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Fidelity Increases IPO-Bound LensKart Valuation By 21% To $6.1 Bn
- Fidelity Investments marks up LensKart valuation to $6.1 Bn, a 21% increase from previous assessment.
- Fidelity joined LensKart's cap table last year at a $5 Bn valuation.
- LensKart, a D2C eyewear startup, became a unicorn in 2019 after a SoftBank investment.
- LensKart aims to raise $700 Mn to $1 Bn in IPO with a target valuation of $7-8 Bn.
- LensKart preparing for IPO listing, appointed Kotak Mahindra Bank and Morgan Stanley as investment bankers.
- Startup showed an 84% decrease in net loss to INR 10 Cr in FY24.
- Operating revenue surged 43% to INR 5,427.7 Cr in FY24.
- 25 startups are progressing towards bourse listings; Ather has successfully completed its IPO.
- LensKart was founded in 2010, operates omnichannel retail in multiple countries with over 2,500 stores.
- LensKart board passed a special resolution to drop 'Private' from its name ahead of IPO.
- Fidelity's cross-over fund reviews portfolio performance based on financial statements and comparable growth.
- LensKart seeking pre-IPO funding round of $1 Bn.
- LensKart's IPO timeline for listing on bourses remains undisclosed.
- LensKart's founders are Piyush Bansal, Amit Chaudhury, and Sumeet Kapahi.
- As per Inc42's IPO tracker, few startups have SEBI's approval for red herring prospectus.
- LensKart's public offering plans come amidst a surge in new-age startups preparing for IPOs.
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