In a strategic move ahead of its public listing, SBI Mutual Fund, via its alternative investment vehicles, has committed ₹100 crore to acquire shares in India’s leading eyewear retailer, Lenskart Solutions Limited.
This investment was made through two of its funds – the SBI Optimal Equity Fund (AIF) and the SBI Emergent Fund (AIF) – in a pre-IPO transaction in which roughly 24.87 lakh equity shares were purchased at a price of ₹402 per share.
The shares were acquired from one of Lenskart’s promoters, Neha Bansal.
Prior to the deal, she held a 7.61 per cent stake in the company’s fully diluted share capital; following the transaction she continues to hold approximately 7.46 per cent.
Lenskart’s forthcoming initial public offering (IPO) is scheduled to open on October 31, 2025, and the investment by SBI’s funds underlines institutional confidence in the eyewear retailer’s growth story and market positioning.
According to reports, the transaction effectively values Lenskart at around $7.7 billion (approximately ₹64,000 crore at prevailing conversion rates).
This marks a considerable premium over earlier valuations of the company.
Lenskart, founded in 2008 and having launched its online eyewear business circa 2010, has since expanded into a strong omni-channel presence with both e-commerce operations and physical retail stores across India, and increasingly in international markets.
The funding will support its expansion plans, including scaling of company-owned physical stores, upgrading digital infrastructure, pursuing potential acquisitions and bolstering brand marketing.
This pre-IPO deal comes on the heels of another significant transaction: billionaire investor Radhakishan Damani (via his investment vehicle) had invested around ₹90 crore in Lenskart through a separate pre-IPO share purchase.
Analysts see the move by SBI’s funds as reflective of not only the strength of Lenskart’s business model in the consumer-retail space but also the broader appetite for high-growth consumer brands in India’s capital markets.
By entering ahead of the IPO, the funds lock in exposure at a defined entry price, while positioning for potential upside once the company lists.
The investment also signals a vote of confidence in Lenskart’s ability to convert its scale and brand reach into sustained profitability and growth.
For SBI Mutual Fund, this represents a diversification into private market opportunities ahead of public listing, leveraging its AIF structures to participate in a pre-IPO equity transaction.
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