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Fidelity’s US-based fund has raised Lenskart’s valuation by 12%, setting its worth at $5.6 billion in updated records. Fidelity’s monthly update on its portfolio indicates that Lenskart’s latest valuation is based on data as of 30th September.
Crossover funds like Fidelity invest in publicly traded and privately held companies, regularly reviewing the valuations of their portfolio firms. Various factors, including market conditions and the performance of similar companies, determine the fair value.
Lenskart has achieved an annual revenue run rate of $1 billion for the ongoing financial year, as reported by ET last month.
In June, Fidelity and Singapore’s Temasek invested $200 million in Lenskart through a secondary transaction, valuing the company at $5 billion.
This was one of the largest secondary transactions for late-stage startups this year, where funds are exchanged between investors without benefiting the company directly.
In March 2023, Lenskart secured $600 million in funding from the Abu Dhabi Investment Authority and ChrysCapital during a challenging funding environment for tech startups.
Of the total $600 million raised, $450 million came from a secondary share sale, allowing existing investors like SoftBank and Chiratae Ventures to sell part of their stakes, valuing Lenskart at $4.5 billion.
Lenskart’s founder and CEO Peyush Bansal announced plans to invest $200 million in a new manufacturing unit in southern India.
Lenskart received the Startup of the Year award at The Economic Times Startup Awards 2024 for its rapid growth and innovation in omnichannel consumer retail.
When asked about plans for an IPO next year, Bansal said the company is quick to go public.
In July, Bansal and fellow founders Neha Bansal, Amit Choudhary, and Sumeet Kapahi invested nearly $20 million back into the company.
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