Lenskart’s IPO, BluSmart’s Sorrows, and Honasa’s Flirtations

Lenskart is going public. And like every high-profile tech IPO, the questions are already being asked: who’s making money, how much, and will it be a successful listing; or simply a liquidity event dressed up in retail optimism?

The DRHP tells us two things. First, the company is raising ₹2,150 crore as fresh capital to fund growth - manufacturing, supply chain, and expansion. Second, and more interestingly, there’s a massive Offer for Sale (OFS) of 13.23 crore shares. Depending on the IPO pricing, this OFS alone is estimated to raise between ₹8,032 crore (at ₹750/share) and ₹9,095 crore (at ₹850/share). It could be one of the largest tech investor cash-outs we’ve seen in India.

SoftBank is leading the OFS with 2.55 crore shares. At the estimated top-end price, that alone nets them over ₹2,167 crore - and they still will retain about 7% stake in the company. Next in line is Schroders Capital (₹1,425-1,615 crore), PremjiInvest (₹652-739 crore), Temasek, Kedaara Capital, and Alpha Wave. Most of these investors entered between 2014 and 2021. At ₹850/share, early investors are sitting on returns of 8x to 35x. PremjiInvest, for instance, entered at ₹24/share - and is now exiting at over 35x multiple. Temasek, with a cost base of ₹98, will walk away with nearly ₹800 crore. Kedaara, which entered only two years ago, is looking at doubling its money. Alpha Wave, which had a large holding via its Mauritius-based vehicle, may cash out about ₹1,100 crore while retaining some upside.

Founders aren’t sitting idle either. Peyush Bansal alone is selling ₹1,742 crore worth of shares at the upper band. But the real kicker? Just before the DRHP filing, he bought back 4.6 crore shares at only ₹52 per share. He may sell some of his shares for ₹750-₹850, making a huge profit, and still owning about 8% of the company. His wife Neha Bansal, co-founders Amit Chaudhary and Sumeet Kapahi, and some senior executives will also monetize their holdings. Collectively, the founding team could walk away with nearly ₹2,700 crore from this IPO.

But this isn’t about founder exit story. They’ll sell a chunk of shares - but still retain significant skin in the game. More importantly, the company is not raising this money to patch financial holes or pay off debt. It’s using the ₹2,150 crore fresh issue to build long-term assets: setting up new manufacturing units, expanding its supply chain, and funding international growth. That’s a positive sign for institutional buyers and public market analysts.

So, will this be a successful IPO? Possibly yes, for multiple reasons.

One, early investors will exit with healthy multiples, and there’s enough retained interest to signal long-term belief. Two, founders are not fully cashing out - they’re taking liquidity, but holding on. That’s good optics. Three, the primary proceeds are going into growth, not bailouts.

In short, this may be a well-choreographed exit where most players, from SoftBank to public market retail buyers, are aligned.

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.

“Golmal Hai Bhai Sab Golmal Hai”: NCLT Ahmedabad initiates insolvency proceedings against BluSmart

BluSmart, the EV ride-hailing startup that once promised a green revolution on wheels, is now in troubled waters.

The Ahmedabad NCLT has greenlit insolvency proceedings against the company, following a bankruptcy petition. Ironically, it was founded by the Jaggi brothers, also behind solar firm Gensol Engineering, making this a bumpy detour from clean energy dreams.

Read more here

“Idhar Udhar Thoda Haath Maar Lete Hai”: Honasa Looks To Tap Beauty Tech To Boost Sales

Honasa, the parent of Mamaearth, is now flirting with beauty tech to glam up its sales chart. Think laser masks, LED therapy, and high-tech face massagers, skincare’s going sci-fi.

Meanwhile, The Derma Co and Dr Sheth’s are getting a digital glow-up with fresh face washes and sunscreens in tow.

Read more here

“Achha Chalta Hoon, Duaon Mein Yaad Rakhna”: Eduvanz Cofounder Raheel Shah Quits

Raheel Shah, cofounder and chief business officer of Eduvanz, has stepped down amid a wave of senior-level exits at the student loan NBFC.

His departure comes just as the company expands into overseas education loans and K-12 EMI options.

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1. Sharpsell.ai has secured ₹30 Cr in Series A funding to sharpen its sales playbook automation tools. The SaaS startup now eyes deeper verticals and global expansion into Southeast Asia and MENA.
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2. Zepto has raised ₹7.5 Cr from Elcid Investments, ahead of its much-anticipated $500 Mn mega round. The deal gives Elcid a tiny 0.039% slice, but signals growing investor appetite in quick commerce.
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3. Sachin Bansal’s Navi has raised ₹170 Cr in debt funding from institutional players, with PhillipCapital leading the round. After past regulatory hurdles, Navi’s rebound signals strong confidence in its fintech playbook.
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