SoftBank’s Sumer Juneja Exits Lenskart Board; IndWealth’s Ashish Kashyap and PaySense’s Prashanth Karanjkar Join Ahead of Mega IPO Plans

In a strategic reshuffle that underscores its readiness for a much-anticipated IPO, India’s leading omnichannel eyewear brand Lenskart has announced significant changes to its board of directors. SoftBank India head Sumer Juneja has stepped down from the board, making way for two seasoned entrepreneurs — Ashish Kashyap, founder of IndWealth, and Prashanth Karanjkar, co-founder of PaySense — to join the board ahead of the company’s initial public offering.

The move signals a pivot towards strengthening the board with independent minds who bring a blend of consumer-tech, fintech, and global operational expertise. As Lenskart gears up to file its draft red herring prospectus (DRHP) in the coming months, these leadership changes aim to instill investor confidence and bolster governance standards.

Board Restructuring Signals IPO Readiness

The exit of Sumer Juneja, who has been instrumental in supporting Lenskart’s growth through SoftBank Vision Fund, reflects a typical pre-IPO governance refresh where key investor board seats are often vacated in favor of seasoned professionals. SoftBank will continue to remain a key stakeholder in the company.

New Board Members:

• Ashish Kashyap: Founder of IndMoney (formerly IndWealth), and co-founder of Ibibo Group.
• Prashanth Karanjkar: Co-founder of PaySense, known for his deep understanding of digital lending and consumer behavior.

Both new members are expected to play a critical advisory role as Lenskart navigates international expansion and prepares for life as a publicly listed entity.

Lenskart: Journey to a Tech-Driven Retail Giant

Founded in 2010 by Peyush Bansal, Lenskart has evolved into one of India’s most successful digitally native brands, blending offline experience with online convenience. With more than 2,500 retail outlets across India and overseas, the company is now eyeing deeper expansion into international markets including the Middle East and Southeast Asia.

Key Milestones

The Upcoming IPO: What We Know So Far

While Lenskart has not officially filed for an IPO, market insiders suggest that the company is likely to raise between $500 million to $600 million through its initial offering, with a valuation expected in the range of $4.5 to $5 billion. The offering may include a mix of fresh issuance and secondary sales from existing shareholders.

The board revamp is a strong signal that Lenskart is aligning with corporate governance norms expected by public investors, while also bolstering its strategic insights.

Why Ashish Kashyap and Prashanth Karanjkar?

Ashish Kashyap is best known for building travel and fintech platforms like Ibibo, Goibibo, and IndMoney. His experience with consumer platforms, monetization models, and regulatory compliance in fintech make him an asset on the board.

Prashanth Karanjkar, having led PaySense (which later merged with LazyPay), brings deep knowledge of consumer financing, risk, and analytics — all crucial in expanding Lenskart’s offerings into adjacent categories like vision insurance, lens subscription models, and potential BNPL integrations.

Their addition reflects Lenskart’s broader ambition to transcend eyewear and become a full-stack vision care and wellness platform.

Funding Timeline & Investor Ecosystem

Lenskart has been one of the most well-funded consumer brands in India. It has raised over $1.5 billion across multiple rounds from investors including SoftBank, Temasek, KKR, Alpha Wave, and more.

Major Funding Rounds

Expansion Plans and International Strategy

After acquiring Owndays in 2023 — a Japanese eyewear retail chain — Lenskart has become one of the largest omnichannel eyewear retailers in Asia. Its international strategy includes expansion across:

• UAE, Saudi Arabia, Qatar
• Singapore, Indonesia, Japan
• USA via online-only model

The combined operations of Lenskart and Owndays serve over 50 million customers annually.

Financial Performance and Growth

Lenskart’s revenue and profitability have shown steady growth. Analysts estimate Lenskart closed FY25 with revenue of around ₹2,200 crore, with a strong EBITDA margin compared to previous years due to international scaling and product margin optimization.

Competitive Landscape and Sector Dynamics

India’s eyewear industry is projected to grow at a CAGR of 10.5%, driven by increased screen time, urbanization, and health awareness. Lenskart faces competition from:

However, Lenskart holds a significant advantage due to its tech-driven operations, in-house lens manufacturing, and virtual try-on tools.

Future Vision: Beyond Eyewear

With Kashyap and Karanjkar onboard, industry observers expect Lenskart to explore adjacent categories such as:

• Vision wellness subscriptions
• Insurance partnerships for eye care
• AI-based vision testing and diagnostics
• Children’s eyewear & elderly care range

These new offerings could provide recurring revenue models and brand stickiness, aligning with long-term value creation.

Conclusion

The exit of SoftBank’s Sumer Juneja and the entry of fintech veterans Ashish Kashyap and Prashanth Karanjkar signal a new phase in Lenskart’s growth — one focused on IPO preparedness, enhanced governance, and innovation-led expansion. As the company prepares to go public, it is reshaping its board to reflect the expectations of global investors and sharpen its strategic edge in an increasingly competitive space.

With a multi-billion-dollar IPO in the pipeline, global aspirations taking shape, and a new-age board in place, Lenskart is no longer just India’s top eyewear brand — it is becoming a global tech-enabled vision care powerhouse.

Disclaimer:
This article is intended for informational purposes only and should not be construed as investment advice. The financial figures and statements are based on publicly available data and industry estimates. Readers are advised to conduct their own research or consult financial experts before making any investment decisions.