New Delhi: The Abu Dhabi Investment Authority (ADIA) has announced its plans to invest $500 million in Lenskart, India’s largest eyewear retailer. This investment will give ADIA a 10% stake in Lenskart, making it one of the company’s largest shareholders.
Lenskart, founded in 2010, has quickly become one of India’s fastest-growing startups. The company offers a wide range of eyewear products, including glasses, sunglasses, and contact lenses. It operates both online and through a network of over 700 retail stores across India.
The investment by ADIA is a significant milestone for Lenskart, which has raised over $1 billion in funding to date. The company’s previous investors include KKR, TPG, and SoftBank Vision Fund. With this latest investment, Lenskart’s valuation is expected to exceed $5 billion.
The funds from ADIA will be used to further expand Lenskart’s operations, both within India and internationally. The company has plans to open new stores in Southeast Asia and the Middle East and is also looking to expand its product offerings and develop new technologies.
The investment by ADIA is a testament to the potential of India’s startup ecosystem, which has seen rapid growth in recent years. It also reflects the growing interest of international investors in India’s technology and e-commerce sectors.
Commenting on the investment, Peyush Bansal, Founder and CEO of Lenskart, said: “We are delighted to welcome ADIA as a strategic partner. Their investment is a strong endorsement of our business and will help us accelerate our growth plans in India and globally. We look forward to working closely with them to create value for all our stakeholders.”
The investment by ADIA is expected to close in the coming weeks, subject to regulatory approvals. With this latest investment, Lenskart is well-positioned to continue its rapid growth and cement its position as India’s leading eyewear retailer.