SBI's alternative investment funds invest ₹100 cr in Lenskart ahead of IPO

SBI Optimal Equity and Emergent AIFs buy shares from promoter Neha Bansal at ₹402 apiece, joining Radhakishan Damani among investors betting on eyewear retailer's upcoming listing

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SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF) invested ₹100 crore in eyewear retailer Lenskart Solutions Limited through a pre-IPO transaction at a transfer price of ₹402 per equity share.

 

As part of the transaction, Neha Bansal, one of the promoters who held 7.61 per cent of Lenskart’s pre-offer paid-up equity share capital (fully diluted basis) prior to the transfer, transferred 2,487,561 equity shares.

 

Bansal continues to hold 7.46 per cent of the pre-offer share capital of the company on a fully diluted basis after the transfer. The share sale does not form part of the IPO Offer for Sale. 

The investment comes on the eve of the opening of Lenskart’s initial public offering (IPO) scheduled for Friday.

 

Last week, billionaire investor Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around ₹90 crore in Lenskart through a pre-IPO transaction, according to people familiar with the development.

 

Existing investors in the company include Alpha Wave Ventures LP, Bay Capital Holdings Ltd, Chiratae Trust, IDG Ventures India Fund III LLC, Kariba Holdings IV Mauritius, Kedaara Capital Fund II LLP, Kedaara Norfolk Holdings Limited, and MacRitchie Investments Pte. Ltd., among others.

 

Lenskart plans to utilise the net proceeds from the IPO for setting up new company-owned, company-operated (CoCo) stores in India, lease and rental payments, technology and cloud infrastructure, brand marketing, inorganic acquisitions, and general corporate purposes.

 

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 operates one of India’s most extensive eyewear retail networks, with a presence across metro, Tier-1, and Tier-2+ cities, along with international operations in Southeast Asia and the Middle East.

 

Lenskart, one of India’s largest omni-channel eyewear retailers, owns frame and lens design and manufacturing facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), supported by regional facilities in Singapore and the United Arab Emirates.

 

The brand targets diverse consumer segments through multiple sub-brands — John Jacobs and Owndays (acquired in 2022) in the premium segment, and Lenskart Air, Vincent Chase, Hustlr, and Hooper Kids in the affordable and mid-range categories.

 

In its international expansion, Lenskart recently agreed to purchase the remaining 80 per cent stake in Stellio Ventures S.L., which owns the ‘Meller’ eyewear brand, for ₹406 crore. Stellio’s products are primarily sold online and through a store in Barcelona, Spain.

 

In FY25, the company launched 105 new in-house designed and engineered collections globally, including collaborations with brands and celebrities. It sold 27.2 million eyewear units across 12.41 million customer accounts in India and overseas during the year. 

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