According to sources who spoke to Inc42, IPO-bound LensKart is almost ready to raise between INR 250 Cr and INR 300 Cr in a pre-IPO round from SBI Mutual Fund and DMart founder Radhakishan Damani.

According to its DRHP, Lenskart intended to use a pre-IPO offering to raise up to INR 430 Cr.

Inc42’s questions on the development were not answered by Lenskart until the report was published.

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The eyewear company received approval from SEBI earlier this month for its initial public offering (IPO), which would include an OFS of up to 13.2 Cr shares and a fresh issue of up to INR 2,150 Cr.

Shares will be sold through the OFS by the company’s promoters and cofounders, Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, as well as institutional investors, including SoftBank, Temasek, Kedaara Capital, and Alpha Wave Ventures.

According to reports, the company plans to IPO next month at a valuation of over $9 billion (almost INR 74,000 crore).

The eyeglasses behemoth will use the money raised from the new issue to improve its technical infrastructure, increase its marketing activities to boost brand awareness and customer acquisition, and open new company-owned and operated stores to increase its physical presence.

An omnichannel eyewear company, Lenskart was founded in 2010 and serves clients in India, the United Arab Emirates, Singapore, Spain, and Japan.  The company maintains a significant offline presence with a large number of company-owned and franchised stores, even though its website and mobile app are its main sources of revenue.

In order to create AI-powered smart glasses, it has made a strategic investment in AjnaLens, a deeptech firm based in Mumbai.  Lenskart also announced earlier this month that its next B camera smart glasses will integrate UPI, allowing customers to conduct digital transactions by using their smart glasses to scan a QR code.

In terms of finances, Lenskart turned a profit during the fiscal year that concluded in March 2025 (FY25).  Compared to a net loss of INR 10.1 Cr in FY24, it reported a net profit of INR 297.3 Cr.  Operating revenue increased from INR 5,427.7 Cr in FY24 to INR 6,652.5 Cr in FY24, a 22.5% increase.

Lenskart offers in-store and online eye tests, post-purchase repair services, and gift card sales in addition to sunglasses, contact lenses, lens clothing, cases, and repair tools.  The majority of its eyeglasses are created to order at the company’s facilities in Gurugram, Haryana, and Bhiwadi, Rajasthan.

It states that it has 698 outlets in tier II cities, 469 in tier I cities, and 900 in metro areas throughout India.  In addition, it runs 251 outlets around Southeast Asia, 39 in the Middle East, 267 in Japan, and 99 in other places like Taiwan, Hong Kong, and Australia.