Indian Startups Under the Microscope: Lenskart’s IPO Sparks Valuation Debate
November 10, 2025, 2:00 AM UTC
Updated: November 10, 2025, 4:21 AM UTC
In a move that has investors and social media buzzing, Lenskart Solutions Ltd., the eyewear giant backed by SoftBank Group Corp., made its Mumbai trading debut on Monday—but not without a stumble. Despite raising a staggering 72.8 billion rupees ($821 million) in its initial public offering (IPO), the company’s shares opened at 390 rupees in premarket trading, a 3% dip from its IPO price of 402 rupees. But here’s where it gets controversial: The IPO, which was priced at a jaw-dropping 238 times last fiscal year’s earnings, drew subscriptions 28 times the amount on offer, primarily from institutional investors. This has ignited a fiery debate on platforms like X (formerly Twitter) about whether Indian startups are overvalued.
Founded by Shark Tank India judge Peyush Bansal, Lenskart’s IPO was one of the most anticipated events of the year. The company’s meteoric rise in the eyewear retail space has been nothing short of impressive, but its sky-high valuation has left many scratching their heads. And this is the part most people miss: While institutional investors led the charge, retail investors seemed more cautious, raising questions about the sustainability of such lofty valuations in the long term.
The debate doesn’t end there. Critics argue that the exuberance around Indian startups could be a bubble waiting to burst, while supporters see it as a reflection of India’s booming tech and consumer markets. Bold question for you: Are we witnessing the dawn of a new era for Indian startups, or is this a cautionary tale of overvaluation? Let’s hear your thoughts in the comments!
For now, all eyes are on Lenskart as it navigates its first days as a publicly traded company. Will it recover from its initial slip, or is this a sign of deeper challenges ahead? Only time will tell.
