Billionaire investor and the founder of Avenue Supermarts (DMart) Radhakishan Damani has invested around Rs 90 crore in eyewear retailer Lenskart Solutions in a pre-IPO (initial public offering) funding round, according to sources aware of the development.
The investment comes ahead of Lenskart's much-awaited IPO which is expected to open for public subscription next week. The eyewear brand is looking to raise ₹2,150 crore through fresh issuance of equity shares; besides, promoters and investors would offload 13.22 crore equity shares, according to the Draft Red Herring Prospectus (DRHP).
As a part of the OFS, promoters Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi; and investors SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP would offload shares.
Lenskart proposes to utilise the proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new company-operated, company-owned (CoCo) stores in India; payments related to lease, rent, and license agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.
The company turned profitable in the financial year 2025, posting a net profit of Rs 297.3 crore as against a net loss of Rs 10.1 crore in the same period last year. Lenskart’s operating revenue jumped 22.5% to Rs 6,652.5 crore during the year from Rs 5,427.7 crore in FY24, as per its DRHP.
Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013. Over the years, it has evolved into one of the country’s most prominent consumer brands in the eyewear category. The company has a presence across metro, Tier-1, and Tier-2 cities, along with international operations in Southeast Asia and the Middle East.