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Fidelity marks up Lenskart valuation by 12% to $5.6 billion

Economic TimesEconomic Times · 8m ago
Fidelity marks up Lenskart valuation by 12% to $5.6 billion
Medial

Fidelity, a US-based financial services company, has increased the valuation of eyewear retailer Lenskart to $5.6 billion, reflecting a 12% increase. The valuation update, as of September 30, was published in Fidelity's monthly portfolio holdings. Lenskart achieved an annual revenue run rate of $1 billion this financial year. In June, Fidelity and Temasek invested $200 million in Lenskart, valuing the company at $5 billion. Lenskart had previously raised $600 million in total from Abu Dhabi Investment Authority and ChrysCapital in March 2023. The company's founder, Peyush Bansal, mentioned plans to invest $200 million in a new manufacturing unit in India.

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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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