With the Radhakishan Damani-backed Lenskart IPO just around the corner, CEO and co-founder, Peyush Bansal, has revealed a key secret — 'always open a store near a D-mart'.
Bansal, a household name now courtesy popular TV show Shark Tank India, expressed his delight in having Radhakishan Damani as an investor. In an exclusive interaction with NDTV Profit, the Lenskart CEO revealed that Damani has invested Rs 90 crore in Lenskart ahead of the IPO, which is set to open Oct 31.
"We have huge respect for Mr Damani, and we have grown up watching Dmart stores. You will always find a Lenskart store near a Dmart. That’s our little secret," he quipped.
"We have always seen him as an admirer. It is an honour that Damani decided to be a part of our journey. There’s so much to learn from him," he added.
Also Read: Lenskart IPO Price Band Set At Rs 382-402 Per Share — Check Valuation, OFS, Allotment Details
Damani's investment in Lenskart comes as the Softbank and Temasek-backed eyewear company looks to raise Rs 7,278 crore through an initial public offering.
When asked about the road ahead, Bansal stated a clear path: Further expanding the scope of Lenskart's operations by adding more stores, both domestic and internationally.
"We are expanding stores. We are very early in our journey. Looking at the size of the market, we are still in the early stages. Lenskart plans to open a lot of stores in India and abroad," he said.
As per the Red Herring Prospectus (RHP), Lenskart will deploy the fresh issue proceeds mainly for lease and rent payments for company-owned, company-operated (CoCo) stores in India.
Lenskart has allocated as much as Rs 591 crore for the management and sustenance of these CoCo stores.
As the company looks to scale up, Bansal expects improvements in the balance sheet. "We have to keep getting better at our customer experience. With scale coming into the picture, operating leverage will kick in," he said.
Lenskart reported a significant turnaround, posting a restated profit for the year of Rs 297 crore for the financial year ended March 31, 2025.
Watch The Whole Conversation Here
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