Lenskart’s IPO Celebration Turns Sentimental as Early Investor Gifts Framed First Term Sheet to CEO Peyush Bansal

In a moment that blended nostalgia with entrepreneurial triumph, Lenskart’s co-founder and CEO Peyush Bansal was presented with a framed copy of the company’s first-ever term sheet by early investor TCM Sundaram, co-founder of Chiratae Ventures. The gesture came during the eyewear unicorn’s stock market debut, marking a full-circle moment for a startup that began its journey in 2011 with a modest $4 million investment and has now grown into a billion-dollar enterprise.

The Genesis of Lenskart’s Journey

Back in 2011, Lenskart—then operating under the name Valyoo Technologies—secured its first institutional funding from Chiratae Ventures (formerly IDG Ventures India). The $4 million investment gave Chiratae a 40% stake in the fledgling startup, which was focused on disrupting India’s eyewear market through an online-first model. The term sheet, a non-binding agreement outlining the key terms of the investment, became a symbolic artifact of trust, vision, and risk-taking.

Fast forward to 2025, Lenskart’s IPO debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) was met with mixed market reactions, but the emotional highlight was undoubtedly the presentation of the framed term sheet to Bansal.

Timeline of Key Milestones in Lenskart’s Growth

IPO Performance and Market Sentiment

Lenskart’s shares debuted at ₹390 on the BSE, slightly below the issue price of ₹402, reflecting a cautious investor sentiment amid high valuations. Despite the muted listing, analysts remain optimistic about the company’s long-term prospects, citing its strong brand equity, omnichannel presence, and expanding international footprint.

Comparative Analysis of Lenskart’s Funding Rounds

Emotional Significance of the Term Sheet Gift

TCM Sundaram’s decision to gift the original term sheet was more than a ceremonial gesture—it was a tribute to the entrepreneurial spirit and the enduring relationship between founders and early believers. The document, now framed and displayed at Lenskart’s headquarters, serves as a reminder of the company’s humble beginnings and the importance of early-stage risk capital.

Speaking at the event, Sundaram said, “This term sheet is not just paper—it’s a symbol of belief, of backing a founder’s vision when all you have is a dream and a pitch deck.”

Lenskart’s Strategic Evolution

From an online-only eyewear platform, Lenskart has evolved into a full-stack optical brand with manufacturing, retail, and tech-driven customer experience. Its proprietary 3D try-on technology, AI-powered lens recommendations, and vertically integrated supply chain have set it apart in a fragmented market.

The company now operates over 2,000 stores across India and has expanded into markets like Singapore, UAE, and Saudi Arabia. Its acquisition of Japanese eyewear brand Owndays further cemented its global ambitions.

Key Business Metrics

Investor Sentiment and Future Outlook

While the IPO listing was subdued, long-term investors view Lenskart as a resilient consumer brand with strong fundamentals. The company’s focus on tech innovation, customer retention, and global expansion positions it well for sustained growth.

Analysts recommend monitoring profitability over the next 2–3 quarters before making fresh investments, especially as the company navigates post-IPO scrutiny and competitive pressures.

Conclusion

The gifting of Lenskart’s first term sheet during its IPO celebration was a poignant reminder of the journey from startup to stock market. It highlighted the role of early investors in shaping entrepreneurial success and underscored the emotional milestones that often go unnoticed in the world of finance. As Lenskart enters its next chapter, the framed term sheet stands as a testament to vision, belief, and the power of long-term partnerships.

Disclaimer: This article is based on publicly available information and investor statements. The publisher does not endorse any investment decisions and advises readers to consult financial advisors before making market moves.