Billionaire investor backs eyewear retailer as it prepares for public listing
Radhakishan Damani, founder of Avenue Supermarts (DMart), has infused nearly Rs 90 crore into Lenskart in a pre-IPO funding exercise, according to people with knowledge of the deal.
The investment comes just ahead of the eyewear firm’s debut share sale, which is expected to open for public subscription next week.
Lenskart aims to raise Rs 2,150 crore through a fresh equity issue, while promoters and existing investors will collectively divest around 13.22 crore shares via an Offer for Sale (OFS), as outlined in its Draft Red Herring Prospectus (DRHP).
The OFS will see promoters, Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, along with investors such as SVF II Lightbulb (Cayman), Schroders Capital Private Equity Asia Mauritius, PI Opportunities Fund–II, Macritchie Investments, Kedaara Capital Fund II and Alpha Wave Ventures, sell a portion of their stakes.
The company has earmarked the IPO proceeds for expansion-related outlays, including establishing additional company-owned and company-operated (CoCo) stores, meeting lease and rental commitments, investing in technology and cloud systems, brand marketing and promotional activities, potential acquisitions, and other corporate requirements.
Established in 2008, Lenskart entered the online eyewear market two years later and forayed into offline retail with its first store in New Delhi in 2013. The omni-channel eyewear brand offers prescription glasses, sunglasses and contact lenses across its digital platform and large store network.
Lenskart’s footprint covers metro, tier 1 and 2 markets in India, alongside expanding operations in Southeast Asia and the Middle East.
