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

EntrackrEntrackr · 20d 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.

Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal

EntrackrEntrackr · 11m ago
Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal
Medial

Eyewear retailer Lenskart has raised nearly $20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary and Sumeet Kapahi. This is the second investment in Lenskart by its co-founders in the last seven months. The board at Lenskart has passed a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each to raise Rs 160 crore or $19.12 million, its regulatory filing accessed from the Registrar of companies (ROC) shows. Piyush Bansal led the round with Rs 70.70 crore while Neha Bansal put Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi participated with Rs 9.60 crore and Rs 9.35 crore, respectively. As mentioned above, this is the second instance where the co-founders invested in the company in less than a year. Piyush and Neha invested Rs 29.89 crore and Rs 29.77 crore, respectively, in December 2023 along with Choudhary and Kapahi. The development comes soon after a $200 million secondary deal announced by Lenskart. Temasek and Fidelity Management & Research Company (FMR) solely invested in the secondary at a valuation of more than $5 billion. Lenskart claims to have more than 2,500 stores of which approximately 2,000 are in India. While India accounts for nearly 60% of its revenue, the rest of the income was generated from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. Despite funding winter, the Delhi-based company has raked in over $1 billion in the last 18 months. The continued interest of investors in the company is largely driven by its strong financial performance, unit economics and growth opportunities in overseas countries. For the fiscal year ending in March 2023, Lenskart’s revenue from operations surged to Rs 3,788 crore from Rs 1,502 crore in FY22. The decent scale and controlled expenditure helped the company to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. The firm is yet to file its annual financial report for FY24.

Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 26d 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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