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

Fidelity has revised the valuation of omnichannel eyewear retailer Lenskart to $6.1 billion, as per its latest monthly portfolio holdings update.

According to Economic Times, which first reported the development, the updated valuation is based on data as of April 30. 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.

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. 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. Entrackr first reported the development earlier this week.