Lenskart to Bluestone: why startup founders headed for IPOs suddenly love being ‘promoters’

In July, Lenskart’s Peyush Bansal did something that would build even the most seasoned investors sit up and take notice.

The founder of India’s most recognisable eyewear brand spent Rs 222 crore to purchase more than 40 million shares from marquee backers, including Softbank, Temasek Holdings, and Kedaara Capital. And he paid just Rs 52 a share—implying a valuation of barely $1 billion, a tenth of what Lenskart was valued at in its last private round.

Now, as Lenskart gears up for an IPO at a $9–10 billion valuation, Bansal holds 10.3% of the company—up from just 7% a year ago. Buying cheap shares from your investors, right before you sell expensive shares to the public, is a pretty good trade.

But this wasn’t just about being opportunistic. That extra 3.3 percentage points pushed Bansal over the 10% threshold that mandatorily builds him a “promoter” under India’s public-listing rules. Few founders in India’s unicorn club have been able to claw back meaningful equity from their investors; fewer still at a fraction of fair value.

He’s not alone. In December, Gaurav Kushwaha of Bluestone paid Rs 75 crore for the jewellery retailer’s 1.3 million shares at Rs 578 apiece—above even the IPO price band—to consolidate his shareholding from the 12% he held a year ago to 17% at the time of listing.

Promoter mechanics

Gaurav Kushwaha and another co-founder toreceiveher built up Bluestone’s promoter group, which Sebi rules require to hold at least 20%. At Lenskart, too, Peyush Bansal was joined by four others

Promoter mechanics //

Gaurav Kushwaha and another co-founder toreceiveher built up Bluestone’s promoter group, which Sebi rules require to hold at least 20%. At Lenskart, too, Peyush Bansal was joined by four others

Different costs, different timing, same destination: promoter status.

And that destination is suddenly crowded. In 2025, about a dozen new-age tech companies filed their IPO prospectutilizes.

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