Just days before its much-awaited IPO, Lenskart Solutions Limited has secured a significant pre-IPO investment from SBI Mutual Fund, signaling strong institutional confidence in the eyewear giant’s growth story. According to regulatory filings reviewed by Moneycontrol, SBI Mutual Fund has invested ₹100 crore in the company, valuing Lenskart at around $7.7 billion.
This development marks one of the largest pre-IPO entries by a domestic fund house in recent times and comes on the heels of another high-profile investor joining Lenskart’s cap table — Radhakishan Damani, the billionaire founder of Avenue Supermarts (DMart), who recently picked up shares worth ₹90 crore in a separate pre-IPO transaction.
Together, these strategic buys paint a picture of growing investor appetite for Lenskart’s public debut — one that’s expected to be among India’s most watched IPOs this year.
Credits: The Economic Times
Who’s Buying and at What Price?
The ₹100 crore investment from SBI MF was executed through its two Alternative Investment Funds (AIFs) — SBI Optimal Equity Fund and SBI Emergent Fund. Together, they acquired 24.87 lakh shares from Neha Bansal, one of Lenskart’s co-founders and promoters, at a price of ₹402 per share, according to the filings.
The transaction doesn’t just provide a liquidity event for early stakeholders; it also helps establish a strong pricing benchmark ahead of the public issue. By entering at this stage, SBI MF has positioned itself strategically to benefit from Lenskart’s next phase of expansion and value creation as it transitions into a listed entity.
Inside Lenskart’s IPO Plan
Lenskart’s IPO journey is officially kicking off with its anchor book opening on October 29, followed by the public issue between October 30 and November 4. The company plans to raise a total of ₹2,150 crore, comprising a fresh issue and an offer for sale (OFS) of up to 12.76 crore shares by existing shareholders.
The OFS participants include an impressive list — founder and CEO Peyush Bansal, SoftBank’s SVF II Lightbulb (Cayman), Kedaara Capital, ChrysCapital’s PI Opportunities Fund II, KKR’s MacRitchie Investments, and Alpha Wave Ventures.
This mix of old and new money reflects both Lenskart’s matured investor base and its appeal to new institutions eager to ride the consumer internet wave in India.
How the Fresh Funds Will Be Used
According to the company’s revised Red Herring Prospectus (RHP), proceeds from the fresh issue will go toward:
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Expanding store footprint across Tier 1 and Tier 2 cities
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Lease and rental payments to strengthen retail presence
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Technology and digital infrastructure upgrades
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Brand marketing initiatives to deepen consumer engagement
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Strategic acquisitions that could enhance product or geographic reach
Lenskart intends to deploy these funds over the next three years — a timeline that aligns with its ambitious goal of dominating both the Indian eyewear market and select global territories.
The Financial Lens: Strong Growth and Profitability
The company’s financial turnaround has added serious momentum to its IPO buzz. In FY25, Lenskart reported a net profit of ₹297 crore, swinging from a ₹10 crore loss in the previous fiscal year. Revenues rose 23% year-on-year to ₹6,652 crore, showcasing robust demand recovery and operational efficiency.
For the June 2025 quarter (Q1 FY26), the growth streak continued — with revenues of ₹1,894.5 crore and net profit of ₹61.2 crore. Its EBITDA also surged to ₹336.6 crore, up from ₹183.4 crore a year earlier, supported by disciplined cost control and higher sales both in India and overseas.
Credits: Telugu Goodreturns
What the Valuation Says
Backed by global heavyweights like SoftBank, Temasek, KKR, and Alpha Wave Ventures, Lenskart was last valued at $6.1 billion in Fidelity’s April 2025 portfolio. The latest SBI MF transaction — implying a $7.7 billion valuation — highlights a sharp pre-listing premium and signals investor conviction in its future growth trajectory.
Upon listing, Lenskart is poised to become one of India’s most valuable consumer internet companies and the largest listed eyewear brand in the country — a clear reflection of how a digitally savvy D2C brand can transform into a market leader with both domestic and global ambitions.
As the IPO nears, all eyes are on Peyush Bansal’s next big move — and whether India’s eyewear unicorn can set new benchmarks for profitability and scale in the consumer tech space.
