Lenskart plans IPO to expand global reach, boost technological advancement: Piyush Bansal

Ahmedabad, (Gujarat) [India], October 28 (ANI): Lenskart Founder Peyush Bansal has confirmed that the eyewear company is preparing for its much-awaited Lenskart Solutions IPO, calling it a natural step in the company's journey to reach a billion people and expand its global presence.
Speaking to ANI, Bansal said the public offering will help Lenskart strengthen its foundation and broaden its shareholder base. "Lenskart is coming up with an IPO because we want to take our reach to a billion people. I think it is a natural progression of a company, to increase the size of impact that we are creating, it is important to get support from a larger shareholder base," he said.
He explained that the IPO will play a key role in attracting world-class talent as the company expands in both domestic and international markets. "It is important, good for hiring talent, global talent, just like Lenskart is in India, it is in foreign countries as well. Now AI is coming, so we need the best of talent to come in," Bansal said.
Bansal outlined three major areas where the funds from the public issue would be directed: store expansion, technology advancement, and brand building across global markets. "The current objects of offer are largely for penetrating. We have 2,600 stores, we want to open more stores," he said, noting that Lenskart aims to deepen its reach across cities and towns.
He added that technology would continue to be a central focus for the company. "In technology, we have invested heavily, whether it is supply chain, technology etc., especially with smart glasses coming up, we will continuously invest in it," Bansal stated.
The company, which has become a household name in India's eyewear market, now seeks to build its global identity. "For our company, which is a well-known brand in India, we want to make it well known in the world as well, so we will invest in it," he said.
Bansal also mentioned that Lenskart is increasing its manufacturing capacity to meet future demand. "With regard to our current manufacturing capacity, we are now at 50-55 per cent capacity utilization but we are now setting up another factory which will increase the capacity, but it will take some time to be built," he said. (ANI)