SoftBank has pared its stake in eyewear retailer Lenskart Solutions through a block deal worth about Rs 2,873 crore. According to exchange data, SoftBank affiliate SVF II Lightbulb (Cayman) sold 5.65 crore shares of Lenskart at Rs 508.55 per share, taking the total transaction value to about Rs 2,873 crore.
The stake sale attracted a broad mix of global and domestic institutional investors, including funds managed by Goldman Sachs, Fidelity, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund, HDFC Life Insurance, ICICI Prudential Life Insurance and several overseas pension and investment funds.
Elara Capital recently initiated coverage on the company with a "Buy" rating and a target price of Rs 615, implying an upside of about 22% from its reference valuation of Rs 504. The brokerage described Lenskart as one of India's most differentiated retail businesses, highlighting its integrated model spanning eye testing, manufacturing, distribution and retail.
The company's store economics are among the strongest in Indian retail, supported by revenue productivity of around Rs 25,000-30,000 per square foot, gross margins of nearly 69% and store payback periods of roughly 10-12 months.
The brokerage expects Lenskart to deliver a revenue CAGR of 25% and EBITDA CAGR of 38% between FY26 and FY29.
A key pillar of the investment thesis is the company's technology-led approach to vision care. Lenskart conducts around 600 eye tests per store every month and aims to scale annual eye tests to 100 million over time. The company has also built significant backward integration capabilities, enabling faster inventory turnover and next-day delivery across dozens of cities.
The company has expanded beyond India through acquisitions such as Owndays in 2022 and Meller in 2025. International operations now account for about 42% of revenue, with a presence across more than 10 countries and over 600 stores globally.
