Radhakishan Damani, billionaire investor and founder of Avenue Supermarts Ltd. (DMart) has invested about ₹90 crore in Lenskart Solutions Pvt. Ltd. ahead of an IPO, PTI reported on Friday citing sources.
The Lenskart IPO, which is likely to open next week, seeks to raise ₹2,150 crore by issuing new shares and via an offer-for-sale of 13.22 crore shares held by promoters and investors, according to its draft red-herring prospectus.
The eyewear company, led by co-founder Peyush Bansal, plans to utilise the IPO proceeds for expansion—either organic (new stores) or inorganic (M&A deals)—as well as technology, marketing and general corporate purposes.
Lenskart IPO Details
The company is targeting a valuation of $9 billion based on the IPO size, Bloomberg News reported on 17 October, citing people familiar with Lenskart’s IPO plans and calculations from the DRHP.
That would value Bansal’s stake in Lenskart at about $800 million after selling some shares in the IPO, according to the Bloomberg Billionaires Index. His net worth can cross $1 billion if Lenskart’s share price rises about 25% on debut.
“India is the myopia capital of the world, a lot of our people need glasses,” Bansal told Bloomberg News in an interview in Mumbai. “If we can solve that, everything else—including scale, profit and rising market capitalisation—will follow.”
The Lenskart Journey
The Lenskart IPO will test whether the rebound in investor appetite for Indian consumer-technology stocks has staying power.
Urban Company Ltd.’s blockbuster debut last month, which saw shares of the rent-a-service marketplace surge 62% on opening day, rekindled optimism after a string of disappointing post-market performances from other startups had cooled enthusiasm for the sector.
Founded in 2008, Lenskart launched its online store in 2010 and opened its first offline store in 2013. Today, it’s the largest organised eyewear retailer in India, with international operations in Southeast Asia and the Middle East.
As of March, it operated 2,723 stores—across India and in markets such as the Middle East and Southeast Asia. Nearly 40% of its revenue now comes from outside India, underscoring its growing international footprint.
Lenskart now controls nearly every link in its value chain—from lens design and manufacturing to last-mile delivery. It employs 100s of ophthalmologists in Kolkata who provide remote eye consultations and is developing AI-based testing tools to reach smaller cities where eye care access remains limited.
Its next big bet is smart eyewear. A 70-member team is working on integrating features such as UPI, AI tools, cameras, and headphones.
“It’s tempting to go all in,” Bansal said. “But timing matters.”