New Delhi, Oct. 30 -- In a market hungry for home-grown consumer champions, Lenskart is pitching itself as a pioneer - a new-age brand redefining prescription eyewear through technology and global reach. But at a valuation nearing Rs.70,000 crore ($7.9 billion check), investors must decide whether they are buying into the next Make-in-India icon, or a success story that's already been priced in.

In July, founder and CEO Peyush Bansal bought 17 million Lenskart shares at Rs.52 apiece, raising his stake from 9.3% to 10.3%. The move signalled confidence, more "skin in the game" ahead of the company's initial public offering (IPO) on 31 October. But it also gave early investors a partial exit at a valuation of just Rs.8,741 crore.

Barely th...