Introduction

India's D2C revolution continues to make headlines, and Lenskart stands at the forefront of this transformative wave. Founded in 2010, Lenskart has rapidly evolved from an online eyewear startup into a full-fledged omnichannel retail powerhouse. Today, it boasts over 2,500 physical stores, a strong online presence, and a vertically integrated supply chain that manufactures millions of eyewear products annually. With global investor interest growing stronger than ever, Lenskart is now preparing to take its success to public markets — backed by a major valuation upgrade from the globally renowned financial firm Fidelity.

Key Highlights

1. Fidelity’s Valuation Boost Signals Strong Investor Confidence

Fidelity, a major US-based financial firm, has revised Lenskart’s valuation upward by 21%, from $5 billion to $6.1 billion, as of April 2025. This update was disclosed in its latest portfolio filings and reflects robust investor confidence in the company's growth trajectory, market positioning, and profitability potential. This also follows a secondary share transaction in June 2024, where Fidelity joined other marquee investors such as Singapore’s Temasek.

2. IPO on the Horizon: Targeting a $10 Billion Valuation

According to sources reported by ET, Lenskart is preparing for a $1 billion IPO, aiming for a massive $10 billion valuation. To align with regulatory requirements, the company recently transitioned from "Lenskart Solutions Private Limited" to "Lenskart Solutions Limited," a necessary step before listing. This IPO could be one of the largest for an Indian consumer-tech brand in recent years.

3. Solid Financials in FY24

Lenskart's financial performance in FY24 paints a clear picture of a company on the rise:

• Net Loss shrank significantly to ₹10 crore, down from ₹64 crore in FY23

• Operating Revenue surged 43% year-on-year, reaching ₹5,428 crore

• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to ₹856 crore

The dramatic improvement in profitability is largely attributed to operational efficiencies driven by technology, streamlined logistics, and better inventory management.

4. Impressive Funding Track Record

Lenskart has raised more than $2 billion in capital since its inception, making it one of India's most well-funded consumer tech startups. Key funding milestones include:

• A $200 million secondary funding round in June 2024, led by Temasek and Fidelity

• An additional $20 million investment by founders Peyush Bansal, Neha Bansal, and Sumeet Kapahi

• A $600 million raise in March 2023 from Abu Dhabi Investment Authority (ADIA) and ChrysCapital, which included a $450 million secondary component

This sustained capital influx underscores long-term investor belief in Lenskart’s vision and business model.

5. Rapid Expansion and Omnichannel Dominance

Lenskart has effectively disrupted the traditional eyewear market with its omnichannel model, combining the scale of offline retail with the efficiency of online commerce. Key scale metrics include:

• Annual production capacity of 25–40 million frames

• Over 2,500 retail outlets across India and Southeast Asia

• A robust online ecosystem with personalized virtual try-ons and AI-driven recommendations

This infrastructure not only ensures market reach but also significantly reduces customer acquisition and supply chain costs.

6. Award-Winning Brand Recognition

In recognition of its innovation and scale, Lenskart was awarded "Startup of the Year" at the Economic Times Startup Awards 2024. This prestigious honor reaffirms the company’s position as a pioneer in India's direct-to-consumer (D2C) segment and a leader in retail tech innovation.

Conclusion

Lenskart’s upgraded valuation, healthy financials, and rapid growth have made it one of the most watched pre-IPO companies in India. Its ability to scale both digitally and physically while maintaining profitability is rare in today’s startup ecosystem. As it prepares for a potentially landmark IPO, Lenskart stands as a testament to what Indian consumer startups can achieve with strong execution, innovation, and investor backing. Investors, analysts, and market observers alike will be watching closely as the company takes its next big leap.