New Delhi, June 4 -- SoftBank, the Japanese investment giant that makes technology-focused bets and has backed companies such as Meesho, Unacademy and Ola Electric in India through its Vision Fund, has sold another chunk of its stake in eyewear retailer Lenskart after making three partial exits previously.
The firm, which has made a bunch of private equity-style investments in internet-related companies in India and has clocked exits from InMobi, Ola Electric, Delhivery and FirstCry, sold a 3.25% stake in Lenskart-about a quarter of its holding-via open market transactions on Wednesday.
The SoftBank Vision Fund II sold 56.5 million shares for Rs 2,873 crore (about $300 million), stock-exchange data show.
The fund had invested in Lenskart in December 2019. It put in Rs 1,974 crore ($275 million then) to acquire a nearly 20% stake through a mix of primary capital infusion and secondary share purchases.
Since then, the firm has monetized its stake in multiple tranches. In 2023, it sold shares worth Rs 515 crore to Abu Dhabi Investment Authority, the UAE's largest sovereign wealth fund. Just ahead of Lenskart's initial public offering last year, it sold some shares at a deep discount to founder Peyush Bansal for Rs 50 crore.
Lenskart raised Rs 2,150 crore through a fresh issue of shares in November 2025 during its IPO. Meanwhile, its promoters and 13 investors sold nearly 12.75 million shares, according to its IPO prospectus.
SoftBank, which held an about 15% stake in the company at the time, cut its stake by 1.51% points. It sold 25.5 million shares and pocketed Rs 1,026 crore during the IPO.
The latest share sale, which brings down the investor's stake in Lenskart to about 9.8%, is the first time SoftBank has monetized its holding since the company's debut on the stock market.
According to VCCircle's estimates, based on the first-in, first-out principle, SoftBank clocked a 7.1x multiple on its invested capital (MOIC) in the sale and generated an internal rate of return of about 35% in rupee terms. This is higher than the 20-30% IRR that PE investors typically chase on a fund level in local currency.
SoftBank's IRR in dollar terms would be lower because of the rupee's depreciation over the years but would still be around 29%, VCCircle estimates show. That's nearly double the 15% exit benchmark in dollar terms.
Overall, Softbank has harvested Rs 4,464 crore on its investment so far, clocking an MOIC of about 6x. Its IRR on the realized gains stands around 36%, according to VCCircle estimates.
The Japanese investment firm still holds Lenskart stake worth about Rs 8,836 ($922 million), potentially making it a $1.4-billion exit at the current share price and exchange rate.
Founded in 2010 by Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart sells eyewear through its stores and its website across India, Southeast Asia and the Middle East. The company went public in November at a valuation of nearly $8 billion. Its shares have jumped almost 28% since then in a flat market, giving it a market value of around $9.3 billion currently.
Apart from SoftBank, at least two other investors that participated in secondary deals recently have generated high returns from Lenskart. Last month, KKR, which was among the top PE firms in terms of exits in India last year, fully exited its five-year old bet in Lenskart beating benchmark returns. TR Capital, a secondaries specialist, clocked 12x MOIC on its investment in the company, VCCircle reported previously.
Published by HT Digital Content Services with permission from VC Circle.