Abu Dhabi Investment Authority to invest in Lenskart Abu Dhabi Investment Authority to invest in Lenskart
Now Reading
Abu Dhabi Investment Authority to invest in eyewear retailer Lenskart

Abu Dhabi Investment Authority to invest in eyewear retailer Lenskart

ADIA is in advanced talks with Lenskart to invest $350m to $400m at a valuation of $4.5bn

Zubina Ahmed
Lenskart

Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in talks with Indian eyewear retailer Lenskart to invest $350m to $400m at a valuation of $4.5Bn.

The investment, which could give ADIA an almost 10 per cent stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity.

The details on the investors who would dilute their stake and by how much, were yet to be decided, while an official announcement is expected in a couple of weeks.

Started in 2010, Lenskart has an operational manufacturing unit in India’s Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. It also operates in the US, Singapore and the UAE.

KKR & Co backed Lenskart had earlier this year acquired a majority stake in Japanese eyewear brand Owndays, turning the Indian company into one of Asia’s largest online retailers in the segment

They also announced a partnership with the UAE’s leading e-commerce platform Noon.com as part of the brand’s expansion across the Middle East.

Lenskart only entered the region last year with the opening of its first store at Dubai Festival City Mall. Since then, it has expanded its retail stores in BurJuman Mall and Ibn Battuta Mall in Dubai; Dalma Mall in Abu Dhabi and Bawadi Mall in Al Ain. The brand also intends to have a total of 20 stores open in the UAE by March 2023.

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top