Industry sources say that Lenskart, an eyewear startup, has reached out to bankers to present for its impending initial public offering (IPO), which aims to raise approximately $1 billion. The company intends to go public early in the following year and is aiming for a valuation of roughly $7 billion.

"We're going to pitch next month. Lenskart is a profitable business." According to a person with knowledge of the development.

The valuation of Lenskart was raised to $5.6 billion last year by a fund managed by US financial services giant Fidelity. Based on Fidelity's September 30 valuation, this signified a 12% increase in the firm's fair value in the company's books.

According to Entrackr, Lenskart's operating revenue increased by 43% from Rs. 3,788 crores in FY23 to Rs. 5,427.7 crore in FY24. The company makes fund by selling goggles, frames, and lenses for eyewear as well as by providing extra services like eye exams. Lenskart was able to control its losses by 84%, from Rs. 63 crores in FY23 to Rs. 10 crores in FY24, thanks to cost-effective management, as reported by Entrackr.

Lenskart secured $200 million in secondary funding in June of last year from Fidelity and Temasek, the state-owned investment firm in Singapore.

In this round, the Peyush Bansal-led business was estimated to be worth $5 billion. The company's most recent valuation, from a $100 million funding round in June 2023, was $4.5 billion. With almost $1 billion in funding over the last two years, Lenskart is among the global leaders in growth-stage financing.