ADIA invests $500 million in Lenskart
By Editor - Wed Mar 15, 12:37 pm
Lenskart has signed a definitive agreement to raise $500 million from the Abu Dhabi Investment Authority, they said Wednesday, at the height of the market slump as the Indian eyewear retailer bulks up its offerings and scales to international markets. The investment, an extension to last year’s round, helps the startup retain its $4.5 billion valuation. ADIA’s investment includes some secondary purchase of shares from some early backers of Lenskart, the startup said. According to data intelligence platform Tracxn, Lenskart has raised $1.5 billion to date in primary and secondary raises. The 12-year-old Indian eyewear startup, which counts SoftBank and Alpha Wave Global among its backers, sells eyeglasses, sunglasses, contact lenses and other eyewear accessories. It has become one of the largest eyewear players in India by undercutting the competition, offering premium glasses at affordable prices. Lenskart has been able to keep the prices low because it’s bringing more efficiency into the eyewear sector, Peyush Bansal, co-founder and chief executive of Lenskart, told TechCrunch in an interview. The firm has built the expertise to manufacture its own eyeglasses and contact lenses and for many technologies, it’s the exclusive licensing partner for global firms in India, he said.
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