India’s homegrown eyewear giant Lenskart continues to sharpen its vision for the future — quite literally.
In its latest portfolio disclosure, Fidelity has revised the valuation of the Peyush Bansal-led omnichannel eyewear brand to $6.1 billion, up from $5.6 billion in November 2024. The update, based on data as of April 30, comes amid a flurry of strategic moves as the company gears up for its highly anticipated IPO.
The valuation bump follows a robust capital run. In June 2024, Lenskart raised $200 million via a secondary round, followed by an additional $20 million infusion led by Bansal himself. With nearly $1 billion in total capital raised to date, the company has already surpassed a $5 billion valuation during its last major deal, which also saw Fidelity on the cap table.
Now, the startup is aiming even higher. Sources suggest Lenskart is preparing to raise $1 billion through an IPO at a targeted valuation of $10 billion. In a key preparatory step, the company recently transitioned from a private limited to a public limited entity, a move often seen as a precursor to a public listing.
According to reports, Lenskart is likely to file its Draft Red Herring Prospectus (DRHP) confidentially with SEBI by the end of June.
The timing appears strategic. Lenskart has been narrowing its losses significantly — reporting a sharp 84% decline in FY24 losses to just ₹10 crore, down from ₹63 crore in FY23. Simultaneously, revenue from operations surged 43% to ₹5,427.7 crore, reflecting strong consumer demand and deeper market penetration.
Beyond the balance sheet, Lenskart is also looking to expand its tech stack. The company is reportedly exploring the acquisition of GeoIQ, a location intelligence startup, to bolster its data-driven retail expansion strategy.
With improved unit economics, a stronger financial foundation, and tech-enabled growth on the horizon, Lenskart’s IPO narrative is shaping up as one of the most closely watched stories in India’s consumer startup space this year.
