Fidelity Raises Lenskart Valuation to $6.1 Billion Ahead of Anticipated IPO
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Fidelity has marked up the valuation of omnichannel eyewear retailer Lenskart to $6.1 billion, according to its latest monthly portfolio update, reviewed by Economic Times. The revised valuation is based on data as of April 30, reflecting a steady upward trajectory for the Peyush Bansal-led company as it gears up for a public market debut.
The valuation bump comes just months after Fidelity's previous assessment in November 2023, which pegged Lenskart's worth at $5.6 billion. The change signals continued investor confidence in the company's growth and profitability prospects, especially as it edges closer to an initial public offering.
In June 2024, Lenskart raised $200 million through a secondary transaction, followed by an additional $20 million investment led personally by CEO Peyush Bansal. These deals pushed the company's funding total to nearly $1 billion, with the secondary round setting a valuation benchmark at $5 billion, a figure Fidelity had also participated in.
The latest valuation revision coincides with key steps Lenskart is taking toward its IPO, where it aims to raise $1 billion at a targeted valuation of $10 billion. As part of that process, the company recently converted its holding entity from a private to a public limited company, a development first reported by Entrackr. According to ET, Lenskart is also preparing to file its draft red herring prospectus (DRHP) confidentially with the market regulator before the end of this month.
Financially, Lenskart has shown marked improvement. In FY24, the company narrowed its losses by 84 per cent, reducing them to INR 10 crore from INR 63 crore in FY23. Operational revenue also rose sharply—up 43 per cent to INR 5,427.7 crore. While results for FY25 are yet to be disclosed, the latest figures suggest a company moving toward sustained profitability ahead of a major public listing.
Founded in 2010, Lenskart has grown into one of India's most prominent consumer retail brands, blending e-commerce with a physical retail footprint.
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