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Fidelity marks up Lenskart valuation to $6.1 billion ahead of planned IPO
- Fidelity has increased Lenskart's valuation to $6.1 billion, up from $5 billion in the last funding round.
- The valuation update in Fidelity's report from April shows a 21% rise in Lenskart's internal valuation.
- Lenskart, an omnichannel retailer based in Gurugram, may be heading towards a $1 billion IPO, potentially valuing the company at $10 billion.
- Fidelity's markup on Lenskart's valuation follows several recent capital infusions into the eyewear company.
- In June 2024, Lenskart raised $200 million in a secondary transaction involving Temasek and Fidelity, marking its value at $5 billion.
- In March 2023, Lenskart secured $600 million in a funding round led by Abu Dhabi Investment Authority and ChrysCapital.
- Lenskart reported a significant revenue increase and EBITDA growth in fiscal year 2024.
- As part of its IPO preparation, Lenskart has converted itself into a public company and may file its DRHP by the end of the month.
- Fidelity marks private holdings using financial disclosures, peer benchmarks, and macroeconomic indicators.
- The co-founders of Lenskart invested nearly $20 million internally in July following the prior fundraising rounds.
- Reports suggest Lenskart may file its draft red herring prospectus with the SEBI by the end of the month.
- The company saw a 43% rise in operating revenue in fiscal year 2024, with net losses decreasing significantly.
- Fidelity is a crossover fund investing in both public and private companies.
- Lenskart's IPO could be one of the most significant in India's startup ecosystem.
- The company's valuation growth showcases investor confidence in Lenskart's potential and market position.
- Lenskart's move towards IPO highlights the expansion and maturity of the Indian startup space.
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