Lenskart in discussions to raise $500 million from ADIA: Report
- ByStartupStory | March 9, 2023
Abu Dhabi Investment Authority, a sovereign wealth fund from the Middle East, is reportedly in discussions to purchase a share in Lenskart, an Indian eyewear retailer, for roughly $500 million.
As per reports, the investment firm is said to be finalising a deal to purchase both new equity and existing shares in Lenskart, and an official announcement is expected to be made this week.
According to the report, if the deal goes through, Lenskart’s valuation will exceed $4 billion, and the discussions are still in advanced stages, so the specifics of the agreement are subject to change.
Lenskart, which was established in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi, has developed a portfolio of eyewear brands.
According to regulatory filings, the company reported a net loss of Rs 102.3 crore in FY22, in contrast to a net profit of Rs 29 crore in the previous year. The increase in total expenses is believed to be the cause of this significant shift in financial performance.
Lenskart, the eyewear retailer, has raised more than $900 million in total and is currently contemplating a public listing within the next three years.
Lenskart has garnered support from renowned investment firms including SoftBank Group Corp, KKR & Co, PremjiInvest, Temasek Holding Pte, and Alpha Wave Ventures.
Lenskart purchased the Japanese eyewear brand OWNDAYS for approximately $400 million in June of last year. This acquisition is anticipated to support the company’s expansion efforts in Southeast Asian markets.
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