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Fidelity marks up Lenskart to $6.1 bn ahead of planned $10 bn IPO

US financial services major Fidelity has reportedly increased its estimated valuation of eyewear startup Lenskart to $6.1 billion, according to its latest monthly portfolio disclosure. The move comes as Lenskart gears up for an initial public offering (IPO), with plans to raise up to $1 billion at a targeted valuation of $10 billion. The company reportedly took a key step toward that goal recently by converting its parent entity from a private limited to a public limited company. The revision in valuation, based on data as of 30 April, reflects a modest uptick from the $5.6 billion valuation the investment firm assigned to the company in November. In June 2024, Lenskart raised $200 million in secondary investment from Singapore's state-owned investment firm Temasek and Fidelity. The Peyush Bansal-led company was valued at about $5 billion in that round. The firm was last valued at $4.5 billion during a $100 million funding round in June 2023. Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia. With a unique click-and-mortar business model, it is disrupting the eyewear industry by offering an omni-channel customer experience across online platforms, mobile applications and physical stores. The company now has over 2,500 stores, of which 2,000 are in India. Globally and in India, Delhi-based Lenskart competes with players such as Titan Eyeplus, Specsmakers, Vision Express, Warby Parker and Italian eyewear conglomerate Luxottica Group. Lenskart's revenue from operations rose by 43 per cent to ₹5,427.7 crore in FY24 from ₹3,788 crore in FY23. The firm generates revenue by selling eyewear frames, lenses, goggles, and offering additional services such as eye check-ups. Due to cost-effective management, Lenskart reduced its losses by 84 per cent to ₹10 crore in FY24 from ₹63 crore in FY23.