Lenskart is reportedly planning to issue additional shares to its founder and CEO Peyush Bansal through a structured payout that could increase his stake by 1.5 to 2 percent. This move aligns with a growing trend among tech firms that reward founders before going public. The shares will likely be issued at fair market value as determined by bankers and auditors.
Currently, Lenskart CEO Peyush Bansal and his wife Neha Bansal, also a cofounder, together hold about 12 to 13 percent in the omnichannel eyewear brand. In June 2024, the Bansals, along with co founders Amit Choudhary and Sumeet Kapahi, invested around $20 million in the company.
Experts say founders often see their equity diluted due to heavy fundraising. To retain them and acknowledge their role in scaling the business, Lenskart’s typically offer stock-based compensation ahead of IPOs. “It’s quite common for founders to increase their stake ahead of an IPO… Boards often accommodate this through expanded Esop pools or other mechanisms,” said Anshuman Das, CEO of an executive staffing firm.
This method is seen in several new-age consumer tech firms. Swiggy granted stock options worth around $271 million to its leadership last year, including $200 million to founder Sriharsha Majety. In 2021, Zomato gave its CEO Deepinder Goyal 368 million stock options with a six-year exercise window, doubling his stake.
Similarly, companies like Freshworks, Delhivery and PB Fintech have rewarded their founders and top executives with significant stock awards before going public. Delhivery founders Sahil Barua and Kapil Bharati received shares worth Rs 25 crore each, while PB Fintech granted 10.2 million shares to founders Yashish Dahiya and Alok Bansal before its 2021 listing.
Lenskart, aiming for a $10 billion valuation in its planned $1 billion IPO, is expected to file its draft papers this year. In June 2024, Lenskart’s valuation stood at $5 billion, which was later marked up by a US-based investor to $6.1 billion. For FY24, Lenskart reported a reduced net loss of Rs 10 crore, improved operational efficiency, and a 43 percent jump in revenue to Rs 5,428 crore.
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