Lenskart’s Blurry IPO, Ola Electric Bags Key Certification, and Swiggy’s DeskEats 2.0

Lenskart’s IPO is more than a liquidity event - it’s a referendum on what Indian public investors now value: profits, perception, or patience. It’s one of the few Indian unicorns that has turned profitable, reporting ₹6,652 crore in revenue and ₹297 crore in FY25 profit. But the fine print tells a more complicated story - this profit looks more like a one-off event than a sustainable trend. Strip away exceptional gains and accounting adjustments, and margins remain wafer-thin. Yet, at a valuation of nearly ₹70,000 crore - translating to a price-to-earnings ratio north of 220x - the market seems willing to suspend disbelief once again.

The scale is impressive. Over 2,500 stores globally, more than 80% in India, and an expanding presence in the Middle East and Southeast Asia. Revenues have doubled in three years. But the optics of profitability are carrying more weight than the fundamentals. The question investors are quietly asking: can a company selling glasses at ₹999 justify a valuation comparable to Titan or Luxottica?

Behind the optimism lies a shrewd pre-IPO shuffle. In July 2025, Peyush Bansal bought 4.27 crore shares at ₹52 apiece, increasing his personal stake in Lenskart. But the move wasn’t purely symbolic confidence; it was also smart timing. In the same breath, he’s now monetizing part of that holding through the IPO’s offer-for-sale (OFS) component, selling around 2.05 crore shares. It’s a standard late-stage playbook - strengthen ownership before listing, then partially cash out when valuations peak. What makes it even more ironic is Bansal’s own public stance on valuations. In recent interviews with CNBC and NDTV, when asked about Lenskart’s lofty valuation, he dodged the question - despite being the same person who grills founders about inflated valuations on Shark Tank India.

The issue itself is OFS-heavy, with a significant chunk of the offer comprising investor and founder exits rather than fresh capital infusion. That makes this more of a wealth transfer than a growth fundraise. For a company pitching “vision for all,” it’s a reminder that clarity sometimes comes at a price.

Lenskart’s business model is structurally solid - vertically integrated, tech-driven, and operationally efficient. Unlike many D2C peers, it manufactures its own lenses and controls retail distribution, giving it healthy gross margins of around 60%. But eyewear is still a slow-moving category with long replacement cycles. Profitability hinges on premium positioning and higher purchase frequency, both of which take time to scale.

This makes Lenskart’s IPO less about its products and more about timing. Indian public investors have become choosier after watching Zomato, Nykaa, and Mamaearth swing between euphoria and skepticism. Unlike those listings, Lenskart is entering the market with profits, not promises - but it’s also testing whether one good year can offset years of red ink.

Globally, comparisons to Warby Parker are inevitable. The US eyewear darling was once valued at $6 billion but now trades at less than a third of that. Its post-listing slump is a cautionary tale: when valuations run ahead of category maturity, the correction is ruthless. Indian public markets are learning that lesson too. Nykaa’s post-IPO slide, Paytm’s correction, and Zomato’s bumpy ride have all taught investors to look beyond narratives of growth.

Still, Lenskart’s pitch isn’t entirely misplaced. In an ecosystem crowded with copycat models and subsidy-driven growth, it stands out for having built real infrastructure and a recognizable consumer brand. Its omnichannel reach and operational control make it closer to an FMCG player than a digital startup.

In many ways, Lenskart’s IPO will decide more than just its own fate. It will signal whether India’s public investors are ready to back startups at Silicon Valley valuations, or whether the pendulum will swing back toward realism.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Apni Toh Jaise Taise”: Ola Electric Bags Key Certification For Its 4680 Bharat Cell

Ola Electric just scored a big green tick from ARAI for its homegrown 5.2 kWh 4680 Bharat cell, signaling safety and eco-smarts are fully in check.

This power-packed cell will soon fire up the S1 Pro+ and make it the first e-scooter to run on Ola’s own cell technology.

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“Maamla Legal Hai”: Zetwerk Sues Ayr Energy Over Alleged Data Misuse

Trouble is brewing in the manufacturing lanes as Zetwerk has taken Ayr Energy to court, accusing the rising star of hitching a ride on its confidential playbook.

The lawsuit claims Ayr’s rapid $250 Mn traction did not come from thin air, but from alleged trade secret leaks and a few recruited insiders who carried more than just résumés.

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“Hai Sauda Khara Khara”: Swiggy rolls out DeskEats 2.0 to serve working professionals

Swiggy is giving office lunches a glow-up with DeskEats 2.0, rolling out over 2 lakh curated, no-mess dishes across 30 cities for busy professionals glued to their screens.

From Stress Munchies to Teamwork Bites, the menu has a snack for every mood your boss puts you in. Starbucks has also joined the lunch parade with a special Power Lunch, so good food at work no longer needs to wait for Friday.

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“Apun World Famous Hai”: Dream11 expands to 11 countries globally

Dream11 is taking its fantasy game global, expanding to 11 countries as India’s real-money gaming ban pushed it to find new winning innings abroad.

From New Zealand to the US, the platform is now looking to score big on international turf. Back home, the Tencent and Tiger Global-backed giant is even eyeing stock broking, proving that diversification is the real fantasy league strategy.

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1. Optimo Capital has secured INR 150 Cr from cofounder Prashant Pitti, alongside Blume Ventures and Omnivore, to supercharge its growth. The Bengaluru startup plans to boost its tech and AI stack while extending virtual loans against property deeper into India’s tier III cities.

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2. Smallest.ai has bagged $8M in seed funding led by Sierra Ventures, with 3one4 Capital and Better Capital chiming in. The voice AI startup plans to amplify global expansion and deliver more human-grade conversations across key enterprise sectors.
   Read more here