Eyewear retailer Lenskart is facing mounting scrutiny over its proposed IPO valuation after another social media influencer Nalini Unagar raised sharp questions about the company’s recent financial manoeuvres.
In a widely circulated post on X (formerly Twitter), Unagar alleged that Lenskart’s valuation has skyrocketed from ₹8,700 crore in July to nearly ₹70,000 crore in October, a leap that she described as “magical” and “impossible without internal help.”
Nalini Unagar’s Tweet on Lenskart IPO
According to her post, company founder Peyush Bansal reportedly bought back 4.26 crore shares from early investors in July for ₹222 crore, valuing the company at around ₹8,700 crore at that time.
Barely three months later, Unagar claimed, Lenskart is gearing up for an IPO at a massive ₹70,000-crore valuation, an eightfold jump in just one quarter. The influencer further alleged that such a sudden escalation could not have occurred without someone within the Securities and Exchange Board of India (SEBI) being involved, although she provided no supporting evidence for that claim.
The post has set off a wave of discussion among investors and market observers, who are now questioning whether Lenskart’s sudden jump in valuation truly reflects its underlying business performance. Its rapid spread online highlights a broader sense of scepticism toward flashy startup IPOs, especially after several high-profile listings in recent years that soared on debut but later saw sharp declines in market value.
Moreover, differences between a secondary transaction and an IPO valuation can be substantial. The former is often influenced by liquidity needs of exiting investors, while the latter is based on growth forecasts, market comparables, and investor sentiment during roadshows. Hence, valuation jumps within a short window, while unusual are not unheard of in the startup ecosystem.
Still, the accusation has hit a nerve in an environment where retail investors have become increasingly wary of inflated valuations and opaque pre-IPO deals. Analysts say that once Lenskart files its Draft Red Herring Prospectus (DRHP), it will be clearer whether the July transaction was company-led or personal, and what valuation metrics the IPO is based on.
Basant Maheshwari’s witty dig is also being discussed on X.
Despite its robust growth trajectory, the new valuation claims have introduced a wave of scepticism that could potentially pressure the company to offer greater transparency before its public debut.
Until official filings are made public, the controversy remains an unverified social media dispute rather than a proven regulatory breach. However, as the conversation gains momentum online, both Lenskart and SEBI may be compelled to clarify the timeline and nature of recent share transactions to maintain investor confidence.
Also Read: Jayant (Shilanjan) Mundhra’s Open Letter Slams Lenskart’s $7bn IPO Ask
