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

Economic Times

Economic Times · 8m ago

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

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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Lenskart pares losses by 84% in FY24, revenue grows 43% as opposed to being doubled a year ago

YourStory

YourStory · 8m ago

Lenskart pares losses by 84% in FY24, revenue grows 43% as opposed to being doubled a year ago

Lenksart, the omnichannel eyewear retailer, reduced its losses by 84% in FY24 to Rs 10.15 crore compared to Rs 63.7 crore the previous year. The company's operating revenue increased by 43.2% to Rs 5427.7 crore in FY24. The total expenses of Lenskart rose by 37%, with significant contributions from employee benefits, interest payments, and material costs. Fidelity, an asset management firm, marked up the valuation of its stake in Lenskart by 12% in September, bringing the company's valuation to $5.6 billion. Lenskart generated Rs 2271.6 crore from its operations outside of India in FY24.

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

Entrackr

Entrackr · 1m ago

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

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.

Temasek, Fidelity buy $200-mn stake in Peyush Bansal’s Lenskart

The Arc Web

The Arc Web · 1y ago

Temasek, Fidelity buy $200-mn stake in Peyush Bansal’s Lenskart

Singapore's Temasek and Fidelity have invested $200 million in eyewear retailer Lenskart. Temasek, an existing shareholder, and Fidelity, a new backer, purchased the shares through a secondary sale. Lenskart was valued at $4.2-4.5 billion last year and is aiming for a valuation of $5.5-6 billion in this round. The investment is expected to help benchmark its valuation before filing for an IPO. Lenskart closed FY24 with revenues of Rs 5,500 crore and has a network of 2,500 retail outlets, primarily in India.

Exclusive: Lenskart sets stage for IPO with public entity conversion

Entrackr

Entrackr · 1m ago

Exclusive: Lenskart sets stage for IPO with public entity conversion

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.

Another Valuation Cut: Fidelity Now Values Meesho At $3.5 Bn

Inc42 · 1y ago

Another Valuation Cut: Fidelity Now Values Meesho At $3.5 Bn

Asset management company Fidelity has once again decreased the valuation of Indian ecommerce startup Meesho, now valuing it at $3.5 billion. This marks a decline of 29% from Fidelity's previous valuation of $4.9 billion for Meesho. Fidelity had previously reduced Meesho's valuation to $4.1 billion in October. Meesho is now considering expanding into financial services and growing its grocery delivery business in the next financial year.

Temasek, Fidelity Infuse $200 Mn Into Lenskart

Inc42 · 1y ago

Temasek, Fidelity Infuse $200 Mn Into Lenskart

Temasek has increased its investment in Lenskart, while Fidelity has joined as a new investor. The transaction valued Lenskart at around $5 billion. Lenskart has received nearly $1 billion in funding in the past 18 months.

Fidelity marks up Meesho's valuation by 14% after a cut recently

Money Control

Money Control · 1y ago

Fidelity marks up Meesho's valuation by 14% after a cut recently

Fidelity Investments, a US-based asset management company, has raised the fair value of SoftBank-backed e-commerce platform Meesho by around 14% to $43.24 million as of July. This valuation increase, up from $37.84 million in April, implies a valuation of slightly over $5 billion. Fidelity had invested $42 million in Meesho in September 2021. Meesho had recently reported turning profitable on a profit-after-tax basis in July, though its CFO noted the company still needs to establish a consistent profitability trend before considering an IPO, possibly at least 12 months away.

Figma Allows $900M Secondary Share Sale at $12.5B Value

deepnewz

deepnewz · 1y ago

Figma Allows $900M Secondary Share Sale at $12.5B Value

Figma, a collaborative online design software company, is allowing employees and early investors to sell up to $900 million in shares through a secondary offering. This comes after Adobe's acquisition proposal at a $20 billion valuation fell through. The new valuation for Figma is $12.5 billion, a 40% discount compared to the proposed Adobe deal. The tender offer is backed by Fidelity and other investors. The offering is one of the largest in recent times, and Figma's valuation is estimated to be just under $12 billion according to Canva's analysis.

Temasek, Fidelity pick up $200 million stake in Lenskart secondary deal at $5 billion valuation

Economic Times

Economic Times · 1y ago

Temasek, Fidelity pick up $200 million stake in Lenskart secondary deal at $5 billion valuation

Singapore's Temasek and US financial services giant Fidelity have invested $200 million in Indian eyewear retailer Lenskart, valuing the company at $5 billion. This marks one of the largest secondary share sales at a late-stage startup this year. Lenskart, which had raised $600 million last year, saw its operating revenue more than double in FY23, and it reduced its losses. The company has over 2,000 stores in India and 500 others across Southeast Asia.

Temasek, Fidelity may invest $200 million in Lenskart at $5 billion valuation

Economic Times

Economic Times · 1y ago

Temasek, Fidelity may invest $200 million in Lenskart at $5 billion valuation

Singapore's Temasek and US-based Fidelity are reportedly in advanced discussions to invest around $200 million in Indian eyewear company Lenskart. The investment would be made through a secondary share sale, valuing Lenskart at approximately $5 billion. The round would take Lenskart's valuation to over three times that of Warby Parker, a New York-based online retailer for eyewear. Other early investors in Lenskart, including TR Capital, KKR, and Avendus, may also divest a portion of their holdings in the latest round. Lenskart closed FY23 with revenue of Rs 3,780 crore and a profit of Rs 260 crore.

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