SoftBank Vision Fund II Lightbulb Cayman is likely to sell up to a 2.6% stake in Lenskart Solutions for approximately $300 million through a block deal, according to a report citing people familiar with the matter. The transaction is expected to take place on August 24, with the floor price set at ₹635 per share, representing a discount of about 4% to Lenskart’s previous closing price of ₹661.40.
The proposed sale would mark another significant reduction in SoftBank’s holding in the Indian eyewear retailer after the Japanese investment group sold a 3.25% stake worth about $300 million in June. Despite the stake sales, Lenskart continues to report strong growth, with June-quarter revenue and profitability increasing sharply. The latest transaction therefore puts both SoftBank’s investment monetization strategy and Lenskart’s post-listing performance in focus.
SoftBank Plans Another Major Lenskart Stake Sale
The proposed transaction involves SoftBank Vision Fund II Lightbulb Cayman, one of the investment vehicles through which SoftBank holds Lenskart shares.
The block deal is expected to involve up to 2.6% of Lenskart’s equity and is estimated to be worth around $300 million. At the proposed floor price of ₹635 per share, the transaction would be priced below the stock’s previous close, giving institutional buyers an incentive to participate in the large secondary-market sale.
The selling shareholder is also expected to be subject to a 45-day lock-up on its remaining stake, limiting how quickly it can conduct another sale after the transaction.
Key Details Of The Proposed Deal
| Particular | Details |
|---|---|
| Seller | SoftBank Vision Fund II Lightbulb Cayman |
| Company | Lenskart Solutions |
| Stake being sold | Up to 2.6% |
| Deal value | Approximately $300 million |
| Floor price | ₹635 per share |
| Previous close | ₹661.40 |
| Discount | About 4% |
| Expected deal date | August 24, 2026 |
| Residual stake lock-up | 45 days |
| June 2026 stake held by SVF II Lightbulb | 9.86% |
The transaction is a secondary share sale, meaning the proceeds would go to SoftBank rather than Lenskart. The company therefore would not receive fresh capital from this particular block deal.
SoftBank Has Already Sold A 3.25% Stake
The latest proposed transaction follows another large SoftBank exit from Lenskart earlier this year.
In June, SoftBank’s SVF II Lightbulb sold 5.65 crore shares, representing a 3.25% stake, at ₹508.55 per share. The transaction was worth approximately ₹2,873 crore, or about $300.2 million. Following that sale, SoftBank’s holding fell from 13.13% to 9.88%, according to exchange data.
The June transaction attracted several institutional investors, including Fidelity, the Los Angeles City Employees’ Retirement System and mutual funds managed by ICICI Prudential and Kotak Mahindra.
SoftBank’s Lenskart Stake Sales
SOFTBANK'S LENSKART MONETIZATION
June 2026
3.25% stake
₹2,873 crore
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August 2026 proposed
Up to 2.6% stake
~$300 million
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Potential combined stake sold
Up to 5.85%
If the latest proposed sale is completed at the maximum 2.6%, SoftBank would have sold as much as 5.85% of Lenskart’s equity through the two transactions since June.
The actual remaining stake after the new sale will depend on the final number of shares sold.
Lenskart Shares Have Rallied Strongly
The proposed block deal comes after a strong run in Lenskart’s stock.
Lenskart shares closed at ₹661.40 before the latest reported transaction, while the proposed floor price of ₹635 represents a discount of roughly 4%. Earlier in August, the stock crossed ₹600 for the first time.
The shares have gained significantly since their market debut, reflecting investor interest in the company’s growth and improving profitability.
Lenskart Share Price Snapshot
| Indicator | Figure |
|---|---|
| Previous closing price | ₹661.40 |
| Proposed block-deal floor | ₹635 |
| Discount to close | About 4% |
| June block-deal price | ₹508.55 |
| Difference: ₹635 vs June price | About 24.8% higher |
| Earlier August milestone | Crossed ₹600 |
The gap between the June block-deal price and the proposed August floor price is notable. The proposed ₹635 price is around 25% above the ₹508.55 level at which SoftBank sold shares in June.
This reflects the significant appreciation in Lenskart’s market value since the earlier transaction.
Lenskart Reports Strong June Quarter Growth
SoftBank’s latest stake sale comes as Lenskart is reporting strong financial growth.
For the June 2026 quarter, Lenskart’s pro forma revenue from operations increased 43.3% year over year to ₹2,714.18 crore, compared with ₹1,894.46 crore in the year-earlier period.
Pro forma profit after tax rose sharply to approximately ₹228.43 crore from ₹61.17 crore. The company’s EBITDA increased 75.1% to ₹588.48 crore, while the EBITDA margin expanded to 21.7% from 17.7%.
Lenskart Q1 FY27 Financial Snapshot
| Metric | Q1 FY27 | Q1 FY26 | YoY Change |
|---|---|---|---|
| Pro forma revenue | ₹2,714.18 crore | ₹1,894.46 crore | +43.3% |
| Pro forma PAT | ₹228.43 crore | ₹61.17 crore | +273.4% |
| EBITDA | ₹588.48 crore | ₹336.08 crore | +75.1% |
| EBITDA margin | 21.7% | 17.7% | +4 percentage points |
| PBT | ₹299.61 crore | ₹110.11 crore | +172.1% |
The numbers indicate that Lenskart’s growth is being accompanied by improving operating leverage rather than relying solely on expansion in revenue.
