Fidelity raises Lenskart's valuation to $6.1B ahead of IPO
What's the story
Fidelity, a leading US-based financial services firm, has revised its valuation of Indian eyewear retailer Lenskart to $6.1 billion.
The new valuation marks a 21% increase from the previous $5 billion assessment at which Fidelity had purchased shares in Lenskart.
The updated figure was revealed in Fidelity's latest monthly portfolio holdings update as of April 30.
IPO preparations
Lenskart aims for $1 billion IPO
Lenskart, based in Gurugram, is gearing up for a $1 billion public offering at a projected valuation of $10 billion. This would be double the valuation from its last funding round.
Earlier this month, Lenskart converted itself into a public company by changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited.
Financial growth
Net loss shrinks to ₹10 crore in FY24
In the fiscal year 2024 (FY24), Lenskart's net loss decreased significantly to ₹10 crore from ₹64 crore in the previous fiscal.
The company attributed this improvement to technology-driven operational efficiencies.
Its operating revenue also rose by an impressive 43% to ₹5,428 crore during this period.
The company's earnings before interest, tax, depreciation, and amortization (EBITDA) more than doubled to ₹856 crore.
Investment rounds
Lenskart's previous funding rounds
In June 2024, Lenskart closed a $200 million secondary round at a $5 billion valuation.
The round saw participation from Singapore's sovereign fund Temasek and Fidelity.
Earlier, in March 2023, the company had raised $600 million from Abu Dhabi Investment Authority and ChrysCapital.
Out of this amount, $450 million was a secondary share sale that let existing investors like SoftBank and Chiratae Ventures partially offload their stakes in the company.