ADIA’s investment includes the acquisition of shares from some of Lenskart’s early investors.
In the midst of a market slump, Lenskart announced on Wednesday that it has signed a definitive agreement with Abu Dhabi Investment Authority to raise $500 million, as the Indian eyewear retailer expands its offerings and prepares for international markets. This investment is an extension of last year’s funding round, allowing the startup to maintain its $4.5 billion valuation.
Lenskart has raised $1.5 billion in primary and secondary funding rounds to date, according to tracxn, a data intelligence platform.
Over the past 12 years, the Indian eyewear startup has grown to become one of India’s largest eyewear players by offering affordable prices on premium glasses and other eyewear products while undercutting the competition.
Despite the market downturn, adia has made an investment that involves acquiring some shares from early supporters of lenskart through secondary purchases at a time when the Indian eyewear retailer is expanding its offerings and venturing into global markets.
