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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 1m ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

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Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 5m ago
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Medial

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.

Exclusive: Lenskart set to acquire location AI startup GeoIQ

EntrackrEntrackr · 1m ago
Exclusive: Lenskart set to acquire location AI startup GeoIQ
Medial

Exclusive: Lenskart set to acquire location AI startup GeoIQ Omnichannel eyewear retailer Lenskart is all set to acquire location artificial intelligence startup GeoIQ, sources aware of the development told Entrackr. “The deal is nearing completion, with Lenskart set to acquire a majority stake in GeoIQ,” said a source familiar with the matter. “Most of the existing investors are expected to exit as part of the transaction.” Lenskart, which had previously invested in GeoIQ, spearheaded a $2.25 million funding round in May 2022, joined by 9Unicorns (now 100Unicorns) and Ecosystem Ventures. In November 2020, the startup secured Rs 2.5 crore in funding from investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture, among others. Founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, GeoIQ utilizes proprietary algorithms to layer government data with other trusted public sources and satellite imagery into generating 100m x 100m geospatial grids. The startup specializes in providing businesses with actionable consumer insights to tap into offline demand and facilitate faster expansion. It already works with well-known brands like Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit. According to startup data intelligence platform TheKredible, GeoIQ is currently valued at around Rs 90 crore (over $10 million). Lenskart is the largest stakeholder in the company with a 17.11% stake while all three co-founders hold 16.57% each. For the fiscal year ending in March 2024, GeoIQ reported an operating revenue of Rs 6.7 crore against Rs 7.1 crore in FY23. Its net loss widened to Rs 6.1 crore from Rs 4.2 crore year-on-year. “The terms of the deal have been sealed, with GeoIQ expected to be valued anywhere between $15–20 million,” said the person quoted at the beginning of the story. This marks Lenskart’s second acquisition in the last two years. In October 2023, the Peyush Bansal-led company acquired TangoEye, an AI-driven computer vision startup in which it was already an investor. In June 2022, it bought a majority stake in Japan’s Owndays. Three months later, Lenskart’s subsidiary Neso Brands also acquired a minority stake in Paris-based omnichannel eyewear brand Le Petit Lunetier. The development comes as Lenskart gears up for its initial public offering (IPO) as it aims to raise $1 billion at a valuation of $10 billion. Last week, the company also transitioned its holding entity from a private limited to a public limited company. The move was exclusively reported by Entrackr.

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn

EntrackrEntrackr · 1m ago
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn
Medial

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn The development comes as Lenskart prepares for its initial public offering (IPO), with plans to raise $1 billion at a targeted valuation of $10 billion. Fidelity has revised the valuation of omnichannel eyewear retailer Lenskart to $6.1 billion, as per its latest monthly portfolio holdings update. In November, Fidelity valued the Peyush Bansal-led company at $5.6 billion. In June 2024, Lenskart raised $200 million via a secondary round, followed by a $20 million investment led by Bansal. As of now, the company has secured nearly $1 billion and reached a valuation of $5 billion during the secondary deal in which Fidelity also participated. Just last week, the company converted its holding entity from a private limited to a public limited company, a move exclusively reported by Entrackr. Media reports also suggested that Lenskart is set to file its draft red herring prospectus (DRHP) confidentially with the markets regulator by the end of this month. Lenskart inched closer to profitability in FY24, with losses narrowing sharply by 84% to Rs 10 crore from Rs 63 crore in FY23. The company’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24. Its FY25 result has yet to be reported. Lenskart is also exploring the acquisition of location intelligence startup GeoIQ.

Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO

EntrackrEntrackr · 1m ago
Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO
Medial

Fintech unicorn Moneyview is set to convert into a public company ahead of its IPO. The company recently changed its parent company’s name from “Whizdm Innovations Private Limited” to “Moneyview Private Limited.” The board has passed a special resolution to convert the company into a public entity, renaming it “Moneyview Limited.” Moneyview aims to raise over $400 million through its IPO, having appointed Axis Capital, Kotak Mahindra, and others as banking partners. Founded in 2014, Moneyview offers loans, credit cards, BNPL, and financial management tools, partnering with over 15 institutions. It has raised over $230 million from investors such as Accel and Tiger Global. For FY24, Moneyview's revenue increased by over 75% to Rs 1,012 crore, with a profit of Rs 171 crore. Other fintech firms like Pine Labs and Razorpay are also preparing to go public.

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