Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund, is in discussions to invest $350 million to $400 million at a $4.5 billion valuation in the Indian eyewear retailer Lenskart. The funding, which could give ADIA a nearly 10% ownership in Lenskart, will probably take the shape of a secondary share sale, with a small primary round made up of growth equity.
The details on the investors who would dilute their stake and by how much, were yet to be decided, while an official announcement is expected in a couple of weeks.
Started in 2010, Lenskart has an operational manufacturing unit in India’s Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. It also operates in the US, Singapore and the UAE.
KKR & Co backed Lenskart had earlier this year acquired a majority stake in Japanese eyewear brand Owndays, turning the Indian company into one of Asia’s largest online retailers in the segment
They also announced a partnership with the UAE’s leading e-commerce platform Noon.com as part of the brand’s expansion across the Middle East.
Lenskart only entered the region last year with the opening of its first store at Dubai Festival City Mall. Since then, it has expanded its retail stores in BurJuman Mall and Ibn Battuta Mall in Dubai; Dalma Mall in Abu Dhabi and Bawadi Mall in Al Ain. The brand also intends to have a total of 20 stores open in the UAE by March 2023.
