By Raghava Rao
November 16th, 2025
“We are a consumer company first. Technology and AI are just tools to create delighted customers.” — Peyush Bansal, CEO, Lenskart.com
India’s latest IPO phenomenon, @Lenskart, has captured the imagination of both retail investors and institutional players — not just for its ₹70,000 crore valuation, but for what it signals about the future of healthcare retail and technology-led differentiation.
As the IPO closed with an oversubscription of over 28x, Lenskart’s journey from an online eyewear startup to a vertically integrated, omnichannel global leader holds lessons far beyond optics — especially for the broader healthcare ecosystem.
1. Vision Engineered: How Lenskart Built Scale and Value
Lenskart is not just a retailer — it’s a fully integrated value chain, owning design, manufacturing, distribution, and the customer interface. This vertical integration enables cost control, speed, and quality assuranceunmatched in traditional retail.
This “manufacturer-to-consumer” model eliminates intermediaries, enabling Lenskart to offer fashionable, prescription eyewear at affordable prices with consistent quality.
By integrating AI-based design recommendations, virtual try-ons, and predictive inventory systems, Lenskart transformed eyewear from a functional product into an accessible fashion statement — a lesson for every health product brand aiming to build emotional resonance.
2. A Personal Lens: My Lenskart Experience
Over the past two months, I visited four to five Lenskart stores — at TTK Road, Besant Nagar, Phoenix Market City, and Nungambakkam — and spent considerable time exploring their website and app. My experience was, quite simply, delightful.
What stood out first was the high degree of standardization. Every store, despite its location and footfall, operated with remarkably consistent service quality. The staff were not just polite but highly trained, demonstrating process discipline that many hospital chains would envy.
I had my eyes tested at a tertiary-level eye hospital before visiting Lenskart. Yet, when I arrived at their store, the staff politely insisted that I undergo their own eye test — “It’s our process, sir,” they said confidently. I agreed, and to my surprise, found the eye-testing experience smoother, more efficient, and more comfortable than at the large hospital. Fortunately, both prescriptions matched perfectly — a reassuring validation of their system.
What impressed me further was the value equation. Indians are undeniably price-sensitive, and Lenskart has mastered the art of premium affordability. I compared the lenses I wanted with Titan Eye+, GKB Opticals, and Lawrence & Mayo. The result? A saving of over 50% on equivalent German progressive lenses — without compromising quality or finish.
There was no paper prescription, no printed bill — everything was digitally delivered via WhatsApp, including delivery updates. The seamless digital integration reflected a company where technology silently amplifies convenience.
After my research, I chose Lenskart for my new lenses (though I purchased the frame elsewhere as I was particular about the brand). The experience left me genuinely happy — not merely as a customer, but as someone who has spent two decades advising hospitals and healthcare firms. It was heartening to see an Indian brand marrying tech, retail precision, and customer delight so effortlessly.
If this is what the future of healthcare retail looks like, it is indeed bright — and clearly visible.
3. Tech as a Lens, Not the Vision
While Lenskart.com tech stack is formidable — in-house AI for manufacturing, smart supply-chain orchestration, and virtual optometry — its success stems from putting the consumer first.
Bansal’s philosophy reframes healthcare technology’s purpose: tech is not the product, experience is.
Lenskart’s 532-member tech team built proprietary systems for store productivity, online personalization, and AI-based frame recommendations (Source: DRHP, Technology and R&D Section).
This consumer-first approach underlines a broader truth for healthcare: digital transformation must start with patient experience, not system automation.
4. The Retail Healthcare Opportunity: Beyond Pharmacies
The Lenskart IPO redefines how healthcare retail is valued. Consider the comparison below:
While Lenskart’s revenue trails Apollo Pharmacy, its valuation per store and per customer far outpaces peers — driven by brand equity, customer experience, and supply chain efficiency. In contrast, pharmacy chains continue to be valued as high-volume, low-margin throughput models.
The divergence underscores an opportunity: integrated, tech-enabled, experience-driven retail can unlock new value in healthcare categories such as diagnostics, homecare, and wellness.
5. Hospitals vs. Health Retail: The Valuation Paradox
At nearly ₹70,000 crore, Lenskart’s valuation now rivals that of established healthcare giants like Fortis or Max Healthcare — even though hospitals deliver far higher revenues and tangible assets.
This valuation delta reflects a clear investor signal — toward asset-light, brand-led, tech-integrated consumer experiences.
While hospitals depend on capital expenditure and capacity expansion, Lenskart has built a scalable, recurring, and high-margin ecosystem centered around loyalty, design, and personalization.
6. Implications for Healthcare and Investors
7. The Takeaway: Designing Delight, Not Just Delivering Care
Lenskart’s story is ultimately one of clarity — in both vision and execution. It democratized a health product category, scaled it globally, and created a profitable, high-velocity consumer business from a medical need.
For India’s healthcare industry — often caught between regulation, fragmentation, and capital intensity — Lenskart is a reminder that differentiation and design thinking can be as valuable as doctors and devices.
As Peyush Bansal aptly said, “We are a consumer company first.” That mindset may just define the next wave of healthcare transformation.
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