Daybreak Lenskart succeeded where Zomato, Ola stumbled
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Dec 10, 2025 Explore Lenskart's remarkable journey to becoming a public company, achieving significant profits while expanding globally, unlike its peers Zomato and Ola. Discover how founder Piyush Bansal leveraged discounted share buybacks to increase his stake and the strategic importance of retaining control before IPOs. Learn about the shift in SEBI regulations demanding identifiable promoters for accountability and the implications of this for investors. Lenskart's vertically integrated supply chain plays a crucial role in its success by ensuring consistency and competitive pricing.
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Bansal’s Quiet Share Buyback
- Piyush Bansal quietly bought over 40 million Lenskart shares at ₹52 each, about one-tenth of its last private valuation.
- That purchase raised his stake from 7% to 10.3% and positioned him as a promoter ahead of the IPO.
Why Investors Sell Cheap Before IPOs
- Investors who'd already booked returns were willing to sell secondary shares at discounts to smooth an IPO path.
- This created incentives for founders like Bansal to buy cheap shares and regain control before listing.
Bluestone Founder Bought Up Expensively
- Gaurav Kushwaha of Bluestone paid ₹578 per share and increased his stake from 12% to 17% to approach promoter status.
- Different founders paid different prices but pursued the same goal of crossing ownership thresholds.