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Temasek, Fidelity pick up $200 million stake in Lenskart secondary deal at $5 billion valuation
Economic Times
·
1y ago
Medial
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.
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Related News
Temasek, Fidelity buy $200-mn stake in Peyush Bansal’s Lenskart
The Arc Web
·
1y ago
Medial
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.
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Fidelity marks up Lenskart valuation by 12% to $5.6 billion
Economic Times
·
9m ago
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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Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn
Entrackr
·
1m ago
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.
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Temasek, Fidelity may invest $200 million in Lenskart at $5 billion valuation
Economic Times
·
1y ago
Medial
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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Temasek may top up Lenskart bet; Macquarie drops Vibrant Energy sale plan
VCCircle
·
1y ago
Medial
Singapore's Temasek and Fidelity are reportedly considering a $200 million investment in eyewear company Lenskart, valuing the company at around $5 billion. Temasek is expected to lead the funding round with an investment of $125-150 million. Meanwhile, Macquarie has dropped its plans to sell Vibrant Energy Holdings, an Indian renewable energy company, due to valuation concerns.
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Temasek, Fidelity Infuse $200 Mn Into Lenskart
Inc42
·
1y ago
Medial
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.
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Exclusive: Lenskart sets stage for IPO with public entity conversion
Entrackr
·
2m ago
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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Lenskart May See 20% Increase In Valuation In New Share Sale
Inc42
·
8m ago
Medial
Lenskart, the Indian eyewear startup, is in discussions with its current investors to raise $200-300 million through a secondary share sale. This funding round would value Lenskart at $6 billion, a 20% increase from its previous valuation of $5 billion. In the fiscal year 2024, Lenskart reported a net loss of INR 10 crore while generating operating revenue of INR 5,428 crore.
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Lenskart pares losses by 84% in FY24, revenue grows 43% as opposed to being doubled a year ago
YourStory
·
9m ago
Medial
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.
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Lenskart sets sights on round at $6 billion valuation
Economic Times
·
8m ago
Medial
Eyewear retailer Lenskart is in discussions for a fresh secondary share sale that could value the company at $6 billion, a 20% increase from its valuation in June. Existing investors including Fidelity, Kedaara Capital, and a significant early investor are seeking to increase their holdings in the company. The final structure and size of the round will depend on finding the right number of sellers. Lenskart has seen significant demand in recent years and has recorded multiple secondary deals. The company's CEO has also hinted at a potential IPO in the next two years.
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