Shankar Sharma sees organised campaign against Lenskart. Explains why it is a steal vs Paytm, Zomato, others

Veteran investor Shankar Sharma has weighed in on the debate surrounding Lenskart’s upcoming initial public offering, stating that the eyewear retailer’s valuation is under unfair scrutiny.In a post on X (formerly Twitter), he remarked: “I have never bought any specs (I don’t wear specs) ever, but one thing is crystal clear from my lens: there is an organised campaign against Lenskart. At ~10x sales, it’s a steal compared to P/sales valuations of Paytm, Nykaa, Zomato, PB, CarTrade, etc., who IPO’d at 25-50x their revenues (with plenty of losses too).”

Link: https://x.com/1shankarsharma/status/1983562051806245297Lenskart is targeting a valuation of around Rs 70,000 crore (approximately US$7.9 billion) for its IPO, based on a price band of Rs 382-402 per share. Sharma’s comment comes as the listing garners strong attention and debate over its pricing multiple.

In the post-IPO conversation, Sharma argued that comparing Lenskart to earlier tech-heavy listings that debuted at 25-50x sales is misleading, suggesting that the eyewear company’s multiple of around 10x sales offers a relatively conservative entry point.

Sharma also clarified that he holds no shares in Lenskart or any other “Kart” company, noting this disclosure to emphasise that his view is independent and without conflict of interest.Meanwhile, other voices have offered a more cautious perspective. A user on X pointed out that Lenskart’s total addressable market is significantly smaller compared to Zomato (food delivery), Nykaa (beauty and personal care), or Paytm (digital payments).He noted that those are mass-consumption, high-frequency markets, while eyewear is more low-frequency, niche, and replacement-driven.

As Lenskart heads towards its IPO, it continues to position itself as India’s leading eyewear retailer with a strong omnichannel strategy and expanding international presence. Whether Sharma’s defence of the valuation influences investor sentiment will become clear as the IPO unfolds.

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