Lenskart raised nearly $500 million from a subsidiary of the Abu Dhabi Investment Authority (ADIA). Taking Lenskart’s valuation of $5 billion, occurred through the purchase of both primary and secondary shares by the ADIA. They now serve as one of the major shareholders for Lenskart.
Lenskart, an eyewear startup, recently raised $500 million from a subsidiary of the Abu Dhabi Investment Authority (ADIA), taking it to its current valuation of $5 billion. The investment was made through the purchase of primary and secondary shares, with the Abu Dhabi Investment Authority becoming one of Lenskart’s major shareholders. However, the completion of the transaction is subject to legal and regulatory approvals.
Lenskart has raised its largest funding round in recent memory, taking total funding since 2022 to nearly $750 million. Lenskart will use the funds to expand its presence in the Indian market and expand its international presence in Asia and the Middle East.
Lenskart recently announced the opening of a new manufacturing facility capable of producing
20 million lenses annually. Over the past two years, the organization has increased its annual revenue by 60% and is profitable.
However, in FY2022 (2021-22), Lenskart’s revenue declined despite a 66% increase over the previous year. The eyewear startup posted a loss of Rs 1.02 crore for the year, compared to a profit of Rs 280 crore in the previous year.
Lenskart founder Peyush Bansal insists that “Lenskart is still early days”, vision correction problems still exist and myopia is increasing rapidly. Bansal added that ADIA’s long-term investment approach makes it a strong partner for Lenskart as it prepares for the next phase of its journey.
Lenskart was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi. In 2019, the company became a unicorn, with investors including SoftBank, Alpha Wave Global, Temasek, KKR, and TPG. Last year, Lenskart acquired a majority stake in Japanese eyewear brand Owndays, one of Asia’s leading multi-channel marketing companies.