Why SoftBank Is Selling Despite Lenskart’s Growth
A large shareholder selling shares does not necessarily indicate a negative view of the company’s future.
For venture capital and private-equity investors, stake sales after a successful public listing are a normal mechanism for realizing returns and returning capital to funds and investors.
SoftBank invested in Lenskart through its Vision Fund structure and has held the company since its private-market phase. As the company’s shares have appreciated after its public listing, the investment group has had an opportunity to monetize part of its position.
SoftBank’s own investment materials previously highlighted Lenskart as a major Vision Fund II holding. As of December 2025, SoftBank reported a total investment cost of about $300 million and a fair value of approximately $1.3 billion, representing a 4.8-times gross multiple on invested capital at that point.
SoftBank’s Lenskart Investment Journey
December 2019
Initial investment
↓
Private-market growth
↓
Lenskart IPO
November 2025
↓
June 2026
3.25% stake sold
~$300M
↓
August 2026
Up to 2.6% proposed sale
~$300M
The successive sales demonstrate how a long-term early investor can gradually monetize a stake after a portfolio company reaches the public markets.
Lenskart Continues To Expand Its Business
The eyewear company has been expanding through both physical stores and digital channels.
SoftBank’s December 2025 portfolio update showed that Lenskart had more than 2,700 stores, 12.4 million transacting customers and 27 million eyewear units sold in FY25. Revenue had increased from $461 million in FY23 to $778 million in FY25, representing a 30% compound annual growth rate.
The company’s growth strategy has included expanding its store network, increasing product availability and using technology to integrate online and offline shopping.
Lenskart’s Scale
| Business Metric | Latest Reported Figure |
|---|---|
| Transacting customers in FY25 | 12.4 million |
| Stores in FY25 | 2,700+ |
| Eyewear units sold in FY25 | 27 million |
| FY23 revenue | $461 million |
| FY25 revenue | $778 million |
| FY23-FY25 revenue CAGR | 30% |
The combination of physical retail expansion and digital commerce has helped Lenskart build a large integrated eyewear platform.
Institutional Investors Could Absorb The Shares
A large block transaction also creates an opportunity for institutional investors to increase their exposure to Lenskart without buying shares gradually through the open market.
The June transaction demonstrated strong institutional demand, with domestic and overseas investors participating in the sale.
The latest deal could similarly attract large investors because the floor price offers a discount to the prevailing market price. The 45-day lock-up on SoftBank’s remaining stake may also reduce concerns about an immediate second wave of selling by the same shareholder.
What The Deal Means For Lenskart
Since this is a secondary transaction, Lenskart will not receive the approximately $300 million proceeds.
That distinction matters because the company’s ability to invest, expand stores or fund acquisitions will not directly improve as a result of the sale.
However, increased public-market liquidity can have indirect benefits. A larger institutional shareholder base can improve trading liquidity and potentially broaden the company’s investor base.
At the same time, repeated large block deals can temporarily increase the supply of shares available to investors and create short-term volatility.
SoftBank’s Remaining Stake Remains Significant
Before the proposed transaction, SVF II Lightbulb held approximately 9.86% of Lenskart, based on June 2026 shareholding data.
If SoftBank sells the full 2.6% stake, its holding would fall to roughly 7.26%, assuming no other changes to the shareholding structure.
Potential SoftBank Holding
June 2026 holding 9.86%
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Potential sale 2.60%
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Potential residual ~7.26%
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The calculation is indicative and assumes the maximum reported stake is sold without other changes to the company’s share capital or SoftBank’s holdings.
Even after such a sale, SoftBank would remain a meaningful shareholder in Lenskart.
The Bigger Picture
SoftBank’s proposed sale of up to 2.6% of Lenskart for about $300 million represents another major monetization event for one of the Japanese investment group’s successful Indian technology bets. The transaction follows the June sale of a 3.25% stake worth approximately ₹2,873 crore and would take the potential stake sold through the two deals to as much as 5.85%.
The timing is significant because Lenskart is simultaneously demonstrating strong operating performance. Revenue rose more than 43% in the June quarter, while EBITDA increased more than 75% and profit after tax rose more than threefold. The contrast between SoftBank’s partial exit and Lenskart’s improving fundamentals highlights the difference between an investor’s portfolio-management decision and the operating outlook of the underlying company.
Looking Ahead
The immediate focus will be on the August 24 block deal, including the final number of shares sold, the buyers and the price at which the transaction is completed. The proposed ₹635 floor price gives institutional buyers a discount to the previous close, while the 45-day lock-up on SoftBank’s remaining stake could provide some visibility on near-term selling pressure.
For Lenskart, investors will continue to track revenue growth, profitability, store expansion, customer additions and the company’s ability to maintain its improving margins. SoftBank’s stake could continue to decline over time as the investment group monetizes its holding, but the company’s long-term market performance will ultimately depend more on its operating execution and ability to sustain growth in India’s expanding eyewear market.
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