Monday, December 12, 2022

According to reports, the Abu Dhabi Investment Authority will invest in Lenskart

Abu Dhabi Investment Authority to invest in Lenskart: Report

 BENGALURU: According to sources familiar with the situation, the Economic Times newspaper reported on Monday that sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion.

According to the report, the investment, which could give ADIA a stake in Lenskart of almost 10%, is likely to be a secondary sale of shares, with a small primary round consisting of growth equity.

A request for comment from Reuters was not immediately responded to by Lenskart or ADIA.

The report stated that an official announcement is anticipated in a few weeks. The specifics regarding the investors who would dilute their stake and by how much were yet to be determined.

Lenskart was founded in 2010 and currently operates a manufacturing unit in the state of Haryana in India. However, another fully automated plant in the state of Rajasthan has not yet begun production. Additionally, it operates in Singapore, the United Arab Emirates, and the United States.

Lenskart, which is backed by KKR & Co. Inc., bought a majority stake in the Japanese eyewear brand Owndays earlier this year. This made the Indian company one of the largest online retailers in the category in Asia.

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