As eyewear giant Lenskart gears up for a blockbuster IPO, an unusual academic hiccup involving a co-founder adds a human twist to the company’s high-stakes ambitions.
Credits: NDTV Profit
A Missing Degree Amid Billion-Dollar Ambitions
Lenskart’s journey to becoming one of India’s leading omnichannel eyewear brands has been full of innovation, expansion, and big bets. But as the company gears up for a massive IPO—one of the largest in the consumer-tech space—an unexpected detail has come to light.
In its Draft Red Herring Prospectus (DRHP) filed with SEBI on Tuesday, Lenskart revealed that one of its promoters, Sumeet Kapahi, currently serving as the Global Head of Sourcing, has not been able to locate his B.Com (Hons.) degree and marksheets from the University of Delhi.
Kapahi, a co-founder of the company, has reportedly written several emails and formal letters to the university and even applied for duplicates through the university portal. But so far, there’s been no official response. In its filing, Lenskart noted, “There is no assurance that the university will respond to such emails and letters in a timely manner, or at all.”
The Offer: A Mix of Fresh Capital and Investor Exits
Despite this quirky disclosure, the company is preparing to raise ₹2,150 crore through a fresh issue of equity shares. In addition, there will be an Offer for Sale (OFS) of over 132 million equity shares, allowing early investors and promoters, including Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, to partially exit.
Notable institutional investors like SoftBank (SVF II Lightbulb Cayman), Temasek (MacRitchie Investments), Kedaara Capital, and Alpha Wave Ventures will also participate in the OFS. The total IPO size is expected to fall between $750 million to $1 billion, depending on final pricing and market conditions.
The company has also left room for a pre-IPO placement worth ₹430 crore, which could reduce the size of the fresh issue.
Where the Money Will Go: Expansion, Tech, and More
Lenskart plans to use the IPO proceeds to fuel its next phase of growth, with a strong focus on scaling operations. The DRHP outlines several key objectives for the raised funds:
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Setting up new Company-Owned Company-Operated (CoCo) stores in India
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Payments related to leases and rent for new outlets
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Investment in technology and cloud infrastructure
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Brand marketing and business promotion
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Potential acquisitions
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General corporate purposes
These moves are aligned with Lenskart’s strategy to strengthen its position as a tech-first retail brand with a growing global footprint.
Lenskart by the Numbers
Lenskart has shown strong momentum going into the IPO. In FY25, the company launched 105 new in-house eyewear collections, some in collaboration with celebrities and global brands. It also recorded the sale of 27.2 million eyewear units across 12.41 million customer accounts in India and international markets.
These figures highlight not just scale but also growing brand affinity among both new-age and traditional consumers.
Banking on a Strong Line-up
Lenskart has brought in an impressive list of Book Running Lead Managers (BRLMs) for the IPO. These include:
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Kotak Mahindra Capital
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Morgan Stanley India
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Avendus Capital
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Citigroup Global Markets India
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Axis Capital
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Intensive Fiscal Services
Their presence signals institutional confidence in the company’s financials, operations, and future roadmap.
Credits: Outlook Business
The Final Word: A Quirky Footnote in a Serious Filing
While Kapahi’s missing degree might seem like a trivial matter in the context of a billion-dollar IPO, it adds a strangely relatable, human touch to the narrative of one of India’s most successful consumer startups.
As Lenskart prepares to enter the public market, it’s not just retail investors who will be watching closely—it’s also universities, bureaucrats, and perhaps even postal departments. One can only hope Kapahi hears back soon.
