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

EntrackrEntrackr · 2m 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.

Decoding Groww’s $200 Mn pre-IPO funding round

EntrackrEntrackr · 2m ago
Decoding Groww’s $200 Mn pre-IPO funding round
Medial

Decoding Groww’s $200 Mn pre-IPO funding round The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. Billionbrains Garage Ventures Limited, the parent firm of Groww, is raising Rs 1,735 crore (approximately $200 million) in a fresh round led by Singapore-based GIC and existing investor ICONIQ Capital. The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. The board at Groww has passed a special resolution to issue 3.59 crore preference shares at an issue price of Rs 482.8 each to raise the aforesaid amount, its filing accessed from the Registrar of Companies shows. Government of Singapore Investment Corporation (GIC), through its affiliate Viggo Investment, will be injecting Rs 867.5 crore ($100 million) while ICQNIC Capital will contribute a similar amount through its entity ISP VII-B Blocker GW. According to the filing, the company will use these proceeds for the growth of its existing business and its subsidiaries. Following the fresh proceeds both ISP Blocker and Viggo Investment will hold 1.43% each. As per Entrackr’s estimates, Groww will be valued at $7 billion post-money. Groww has raised close to $600 million so far from investors including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021. According to a company internal document, Groww reported a 31% jump in its revenue to Rs 4,056 crore in FY25 whereas its profit jumped 3X jump to Rs 1819 crore in the same period. Groww reported revenue of Rs 3,145 crore and an operating profit of Rs 545 crore in FY24. However, it paid a one-time tax of Rs 1,340 crore for shifting domicile to India, leading to a net loss of Rs 805 crore in FY24. Its audited financial numbers for the fiscal year ending March 2025 has yet to be reported with the RoC.

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