Lenskart, an eyewear retailer based in Asia, has recently received a US$500 million investment from a subsidiary of government-linked Abu Dhabi Investment Authority (ADIA).
After growing its revenue by 60% for the second year in a row and becoming profitable, the firm is expanding its presence in India and other parts of Asia and the Middle East.
Lenskart currently operates over 2,000 stores, of which 1,500 are located in India. A new factory is also being built to manufacture the 20 million pairs of eyewear that the company plans to ship next year.
Founded in 2010, Lenskart offers customers a seamless omnichannel experience through its online platform, mobile application, and physical stores. Last year, the firm strengthened its global footprint by buying a 75% stake in Owndays, the Japanese eyewear firm.
ADIA’s investment will be made through the purchase of both primary and secondary shares and will make ADIA one of Lenskart’s largest shareholders. With this transaction, the eyewear unicorn will have raised close to US$750 million in capital over the past year.
Bloomberg reported on the potential investment earlier this month.
Editing by Dhania Putri Sarahtika
(And yes, we’re serious about ethics and transparency. More information here.)
You've reached your 2 free content limit for the month. Sign up for free to read the full story.
We know this is not ideal. ⌛ Sign up in 20 seconds. Cancel anytime.
Our subscriber community includes professionals from these companies:
Get latest insights with smoother, more personalized experience through TIA mobile app.
