In a move that underscores growing investor confidence in India’s consumer-tech sector, SBI Mutual Fund has participated in eyewear major Lenskart’s pre-IPO funding round. The investment comes as the company readies itself for a much-anticipated stock market debut, expected to value it among the country’s leading direct-to-consumer (D2C) brands. Lenskart’s steady profitability, expanding global footprint, and strong retail-tech integration have positioned it as one of the most promising entrants in India’s upcoming IPO pipeline, with institutional investors increasingly eyeing long-term growth in the lifestyle and e-commerce space.
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SBI Mutual Fund’s Strategic Entry
SBI Mutual Fund, one of India’s largest asset management companies, has joined a select group of institutional investors in Lenskart’s latest funding round ahead of its initial public offering (IPO). The move is widely viewed as a strategic bet on the company’s strong fundamentals, consistent revenue growth, and expanding market share in the organized eyewear segment.
While the investment amount remains undisclosed, analysts note that SBI Mutual Fund’s participation adds significant credibility to Lenskart’s pre-listing valuation, estimated to be in the range of Rs 45,000 crore to Rs 50,000 crore. This institutional backing is expected to bolster investor sentiment as Lenskart prepares its IPO documentation and engages with global investment banks for the listing process.
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Lenskart’s Growth Story and Market Position
Founded in 2010, Lenskart has transformed from a niche online retailer into one of India’s most successful omnichannel eyewear brands. With a presence in over 2,000 stores across India and an expanding footprint in markets such as Singapore, the UAE, and the United States, the company has built a robust global identity.
Its innovative blend of technology-driven solutions, including 3D try-on features and AI-based prescription tools, has enhanced customer experience while optimizing supply chain efficiency. Lenskart’s vertically integrated model—spanning design, manufacturing, and retail—has helped maintain competitive pricing and improve margins, setting it apart from traditional optical chains.
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Financial Performance and Profitability
Lenskart’s financial trajectory has been consistently upward, supported by rising demand for affordable and fashion-forward eyewear. The company reported revenues exceeding Rs 3,500 crore in FY24, with profitability improving due to efficient cost structures and repeat customer engagement.
Industry observers attribute this financial strength to Lenskart’s digital-first business model, focus on brand loyalty, and strong offline expansion. Its customer base, estimated at over 20 million, continues to grow rapidly, driven by increasing awareness of eye health and shifting consumer preferences toward branded eyewear products.
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Pre-IPO Activity and Investor Sentiment
The pre-IPO funding round reflects a broader pattern of institutional interest in India’s maturing consumer-tech ecosystem. Apart from SBI Mutual Fund, several global investors have previously backed Lenskart, including Temasek, ChrysCapital, and SoftBank Vision Fund.
This latest investment signals market optimism not only about Lenskart’s valuation but also about the long-term growth prospects of India’s premium retail and lifestyle sectors. As the company readies for public listing, its ability to sustain profitability and scale efficiently will be critical in determining investor appetite and post-listing performance.
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Outlook: A Pivotal Year for Consumer IPOs
Lenskart’s impending IPO is expected to be one of the most closely watched consumer listings of the year. Market analysts believe it could serve as a bellwether for other high-growth startups eyeing public markets, particularly in the D2C and retail-tech segments.
With institutional investors like SBI Mutual Fund entering at the pre-IPO stage, Lenskart’s journey from a startup to a market leader reflects a broader evolution in India’s investment landscape—where traditional financial institutions are increasingly aligning with new-age consumer brands.
If executed successfully, the IPO could reaffirm India’s position as a global hub for scalable, tech-driven consumer enterprises, blending innovation, profitability, and long-term investor confidence.
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