Eyewear retailer Lenskart is facing mounting scrutiny over its proposed initial public offering (IPO) valuation after social media influencer Nalini Unagar questioned the company’s recent financial moves.
In a post that quickly went viral on X (formerly Twitter), Unagar alleged that Lenskart’s valuation has soared from about ₹8,700 crore in July 2024 to nearly ₹70,000 crore in October 2025, calling the jump “magical” and “impossible without internal help.” Her post has since triggered intense debate among retail investors, analysts, and startup watchers about how valuations in India’s booming startup ecosystem are actually determined.
Credits: Ascendants
The Alleged Timeline of Valuation Jump
Unagar’s claims centre on a share buyback said to have taken place in July. According to her post, Lenskart founder Peyush Bansal reportedly purchased 4.26 crore shares from early investors for ₹222 crore, implying a company valuation of around ₹8,700 crore at that time.
Barely three months later, she noted, the same company is reportedly gearing up for an IPO that could value it at a staggering ₹70,000 crore — an almost eightfold rise. The influencer alleged that such a leap could not have occurred “without help from someone inside SEBI,” though she provided no concrete evidence to back that serious charge.
The post struck a chord with many retail investors, who expressed concern over what they see as a pattern of inflated valuations before IPOs — particularly after several high-profile startups went public at sky-high prices, only to lose significant value after listing.
Social Media Erupts With Debate
The claims sparked a frenzy across X, with investors and commentators weighing in on whether such a steep valuation jump is realistic. Prominent market voice Basant Maheshwari even took a witty jab at the situation, further fuelling discussion.
Many users questioned whether Lenskart’s valuation surge reflected genuine business performance or was driven by market optics ahead of the IPO. Some pointed to the eyewear retailer’s strong omnichannel presence, consistent growth, and expansion into international markets as justifications for its lofty price tag. Others argued that valuation gymnastics like this erode investor trust, especially among India’s growing pool of retail participants.
Understanding the Valuation Gap
Experts note that secondary transactions (like buybacks from investors) and IPO valuations often differ drastically due to the nature of the deals.
A secondary transaction is typically influenced by the liquidity needs of the seller or internal structuring, whereas an IPO valuation reflects future growth potential, market comparables, and investor sentiment during roadshows.
“Such jumps, while eye-catching, aren’t necessarily suspicious,” said a Mumbai-based investment banker. “Startups are valued differently in private markets versus public listings, where expectations, forecasts, and brand perception all come into play.”
That said, an eightfold rise within a single quarter is still highly unusual, prompting calls for greater clarity from both the company and regulators.
Calls for Transparency Before the IPO
Analysts say that once Lenskart files its Draft Red Herring Prospectus (DRHP), many of these questions may be answered. The DRHP will reveal whether the July transaction was a personal purchase by Bansal or part of a company-led restructuring, as well as the exact metrics used to justify the IPO valuation.
Despite the controversy, Lenskart’s fundamentals remain strong. The company continues to dominate India’s eyewear market, has expanded into Southeast Asia, and recently attracted major institutional investors — including SBI Mutual Fund, which invested ₹100 crore ahead of the IPO.
However, the timing and magnitude of its valuation leap have injected an element of scepticism that could pressure the company to provide more transparency in its public disclosures.
Credits: Mint
A Storm Yet to Settle
For now, the allegations remain unverified and fall short of a proven regulatory issue. Neither Lenskart nor the Securities and Exchange Board of India (SEBI) has issued an official statement responding to Unagar’s post.
Still, as the conversation gains traction online, both parties may soon need to clarify the timeline and intent behind the recent share transactions to maintain investor confidence.
Whether this turns out to be a misunderstanding of financial mechanics or a deeper controversy, one thing is clear — Lenskart’s IPO journey has already become one of the most closely watched stories in India’s startup landscape.
