“`html

Lenskart’s Valuation Update: Fidelity Sets It at $6.1 Billion

Lenskart’s valuation has seen a significant update, now standing at $6.1 billion according to the latest monthly portfolio holdings from Fidelity. This development was first highlighted by the Economic Times, indicating that the valuation reflects data as of April 30. In a prior update from November, Fidelity had valued the company, led by Peyush Bansal, at $5.6 billion.

Recent Funding and Financial Highlights

In June 2024, Lenskart successfully raised $200 million through a secondary funding round, which was followed by an additional $20 million investment led by Bansal. To date, the company has accumulated nearly $1 billion and achieved a valuation of $5 billion during the secondary deal, which also included Fidelity’s participation.

Initial Public Offering Plans

The latest developments come as Lenskart gears up for its initial public offering (IPO), aiming to raise $1 billion with a targeted valuation of $10 billion. Recently, the company transitioned its holding structure from a private limited company to a public limited company, a move that was exclusively reported by Startup Superb.

Further media reports indicate that Lenskart plans to confidentially submit its draft red herring prospectus (DRHP) to the markets regulator by the close of this month.

Financial Performance Analysis

In FY24, Lenskart made strides towards profitability, with losses decreasing by an impressive 84%, dropping to Rs 10 crore from Rs 63 crore in FY23. The company’s operational revenue saw a remarkable increase of 43%, amounting to Rs 5,427.7 crore in FY24. The financial results for FY25 are still pending.

Exploration of Acquisition

Additionally, Lenskart is looking into the potential acquisition of the location intelligence startup GeoIQ, with this development initially reported by Startup Superb earlier this week.

“`