SBI Fund buys stake in Lenskart ahead of IPO

Two alternative investment funds managed by the State Bank of India—SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF)—have invested Rs 100 crore in eyewear retailer Lenskart Solutions Ltd. through a pre-IPO transaction, according to regulatory filings.

The investment was made at a transfer price of Rs 402 per equity share. As part of the deal, Neha Bansal, one of the company’s promoters, transferred 2.49 million shares, with her stake declining slightly from 7.61% to 7.46% of Lenskart’s pre-offer paid-up equity capital on a fully diluted basis.

The share sale will not form part of Lenskart’s upcoming initial public offering, which is scheduled to open on Friday, October 31, 2025.

The SBI investment comes days after billionaire investor Radhakishan Damani, Founder of Avenue Supermarts (DMart), invested around Rs 90 crore in the eyewear retailer through a similar pre-IPO deal.

Lenskart counts Alpha Wave Ventures, Bay Capital, Chiratae Ventures, IDG Ventures India, Kedaara Capital, and MacRitchie Investments, among others, as its existing investors.

Founded in 2008, Lenskart has grown from an online eyewear platform into one of India’s largest omni-channel retailers, offering prescription eyeglasses, sunglasses, and contact lenses through both digital and brick-and-mortar outlets. It operates an extensive network across metros and Tier I and II+ cities, and has expanded internationally into Southeast Asia and the Middle East.

The company plans to use proceeds from the IPO to expand its company-owned, company-operated (CoCo) stores, fund lease and rental payments, upgrade technology and cloud infrastructure, strengthen brand marketing, pursue inorganic acquisitions, and meet general corporate expenses, filings showed.

Lenskart’s manufacturing and design capabilities are vertically integrated, with frame and lens production facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), along with regional units in Singapore and the United Arab Emirates.

The company’s brand portfolio spans both premium and affordable categories, including John Jacobs and Owndays (acquired in 2022) in the higher-end segment, and Lenskart Air, Vincent Chase, Hustlr, and Hooper Kids, catering to mass and mid-tier consumers.

In a recent move to deepen its global presence, Lenskart agreed to purchase the remaining 80% stake in Stellio Ventures S.L., which owns the Spanish eyewear brand Meller, for about Rs 406.39 crore.

In the fiscal year ended March 2025, Lenskart launched 105 new collections designed in-house and through collaborations, selling 27.2 million eyewear units across 12.41 million customer accounts in India and overseas.