US-based Fidelity Investments has raised the valuation of omnichannel eyewear retailer Lenskart by 21% to $6.1 billion in its most recent portfolio update as of April 30. In November, Fidelity had pegged the company’s valuation at $5.6 billion.
The mark-up in valuation comes as Lenskart prepares for an initial public offering (IPO), through which it is reportedly looking to raise $1 billion at a targeted valuation of $10 billion.
Fidelity had invested in Lenskart’s $200-million funding round in June 2024, along with Temasek, likely increasing its valuation from $4.5 billion to around $5 billion. This was followed by an additional $20-million investment led by Lenskart CEO Peyush Bansal.
As per Tracxn, the company has raised a total of $1.08 billion over 19 rounds, to date. As per reports, the company is expected to confidentially submit its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) by the end of the month. The company also recently transitioned its holding entity from a private to a public limited structure.
Lenskart’s losses fell by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23, while its operating revenue surged 43% to Rs 5,427.7 crore. The company’s FY25 financial results are still pending.