Ahead of IPO Fidelity Boosts Lenskart Valuation to $6.1 Billion

Fidelity Investments has increased the valuation of Lenskart, the eyewear company, to $6.1 billion, according to a portfolio update. This marks a 22% rise from the $5 billion valuation at which Fidelity acquired shares in a secondary transaction in June 2024.

That funding round also included Temasek, which joined as a new investor. Shortly after, Lenskart’s CEO, Peyush Bansal, led an additional $20 million investment. According to Tracxn, the company has raised around $1.08 billion across 19 funding rounds so far.

Lenskart IPO Underway

Lenskart has formally changed its holding structure from a private to a public limited company. This change is a step towards its upcoming initial public offering (IPO), for which it is expected to file a draft red herring prospectus (DRHP) with SEBI by the end of the month.

As per Moneycontrol reports, the company is in discussions with Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital to manage the IPO process. The planned offering size is expected to be over $1 billion, targeting a $10 billion valuation.

Read more: Lenskart Prepares for Market Debut; Restructures as Public Company!

Lenskart Operations and Financials

Founded in 2008, Lenskart operates through an omnichannel model, with a presence in both online and offline retail. The company runs more than 2,000 physical stores across India.

For FY24, Lenskart reported an operating revenue of ₹5,427.7 crore, marking a 43% increase from the previous year. Net loss stood at ₹10 crore, down from ₹63 crore in FY23. 

Recent Developments

In December 2024, Lenskart signed a memorandum of understanding with the Telangana government to establish a manufacturing facility at Fab City. The proposed investment is around ₹1,500 crore, with job creation estimated at 2,100 positions.

Conclusion

With its valuation marked up and IPO groundwork in progress, Lenskart continues to restructure and expand its operations ahead of its public listing.

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