A fund managed by US-based financial services major Fidelity has marked up the valuation of omnichannel eyewear retailer Lenskart to USD 6.1 billion. This is a 21 per cent increase of the company’s fair value in its books compared to the USD 5 billion valuation at which it acquired the shares.
According to a monthly portfolio holdings update published by Fidelity, the latest valuation for Lenskart is as of April 30.
Crossover funds such as Fidelity, which invest in both publicly traded and privately held companies, periodically review the valuation of their portfolio companies. The fair value is ascertained on the basis of a number of factors, including financials shared with investors, market conditions and the performance of comparable peers.
Gurugram-based Lenskart is considering a USD 1 billion public offering at a potential USD 10 billion valuation, double that of its last funding round, ET had reported earlier.
Earlier this month, Lenskart converted itself into a public company as it prepares for a public listing, changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders.
The company closed a USD 200 million secondary round last June at a USD 5 billion valuation, with investments from Singapore’s sovereign fund Temasek and US financial services giant Fidelity. In July 2024, Lenskart founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi had invested almost USD 20 million in the company.
Prior to this, in a March 2023 round, Lenskart had raised USD 600 million from Abu Dhabi Investment Authority and ChrysCapital. Of this, USD 450 million was a secondary share sale, which allowed existing investors such as SoftBank and Chiratae Ventures to partially sell their stake in the company. This round had valued Lenskart at USD 4.5 billion.
Lenskart bagged the top honour at The Economic Times Startup Awards 2024. It was named the Startup of the Year by an elite jury for its success in building a fast-growing, large-scale omnichannel consumer retail venture while creating an entirely new category.
In FY24, Lenskart’s net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43 per cent to Rs 5,428 crore, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) more than doubled to Rs 856 crore.
The company is yet to file financial statements for fiscal year 2025 with the Registrar of Companies.
