Fidelity has increased the valuation of omnichannel eyewear brand Lenskart to $6.1 billion, according to its latest monthly portfolio update.
In November, Fidelity valued the Peyush Bansal-led company at $5.6 billion.
In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment led by Bansal himself. To date, the company has raised close to $1 billion and reached a $5 billion valuation during the secondary deal, with Fidelity also participating in the round.
This valuation update comes as Lenskart gears up for its initial public offering (IPO), with plans to raise $1 billion at a target valuation of $10 billion. Just last week, it was reported that the company transitioned its parent entity from a private limited to a public limited company—a key step toward going public.
Reports also indicate that Lenskart intends to confidentially file its draft red herring prospectus (DRHP) with the market regulator by the end of this month.
Financially, Lenskart made significant progress in FY24, reducing its losses by 84% to ₹10 crore from ₹63 crore in FY23. Meanwhile, revenue from operations surged by 43% to ₹5,427.7 crore during the same period. FY25 results are still awaited.
Additionally, Lenskart is reportedly in talks to acquire location intelligence startup GeoIQ, a development first revealed earlier this week.
