SBI Funds invests $11.3m in Lenskart ahead of IPO
- ByStartupStory | October 29, 2025
SBI Mutual Fund, through two of its Alternative Investment Funds (AIFs), has made a significant pre-IPO investment of ₹100 crore (approximately $11.3 million) in India’s leading eyewear retailer Lenskart Solutions Limited. The infusion comes just days ahead of Lenskart’s highly anticipated initial public offering (IPO), positioning SBI as a key institutional investor in one of India’s most valuable consumer tech companies.
Details of the Investment
The transaction was executed via SBI Optimal Equity Fund and SBI Emergent Fund, acquiring 24.87 lakh equity shares at a price of ₹402 per share—the upper end of Lenskart’s IPO price band. The shares were bought from Neha Bansal, one of the company’s promoters, resulting in a slight reduction of her stake from 7.61% to 7.46% on a fully diluted basis.
This deal underscores SBI Mutual Fund’s confidence in Lenskart’s growth trajectory, ahead of the company’s IPO, which aims to raise approximately ₹7,278 crore through a combination of fresh equity issuance and an offer-for-sale by existing shareholders.
Lenskart’s Growth and Market Position
Founded in 2008 by Peyush Bansal, Lenskart has evolved into one of India’s largest integrated eyewear brands, offering prescription glasses, sunglasses, and contact lenses through a hybrid model of online platforms and over 2,500 physical stores across India and abroad. The company recently reported a net profit of ₹297 crore for the fiscal year 2024-25, compared to losses in previous years, and revenue growth of roughly 23% to ₹6,653 crore.
Lenskart’s strong financial performance, expanding retail footprint, and technology-driven supply chain have garnered significant investor interest, making it one of the most awaited IPOs in India’s consumer startup ecosystem.
Other Significant Pre-IPO Investments
The SBI investment follows closely on the heels of another high-profile pre-IPO funding round where Radhakishan Damani, founder of DMart, purchased Lenskart shares worth ₹90 crore from Neha Bansal. Alongside SBI and Damani, other prominent investors include Temasek, SoftBank, KKR, Alpha Wave Ventures, and Chiratae Ventures, who have supported Lenskart through multiple funding rounds.
IPO Outlook and Use of Proceeds
Lenskart’s IPO, scheduled to open for public subscription on October 31, features a price band of ₹382 to ₹402 per share and is expected to be listed on major Indian stock exchanges by November 10. The proceeds from the fresh issue will be primarily used to fuel expansion efforts, including new store openings, marketing, technology enhancement, and strategic acquisitions.
The IPO further intends to provide liquidity to existing investors and promoters, reflecting strong market confidence in Lenskart’s business model and growth prospects.
Conclusion
SBI Mutual Fund’s commitment of ₹100 crore in Lenskart ahead of its IPO highlights the growing appeal of India’s consumer tech startups among domestic institutional investors. With a strong financial footing and aggressive expansion strategy, Lenskart is poised to cement its leadership in India’s eyewear market while setting new benchmarks with its omni-channel approach.
As the company transitions to public markets, such strategic pre-IPO investments are often seen as endorsements, likely to drive broader investor participation and contribute to a landmark IPO in 2025.
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