Lenskart, India’s leading omnichannel eyewear retailer, has seen its valuation jump to $6.1 billion, according to a portfolio update by Fidelity, one of its prominent investors. This marks a 21% increase from its previous $5 billion valuation recorded during a June 2024 funding round.
The revised valuation, disclosed in Fidelity’s April 30 holdings report, highlights the growing investor confidence in Lenskart’s business fundamentals and IPO prospects, as the company readies for a blockbuster listing.
Fidelity Ups Fair Value, Signals Growth Confidence
The US-based Fidelity fund, known for investing in both public and private markets, routinely adjusts the fair value of its unlisted holdings based on market benchmarks, financial disclosures, and macroeconomic trends.
This valuation revision places Lenskart among the top-valued startups in India’s retail tech space, indicating sustained interest from global funds amid challenging global economic conditions.
Funding History: Strong Institutional Backing
Lenskart has raised significant capital in recent years, cementing its status as a unicorn with strong financial backing:
- June 2024: Raised $200 million via secondary transactions from Temasek and Fidelity, valuing the company at $5 billion.
- July 2024: Co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi invested $20 million, reinforcing internal confidence.
- March 2023: Secured $600 million led by Abu Dhabi Investment Authority (ADIA) and ChrysCapital, including $450 million in secondary share sales. Valuation: $4.5 billion.
Notably, early backers like SoftBank and Chiratae Ventures partially exited through these rounds, making way for long-term institutional capital.
IPO Prep Underway: $10 Billion Valuation Expected
Lenskart is now gearing up for a much-anticipated IPO, potentially valuing the company at $10 billion. In a preparatory move, the company recently converted itself from a private to a public limited company, renaming its parent entity from Lenskart Solutions Private Limited to Lenskart Solutions Limited.
Reports suggest the company could file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as early as June 2025.
FY24 Financial Highlights: A Turnaround in Profitability
Lenskart has demonstrated strong operational growth, reflecting robust demand and operational efficiencies:
- 📈 Operating Revenue: ₹5,428 crore (43% YoY growth)
- 💰 EBITDA: ₹856 crore (more than doubled YoY)
- 🔻 Net Losses: Reduced to ₹10 crore (from ₹64 crore in FY23)
These financials position Lenskart as one of the few consumer-tech unicorns in India on the verge of profitability while scaling aggressively.
