On the eve of its public market debut, Lenskart — the eyewear retailer that has spent nearly two decades making vision care accessible across India and beyond — drew Rs 100 crore from SBI Mutual Fund, a gesture that speaks less to transaction mechanics and more to institutional faith in a brand's readiness to carry its story into the public arena. Founded in 2008 and now serving over 12 million customers, Lenskart stands at the threshold where private ambition meets public accountability, with seasoned investors choosing to enter before the doors open to the crowd.
SBI Mutual Fund invests Rs 100 crore in Lenskart ahead of Oct 31 IPO
Institutional confidence in a company preparing to list
Mark
Why would SBI Mutual Fund invest Rs 100 crore just two days before the IPO opens? Isn't that timing unusual?
Mimi
It signals confidence, but also opportunity. At that price point—Rs 402 per share—SBI is essentially saying the company is worth this valuation. If the IPO prices lower, they've locked in a better entry. If it prices at the top of the band, they're aligned with the market. Either way, they're betting the stock will appreciate after listing.
Mark
And Radhakishan Damani investing Rs 90 crore the week before—is this coordinated, or just coincidence?
Mimi
Probably not coordinated in the traditional sense, but it's a signal. When a billionaire investor known for picking winners puts that much capital in, other institutional investors take notice. It creates momentum heading into the public offering.
Mark
Neha Bansal sold shares as part of this. Is she exiting the company?
Mimi
Not entirely. Her stake dropped from 7.61% to 7.46%—a modest reduction. She's likely taking some chips off the table before the IPO lockup period begins, but she's still a significant shareholder. Promoters typically hold through the listing and beyond.
Mark
What does Lenskart actually need this capital for? They're already selling 27 million units a year.
Mimi
Scale and infrastructure. They want to open more physical stores, upgrade their technology backbone, expand internationally—they just bought into a Spanish eyewear brand. And they're competing in a space where brand marketing matters. The capital accelerates what would otherwise take years to build organically.
Mark
Is there risk here? What could go wrong?
Mimi
Market conditions, execution on store expansion, competition from other eyewear retailers. But the fact that seasoned investors like SBI and Damani are buying suggests they've done their homework on the fundamentals.
El Pulso
- With its IPO just 48 hours away, Lenskart secured a Rs 100 crore pre-IPO commitment from SBI Mutual Fund at the ceiling price of Rs 402 per share — a vote of confidence timed to matter most.
- Billionaire Radhakishan Damani had already moved the week prior, investing roughly Rs 90 crore in a parallel pre-IPO transaction, creating a visible pattern of high-conviction institutional accumulation.
- Early backers including Alpha Wave Ventures, Bay Capital, and Kedaara Capital are preparing to exit through the public offering, shifting the ownership story from venture-backed growth to broad market participation.
- Promoter Neha Bansal sold over 2.4 million shares in the SBI transaction — a separate mechanism from the IPO's Offer for Sale — trimming her stake slightly while enabling liquidity ahead of the listing.
- The IPO window runs October 31 through November 4, with listing expected November 10; proceeds are earmarked for store expansion, technology infrastructure, brand marketing, and international acquisitions including a European eyewear brand in Barcelona.
On the eve of its public market debut, Lenskart — the eyewear retailer that has spent nearly two decades making vision care accessible across India and beyond — drew Rs 100 crore from SBI Mutual Fund, a gesture that speaks less to transaction mechanics and more to institutional faith in a brand's readiness to carry its story into the public arena. Founded in 2008 and now serving over 12 million customers, Lenskart stands at the threshold where private ambition meets public accountability, with seasoned investors choosing to enter before the doors open to the crowd.
Two days before its stock market debut, Lenskart drew a Rs 100 crore pre-IPO investment from SBI Mutual Fund, executed through two of the fund house's alternative investment vehicles at Rs 402 per share — the top of the IPO price band. The timing and pricing together carried a clear message: institutional confidence in a company that has spent seventeen years building one of India's most recognizable consumer brands in eyewear.
Founded in 2008 by Peyush Bansal, Lenskart has evolved from an online platform into a sprawling omni-channel retailer. In FY2025, it sold 27.2 million eyewear units to 12.41 million customer accounts across India and international markets. Its portfolio spans premium sub-brands like John Jacobs and Owndays to affordable lines such as Vincent Chase and Hooper Kids, with 105 new in-house collections launched globally this year alone.
