Billionaire investor Radhakishan Damani, founder of Avenue Supermarts (DMart), has reportedly invested about Rs 90 crore in eyewear retailer Lenskart Solutions ahead of its upcoming IPO.
The investment comes just before Lenskart’s debut in the public markets, with the IPO expected to open for subscription next week. The company plans to raise around Rs 2,150 crore through a fresh issue of shares. Additionally, existing promoters and investors will sell 13.22 crore shares, as outlined in the Draft Red Herring Prospectus (DRHP).
Those participating in the offer for sale (OFS) include Lenskart’s founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with investors such as SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP.
The proceeds from the IPO will fund several strategic goals: opening new company-owned stores across India, paying lease and rent obligations, investing in technology and cloud systems, expanding marketing and brand visibility, pursuing possible acquisitions, and meeting general corporate needs.
Founded in 2008, Lenskart began as an online eyewear startup and opened its first store in New Delhi in 2013. It has since grown into one of India’s largest omni-channel eyewear brands, offering a wide range of affordable prescription glasses, sunglasses, and contact lenses. The company now operates across metro and smaller cities in India, and has also expanded into Southeast Asia and the Middle East.
