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Fidelity Increases Lenskart’s Valuation by 12% to $5.6B, Following Recent Investment

• ByStartupStory     |    November 6, 2024

Fidelity Management and Research Company has raised its valuation of Lenskart, the omnichannel eyewear retailer, by 12%, bringing the company’s total valuation to $5.6 billion. This follows Fidelity’s recent investment in Lenskart alongside Singapore-based Temasek just months ago.

The valuation adjustment reflects an increase in Fidelity’s stake in the company, which was marked up to $32.97 million at the end of September, up from $29.44 million at the end of July. The revision comes after Lenskart’s successful secondary investment round in June, where it raised $200 million from Temasek and Fidelity at a $5 billion valuation. A month later, Lenskart’s co-founders, Peyush Bansal and Neha Bansal, along with Amit Choudhary and Sumeet Kapahi, injected an additional $19.12 million into the company.

This increase in valuation is a sign of strong growth for Lenskart, which has seen impressive results in recent years. The eyewear retailer more than doubled its operating revenue, reaching Rs 3,788 crore in FY23. Lenskart also made significant strides in improving its bottom line, reducing its losses to Rs 64 crore from Rs 102 crore in FY22.

Lenskart’s growth strategy is focused on expanding its global footprint. The company is actively working on scaling operations in key international markets, including Singapore, Dubai, the United States, and Southeast Asia.

Fidelity’s involvement in the Indian startup ecosystem extends beyond Lenskart. The investment management giant has also put money into companies such as Meesho and Pine Labs. In addition, Fidelity holds stakes in publicly listed companies like Zomato, MakeMyTrip, and JD.com.

As Lenskart continues to grow and expand, it remains an attractive prospect for investors looking to tap into the evolving global eyewear market. The company’s strategic focus on international markets and robust financial performance positions it well for continued success.

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