Lenskart Raises INR 90 Cr from Radhakishan Damani; Eyes November Listing

IPO-bound Lenskart has raised INR 90 Cr from DMart founder Radhakishan Damani as a part of its pre-IPO placement, sources told Inc42. The investment comes about a week after it was reported that the company was close to raising INR 250-300 Cr in its pre-IPO round from Damani and SBI Mutual Fund. The status of the investment from SBI is yet to be discerned. The development was first reported by PTI.

The development comes days after the SEBI greenlit the eyewear giant’s IPO, which is likely to comprise a fresh issue of shares worth INR 2,150 Cr and an offer for sale component of up to 13.2 Cr shares.

Sources told Inc42 that the company is eyeing to file its red herring prospectus (RHP) in the coming days, aiming to close its IPO within the first week of November. The company is also looking to cut its IPO valuation to $8 Bn from the erstwhile target of $9 Bn.

Post the IPO, the company would be looking to expand its physical retail presence by adding to its retail stores count. As per its DRHP, Lenskart intends to utilise the fresh capital to build and equip new company owned, company operated (CoCo) stores.

As of now, the company operates 2,723 stores globally, with 2,067 in India and 656 in international markets like Southeast Asia, the Middle East, and Japan. The company intends to add 620 more stores by FY29.

Besides, it also plans on investing in cloud infrastructure, brand marketing, and potential acquisitions. Important to mention that the company recently announced a strategic investment in Mumbai-based deeptech startup AjnaLens to develop AI-powered smart glasses. Additionally, it is also working on bringing UPI-compatible glasses.

Meanwhile, the company’s promoters and cofounders Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi, and institutional investors such as SoftBank, Temasek, Kedaara Capital, Alpha Wave Ventures, among others, will be offloading shares via the IPO.

On the financial front, Lenskart achieved profitability in the financial year ended March 2025 (FY25). It posted a net profit of INR 297.3 Cr as against a net loss of INR 10.1 Cr in FY24. Operating revenue jumped 22.5% to INR 6,652.5 Cr during the year from INR 5,427.7 Cr in FY24.

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