Lenskart is one of the Asian leading eyewear brands and has forayed into the southeast Asian market of late. Abu Dhabi investment Authorities are in advanced discussions with Lenskart and its existing stakeholders for an investment of $350-400 million, the largest fundraising by the Omni channel eyewear retailer, said people aware of the development. Some of Lenskart’s investors are looking for a partial exit, they said.
Sovereign wealth fund Abu Dhabi investment Authorities are in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter.
The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added.
Lenskart and ADIA did not immediately respond to a Reuters request for comment.
The details on the investors who would dilute their stake and by how much was yet to be decided, while an official announcement is expected in a couple of weeks, the report said.
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 United States, Singapore, and the United Arab Emirates.
KKR & Co Inc -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.