Lenskart’s Valuation May Rise To $6 Bn Post New Secondary Deal

Omnichannel eyewear unicorn LensKart is reportedly in talks with existing investors Fidelity, Kedaara Capital, among others, for a secondary share sale of $200-300 Mn (about INR 1,688-2,532 Cr).

The secondary round, if it materialises, would value the Peyush Bansal-led company at $6 Bn, ET reported, citing sources.

This would be a 20% premium over its previous valuation of $5 Bn in June, when Lenskart raised about $200 Mn from Fidelity and Singapore state investment firm Temasek.

Along with Fidelity and Kedaara Capital, the secondary transaction will also see participation from a “significant” third investor, who are looking to increase their stakes in Lenskart, the report said.

Inc42 has reached out to Lenskart’s cofounder Amit Chaudhary for comments on the development. The story will be updated based on the response.

Founded in 2010, Lenskart is one of the largest omnichannel eyewear retailers in India. Beyond domestic borders, it also has a presence in Singapore, the UAE and Japan. Lenskart has a customer base of 20 Mn in India. The company operates over 2,500 stores, of which around 2,000 are situated in India.

The Delhi NCR-based company has raised almost $1 Bn in funding over the last 18 months, making it one of the largest growth stage startups in the country.

In July this year, Lenskart raised INR 160 Cr (about $19.1 Mn) from its cofounders Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi.

Last year, it secured a $100 Mn investment from private equity player ChrysCapital. Earlier in 2023 itself, Lenskart raised $500 Mn from Abu Dhabi Investment Authority (ADAI).

Reports of additional funding comes even as Lenskart clocked a 43% jump in its operating revenue to INR 5,427.7 Cr in the financial year 2023-24 (FY24) from INR 3,788 Cr in FY23. On the back of a boom in sales, net loss declined 84% to INR 10 Cr during the year under review from INR 64 Cr in the previous year.

The Indian startup ecosystem has seen a string of secondary deals in 2024, with several early backers partially exiting their stakes in startups like Capillary, ixigo, Urban Company, Porter, and Pocket FM.

Many of these deals came at a discount. Other similar deals such as Meesho are reported to be in the works as well which would see the ecommerce unicorn raise funds at a 20% valuation cut, while giving an exit to some of its existing shareholders.