SBI was not alone in moving early. Billionaire investor Radhakishan Damani, founder of DMart, had invested approximately Rs 90 crore the previous week through a similar pre-IPO route. Meanwhile, early institutional backers — among them Alpha Wave Ventures, Bay Capital Holdings, and Kedaara Capital — were preparing to exit through the public offering itself. As part of the SBI transaction, promoter Neha Bansal sold over 2.4 million shares, reducing her fully diluted stake from 7.61% to 7.46% through a mechanism distinct from the IPO's Offer for Sale.
The IPO opens October 31 and closes November 4, with listing anticipated on November 10. Capital raised will be directed toward new company-owned stores in India, technology and cloud infrastructure, brand campaigns, and inorganic acquisitions. One such acquisition is already in motion: Lenskart has agreed to acquire the remaining 80% of Stellio Ventures, owner of the Meller eyewear brand, which operates online and through a retail outlet in Barcelona — marking the company's entry into the European market at a deal value of Rs 4,063.93 million.
From its first physical store in New Delhi in 2013 to a multi-brand, multi-continent retailer on the cusp of a public listing, Lenskart's arc reflects a deliberate effort to democratize access to eyewear. Institutional investors, it seems, are now betting that the next chapter is best written in public.
Two days before Lenskart's stock market debut, SBI Mutual Fund committed Rs 100 crore to the eyewear retailer through a pre-IPO transaction, signaling institutional confidence in a company preparing to list on October 31. The investment, executed through two of SBI's alternative investment funds, came at Rs 402 per share—the upper end of the IPO price band the company had set.
Lenskart, founded in 2008 by Peyush Bansal, has grown into one of India's dominant eyewear retailers, operating across online and physical channels. In the fiscal year ending 2025, the company sold 27.2 million eyewear units to 12.41 million customer accounts, spreading its reach across India and international markets. The company operates through multiple sub-brands: John Jacobs and Owndays cater to premium buyers, while Lenskart Air, Vincent Chase, Hustlr, and Hooper Kids serve the affordable and mid-range segments. This year alone, the company launched 105 new in-house designed collections globally, many in collaboration with other brands and celebrities.
SBI's move was not the only major pre-IPO investment. Billionaire investor Radhakishan Damani, founder of Avenue Supermarts (DMart), had invested approximately Rs 90 crore in Lenskart the previous week through a similar pre-IPO transaction. These investments arrived as existing backers—including Alpha Wave Ventures, Bay Capital Holdings, Chiratae Trust, IDG Ventures, and Kedaara Capital—prepared for their own exits through the public offering.
As part of the SBI transaction, Neha Bansal, one of Lenskart's promoters, sold 2,487,561 equity shares. Her stake in the company decreased from 7.61% to 7.46% on a fully diluted basis following the sale. Notably, this share sale operates separately from the IPO's Offer for Sale component, allowing early investors to liquidate holdings before the broader public subscription window.
The IPO itself opens on October 31 and runs through November 4, with listing expected on November 10. The company has priced the offering at Rs 382 to Rs 402 per share, with a face value of Rs 2 each. Lenskart plans to deploy the capital raised across multiple growth vectors: opening new company-owned, company-operated stores in India, strengthening its technology and cloud infrastructure, funding brand marketing campaigns, pursuing inorganic acquisitions, and covering general corporate expenses.
International expansion is already underway. Lenskart recently agreed to acquire the remaining 80% stake in Stellio Ventures S.L., which owns the Meller eyewear brand. Meller operates primarily through online channels and a retail outlet in Barcelona, Spain, extending Lenskart's geographic footprint into Europe. The acquisition is valued at Rs 4,063.93 million.
The company's trajectory from a 2010 online platform to a multi-brand, omni-channel retailer reflects a deliberate strategy to democratize eyewear access. The first physical store opened in New Delhi in 2013. Today, Lenskart operates as one of India's most recognizable consumer brands in eyewear, with institutional investors now betting on its ability to scale further as a public company.
Citas Notables
Lenskart plans to utilise net proceeds to open new company-owned stores, strengthen technology infrastructure, support brand marketing, pursue inorganic acquisitions, and cover general corporate purposes— Company IPO prospectus
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