut, Screwvala compared the firm with Titan EyePlus, noting that although Titan had been around for years, it never expanded India’s eyewear market the way Lenskart has.
Lenskart, which is set to list next week with an estimated valuation of ₹70,000 crore ($7.97 billion), has faced scrutiny over its pricing. Screwvala argued that Lenskart’s strong fundamentals, omnichannel execution, and predictable growth justify its valuation. He said the company’s compound annual growth rate (CAGR) is among the most consistent in the industry, with plans to open 400–500 stores annually for the next decade.
Addressing social media criticism that pegged Lenskart’s valuation at 230 times EBITDA, Screwvala called such claims “factually wrong.” He believes the stock should be valued at 40–50 times one-year forward EBITDA, given its profitability and market leadership. He also criticized valuations of loss-making internet firms like Zomato, Paytm, and Swiggy, asserting that Lenskart operates in a more sustainable and scalable segment.