Eyewear Unicorn Lenskart Signed Agreement With Abu Dhabi Investment Authority
Lenskart, the omnichannel eyewear unicorn, has signed a definitive agreement with the Abu Dhabi Investment Authority (ADIA) to raise $500 million from the authority.
The investment is a follow-up to last year's round, assisting Lenskart in maintaining its $4.5 billion valuation. The funds will be used to expand the firm's footprint in Asia and the Middle East, according to the corporation.
ADIA's investment involves a secondary acquisition of shares from several of Lenskart's early backers. According to estimates, the eyewear manufacturer has received $1.5 billion in main and secondary rounds.
Lenskart, which was founded in 2010, stated last year that it distributes over 10 million pairs of eyewear each year and has over 20 million app downloads, 300 home eye test reps, and over 1,100 storefronts in India, Singapore, and Dubai.
Falcon Edge Capital, SoftBank, KKR, Temasek, Premji Invest, and Kedaara Capital are among the investors in Lenskart.
In June of last year, the eyewear unicorn allegedly paid $400 million for a controlling share in Japanese eyewear manufacturer Owndays.
This allowed the amalgamated company to enter 13 Asian markets, including India, Singapore, Thailand, Taiwan, the Philippines, Indonesia, Malaysia, and Japan.
According to the corporation, it would continue its quick development in India and South East Asia to serve the mass to mid-premium categories.
Important News and Blog Tags for Readers