DMart founder Radhakishan Damani invests Rs 90 crore in Lenskart ahead of IPO: Report

Radhakishan Damani, billionaire investor and founder of DMart, has invested about Rs 90 crore in Peyush Bansal-led Lenskart ahead of its initial public offering (IPO), according to a PTI report.

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The eyewear retailer’s IPO, which is likely to open next week, aims to raise Rs 2,150 crore through a mix of fresh share issuance and an offer for sale of about 13.22 crore shares held by promoters and investors, as stated in its draft red herring prospectus.

The company plans to use the proceeds for expansion, both organic and inorganic, as well as investments in technology, marketing, and general corporate purposes.

Lenskart is targeting a valuation of about $9 billion based on the IPO size, Bloomberg News reported on October 17, citing people familiar with the matter and calculations from the DRHP. That valuation would peg Bansal’s stake at roughly $800 million after partial share sales, according to the Bloomberg Billionaires Index. His net worth could cross $1 billion if Lenskart’s share price rises by around 25% on debut.

“India is the myopia capital of the world, a lot of our people need glasses,” Bansal told Bloomberg News in an interview in Mumbai. “If we can solve that, everything else, including scale, profit and rising market capitalisation—will follow.”

Founded in 2008, Lenskart launched its online platform in 2010 and opened its first physical store three years later. It has since grown into India’s largest organised eyewear retailer, expanding internationally into Southeast Asia and the Middle East.

As of March 2025, the company operated 2,723 stores across these markets. Nearly 40 percent of its revenue now comes from outside India, underscoring the brand’s growing global reach.