According to media reports, Abu Dhabi Investment Authority (ADIA) is negotiating an agreement to buy a share in Indian eyeglasses startup Lenskart for over USD500 million.
The Middle Eastern sovereign wealth fund is nearing completion on a deal to buy a mix of existing Lenskart shares and additional equity. The deal, which would value Lenskartat more than USD4 billion, may be announced as early as this week, acceding to media reports.
Lenskart is ready to conclude its funding round amid a worldwide tech meltdown that has resulted in thousands of layoffs, reduced investment activity, and chopped billions off the valuations of once-flying businesses. The company has grown to become India's largest optical brand, with investors including KKR & Co., SoftBank Group, Temasek Holdings Pte, and Premji Invest.
Lenskart, which leverages technology and supply chain automation to sell glasses and contact lenses directly to consumers, was co-founded in 2010 by Peyush Bansal, who now serves as its CEO. Reports further added, the company agreed in June to purchase a majority stake in Japan's Owndays Inc. for approximately $400 million.
According to Bansal, the company is profitable and plans to go public within the next 48 months.