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SoftBank-backed Lenskart on Thursday signs an agreement to raise USD 500 million from the Abu Dhabi Investment Authority, according to media reports.
The fundraise was done at a USD 4.2 billion valuation and will result in ADIA becoming one of the largest shareholders in Lenskart with a 10 per cent stake.
As per media reports, ADIA’s investment includes some secondary ppurchas of shares from some early backers of Lenskart.
According to data intelligence platform Tracxn, Lenskart has raised $1.5 billion to date in primary and secondary raises.
The startup is investing capital in expanding its premium offerings, with the acquisition of Japanese eyewear brand OwnDays and John Jacobs.
Peyush Bansal-led startup which currently has operations in India, Southeast Asia and the Middle East, is opening more than seven stores a week and plans to manufacture 20 million pairs of glasses next year, according to media reports.
“The next phase at Lenskart is a journey of 10 to 100 where we are focusing on building a diverse culture that enables innovation and execution at scale while solving a large bottleneck hindering high quality vision for all. I hope we can continue to work hard with the same level of humility and dedication and transform the lives of a billion people eventually,” said Bansal.
