Fidelity marks up Lenskart valuation by 12% to $5.6B just months after investment
US-based Fidelity Management and Research Company was part of the $200-million secondary investment in Lenskart in June this year.
Fidelity Management and Research Company has marked up the value of its stake in omnichannel eye-retailer Lenskart by 12% taking the valuation of the company to $5.6 billion just months after its investment in the company along with Singapore-based Temasek.
Fidelity, which invests in both public and private companies, marked up the value of its stake to $32.97 million at the end of September—up from $29.44 million at the end of July.
Earlier in June, Peyush Bansal-led Lenskart raised $200 million in secondary investment from Temasek and Fidelity at a valuation of $5 billion, according to media reports. A month later, co-founders Peyush Bansal and Neha Bansal along with Amit Choudhary and Sumeet Kapahi, injected $19.12 million into the company.
The eyewear retailer more than doubled its operating revenue to Rs 3,788 crore in FY23 and managed to narrow its loss to Rs 64 crore from Rs 102 crore in FY22.
Lenskart has been focusing on its global expansion plans and currently looks to scale in Singapore, Dubai, the US and Southeast Asia.
Fidelity has also invested in companies like Meesho and Pine Labs. It also holds investments in listed players like Zomato, MakeMyTrip, and JD.com.
Edited by Kanishk Singh