Lenskart Secures INR 90 Cr from DMart Founder Radhakishan Damani Before Public Issue The investment comes as the eyewear retailer prepares for its maiden public issue, which is expected to open for subscription next week.

Billionaire investor Radhakishan Damani, founder of Avenue Supermarts (DMart), has invested nearly INR 90 crore in Lenskart Solutions during its pre-IPO funding round, according to people familiar with the development.

The investment comes as the eyewear retailer prepares for its maiden public issue, which is expected to open for subscription next week.

Lenskart aims to raise INR 2,150 crore through fresh equity issuance, while its promoters and existing investors plan to sell about 13.22 crore shares through an offer for sale, as outlined in its Draft Red Herring Prospectus.

Promoters 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, are among those expected to offload shares.

According to the prospectus, the company plans to use the IPO proceeds for several strategic purposes. These include setting up new company-operated and company-owned stores in India, meeting lease and rental obligations, investing in technology and cloud infrastructure, strengthening brand marketing, and exploring potential acquisitions. Funds will also be directed toward general corporate needs.

Founded in 2008 by Peyush Bansal, Lenskart began as an online eyewear platform in 2010 and opened its first physical outlet in New Delhi three years later. Over time, it has become one of India's largest omni-channel eyewear retailers, offering a wide range of prescription glasses, sunglasses, and contact lenses.

The company now has a strong presence in metropolitan, tier-I, and tier-II cities, along with growing international operations across Southeast Asia and the Middle East.