Fidelity Raises Lenskart Valuation to $6.1 Billion as IPO Plans Gain Momentum
- Fidelity boosts Lenskart's valuation to $6.1B, reflecting a 21% jump ahead of its anticipated IPO.
- IPO buzz builds as Lenskart converts to a public company and plans DRHP filing with SEBI.
- FY24 performance shines with â¹5,428 Cr revenue, â¹856 Cr EBITDA, and narrowed net loss to â¹10 Cr.
US investment behemoth Fidelity has raised the valuation of Indian eyewear firm Lenskart to $6.1 billion from $5 billion in its last round. The new figure, mentioned in Fidelity's April 30 portfolio report, is a 21% uptick in the firm's internal valuation.
Housed in Gurugram, Lenskart is an omnichannel retailer of eyewear that operates both online and offline. It has become one of India's most-watched startups as it gears up for a possible $1 billion IPO, which will take its overall valuation to near $10 billion, reports The Economic Times.
The valuation boost is after a succession of investments in the last two years. In June 2024, Lenskart raised $200 million via a secondary deal with both Temasek and Fidelity, pegging the company at $5 billion. A month later, its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi invested $20 million into the firm through internal funding.
In March 2023, Lenskart had raised $600 million in a round from Abu Dhabi Investment Authority (ADIA) and ChrysCapital with $450 million secondary sale of shares. The round permitted early investors such as SoftBank and Chiratae Ventures to partly exit at a valuation of $4.5 billion.
Since it is a crossover fund, investing in public and private markets, Fidelity periodically revises the valuation of its private portfolio on the basis of economic trends, comparable benchmarks, and financial metrics.
Ahead of its IPO, Lenskart shifted to a public limited company in early June by renaming itself from Lenskart Solutions Private Limited to Lenskart Solutions Limited after a special shareholder resolution. Reports suggest that the firm will file its DRHP (draft red herring prospectus) confidentially with the Securities and Exchange Board of India (SEBI) towards the end of this month.
Financially, Lenskart recorded a good performance during FY24 with operating revenue growing by 43% to Rs 5,428 crore. EBITDA doubled to Rs 856 crore, and net losses declined significantly to Rs 10 crore from Rs 64 crore last year.
The steady growth, better financials, and increased investor appetite are all pointing towards what may be one of India's largest startup IPOs in recent years.
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