0:00 Intro
0:44 Lenskart IPO – The Next Paytm?
4:20 Bira91 Loses Control of The Beer Café
6:56 Quick Update: Boat IPO
7:21 Quick Update: Curefoods & Milky Mist IPOs
7:30 Quick Update: Ola Electric’s 4680 Bharat Cell
8:08 Quick Update: Zetwerk’s $100M Lawsuit
8:41 Weekly Funding News
This week on Backstage with Millionaires, we’re breaking down Lenskart’s long-awaited IPO — and why its ₹70,000 crore valuation and P/E ratio of 235 have everyone comparing it to Paytm’s disastrous public debut. Is this India’s next consumer success story, or another overhyped tech IPO? We dive deep into Lenskart’s financials, insider share purchases, and the debate around its real value.
We also talk about how Bira91 lost control of The Beer Café to its own investors after a severe cash crunch — a story that shows how quickly founders can lose control when debt piles up and licenses go wrong.
Then, in our Quick Updates, we cover:
Boat cutting its IPO size to ₹1,500 crore.
Curefoods and Milky Mist receiving SEBI approval for their upcoming public issues.
Ola Electric getting ARAI certification for its in-house 4680 Bharat Cell and opening up its service network to independent garages.
Zetwerk filing a $100 million lawsuit against ex-executives and their new company Ayr Energy for alleged data theft.
Finally, in our Weekly Funding News, we highlight the $100 million raised by Indian startups this week — including Snabbit, Optimo Capital, Tsuyo Manufacturing, Openhouse, and Beyond Renewables.
Disclaimer: Zero1 by Zerodha supports creators and storytellers through its network. The views expressed in this video are solely those of the creator and are not endorsed by Zero1.
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🎧 Podcast: https://open.spotify.com/show/5rGPalovc6AKsfbOy
Even I don't understand NYKAA valution
03:08 – Din’t the same thing happen with paytm too before its IPO, VSS bought the shares for around 10rs/share i think as opposed to the projected open market share value of 2200rs/share
Absolute fraud happening in broad day light.
What comparison you have given about Nvidia and Lenkart. Hope you know what you are taking about.
Fraud guy
Lenskart Garda Garda Macha Dega 😅😅
Value is only for 100 to 120 rs. I don't buy now. If it comes to rs.120 then I will think
Transport ministry of GOA has suspended the license of ola and it cannot sell any scooter in the state of GOA
I worked at Lenskart for nearly 2 years at a position somewhat similar to yours, and it was easily the single worst experience of my 8-year career, and that includes a few smaller, chaotic startups.
Nothing comes close to how mentally and emotionally draining this place was.
The company is infested with managers. Literally. Every employee has their own personal micromanager, most of whom are outdated, insecure, and completely useless. You’ll spend 80% of your time writing endless documentation or justifying the smallest decisions to some washed-up know-it-all who hasn’t learned anything new since their college days. The only skill they’ve mastered is dragging others down to preserve their own mediocrity.
Talent isn’t valued here, obedience is. If you’re good at playing safe, working plenty of overtime for free, and keeping managers’ egos intact, you’ll move up quickly. But if you question things, show initiative, or try to bring real change, you’ll be sidelined fast.
At the top, Peyush Bansal tries to project the image of a visionary founder, but the reality is far from it. Most meetings revolve around simplifying obvious concepts for him while he tries to appear like the smartest person in the room. It’s exhausting to watch.
In the past year, the company has been cutting senior and mid-level employees to make its financials look cleaner before the IPO, replacing them with interns and freshers earning ₹10k–15k. It’s left the place in complete chaos, inexperienced people trying to handle serious responsibilities with no guidance.
Behind the PR and Shark Tank fame, Lenskart is basically a knockoff factory wrapped in glossy branding. A lot of the “original” eyewear is inspired (or straight copied) from Chinese catalogs and international brands. The hype around innovation and culture is pure marketing.
The only reason people have a positive image of Peyush is because he pays through his nose for a good PR team and an even bigger budget to cover it all up when he screws over people like you and several others.
It’s not worth the burnout, the politics, or the gaslighting.
Thanks for uploading this vid.
"Does Lenskart Deserve a ₹70,000 Crore Valuation at IPO? – Indian Startups News 285"
Lenskart IPO Controversy:
Lenskart is planning a public issue with a massive ₹70,000 crore valuation and a P/E ratio of 235, higher than even global technology powerhouses like Nvidia. The controversy arises from the disconnect between its valuation and traditional financial metrics, sparking comparisons with Paytm’s IPO, which infamously crashed post-listing due to overvaluation.
Insider Cashouts and Valuation Skepticism:
Of the ₹7,200 crore being raised, only ₹2,100 crore will go to Lenskart; the rest is “offer for sale” by early investors exiting their holdings. This setup means much of the IPO proceeds won’t fund future company growth, but instead, provide an exit for existing stakeholders. There's concern about insiders buying shares recently at much lower prices (₹52 per share) than the anticipated IPO price (₹510), raising red flags for retail investors.
Business Strengths:
Lenskart is India’s largest vertically integrated eyewear brand, with 2,500+ stores across India and an international presence. Its control over the full supply chain differentiates it from many D2C peers and provides margin advantages. Revenue rose to ₹6,652 crore (FY25), with a net profit of ₹297 crore after a previous year’s loss. However, some of this profit was due to “other income” (a one-time fee), implying a lower core business profitability.
Growth Story and Bull Case:
The company foresees vast untapped potential: India has about 500 million people who need corrective eyewear, but only a fraction use them. Lenskart’s tech-driven selling model (AI fittings, AR try-ons) and global expansion provide further growth runway.
Risks and Criticisms:
The high IPO valuation, substantial insider selling, and accounting adjustments (non-operational profit) fuel skepticism. Critics warn that these factors resemble previous overhyped IPOs, hinting at the possibility of significant corrections post-listing, especially for retail investors.
Other News in the Episode:
Bira91 lost control of The Beer Café to investors due to debt-related issues.
Quick updates: Boat trims IPO size; Curefoods and Milky Mist get IPO approvals; Ola Electric receives EV battery certification and opens up service networks; Zetwerk files a $100M lawsuit for data theft.
Indian startups raised $100 million this week, spotlighting companies like Snabbit (home services), Optimo Capital (fintech), Tsuyo Manufacturing (EV motors), Openhouse (property tech), and Beyond Renewables (solar recycling).
Key Takeaway:
Lenskart’s IPO could be a turning point—either an example of India’s thriving entrepreneurial sector or a warning about overvaluation excesses in Indian tech. Retail investors are urged to be cautious, analyze the high insider exits and actual core profitability, and be aware of the risks tied to sky-high pre-listing valuations.
Listing gain 😂😂😂