Jofie Yordan · · 1 min readUAE wealth fund to invest $500m in India’s Lenskart
Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund, is close to investing US$500 million in Indian eyewear unicorn Lenskart, reported Bloomberg, citing sources.
The investment is already being finalized, according to the report. Bloomberg sources said the deal will boost Lenskart’s valuation to more than US$4 billion and may be announced as early as this week.
Founded in 2010 by Peyush Bansal, Lenskart is one of the biggest optical brands in India. It sells glasses and contact lenses directly to consumers through its automation system.
Apart from India, Lenskart also has a presence in the US, Singapore, and the United Arab Emirates.
Several prominent investors have backed the company, including KKR, SoftBank Group, and Temasek. In June last year, Lenskart bought a stake of about 75% in Japanese eyewear firm Owndays.
Editing by Lorenzo Kyle Subido
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