Fidelity marks up Lenskart valuation to $6.1 billion ahead of planned IPO

Lenskart’s valuation has been revised to $6.1 billion by a fund managed by US-based investment giant Fidelity, up from the $5 billion mark recorded during its last funding round. The latest fair value update, dated April 30, was disclosed in Fidelity’s monthly portfolio holdings report and reflects a 21% increase in the eyewear company’s internal valuation.

The Gurugram-headquartered omnichannel retailer, which operates across both physical stores and digital platforms, has been one of India’s most closely watched startups as it moves towards a potential $1 billion initial public offering. According to The Economic Times, the IPO could value the company at as much as $10 billion.

The valuation markup by Fidelity follows a string of capital infusions into Lenskart over the past two years. In June 2024, the company raised $200 million through a secondary transaction involving Temasek and Fidelity, pegging its value at $5 billion. The round was followed by an internal investment of nearly $20 million by co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi in July.

Earlier, in March 2023, Lenskart had secured $600 million in a round led by Abu Dhabi Investment Authority and ChrysCapital. Of that amount, $450 million was in secondary share sales, enabling early investors including SoftBank and Chiratae Ventures to partially exit. That deal had valued the company at $4.5 billion.

As a crossover fund—meaning it invests in both public and private companies—Fidelity routinely marks its private holdings to market using financial disclosures, peer benchmarks, and broader macroeconomic indicators.

As part of its IPO preparation, Lenskart formally converted itself into a public company in early June, renaming its holding entity from Lenskart Solutions Private Limited to Lenskart Solutions Limited, following a special shareholders’ resolution. Media reports suggest the company may confidentially file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India by the end of this month.

In fiscal year 2024, Lenskart reported a 43% jump in operating revenue to Rs 5,428 crore. Its EBITDA more than doubled to Rs 856 crore, and net losses narrowed significantly to Rs 10 crore from Rs 64 crore a year earlier.