Wednesday, March 22, 2023

Lenskart: ADIA eyeing $500 million stake in Lenskart – Usky News

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Abu Dhabi Investment Authority (ADIA) close to a deal to acquire stake in Indian eyewear startup lenscart According to people familiar with the matter, Solutions Pvt secured a deal worth about $500 million.
The Middle Eastern sovereign wealth fund is finalizing an agreement to buy a mix of existing Lenskart shares and new equity, said the people, who asked not to be identified because the information is not public. The deal could be announced as early as this week, the people said, valuing Lenskart at more than $4 billion.
Lenskart is set to close its funding round amid a global rout for tech companies that has prompted thousands of layoffs, reduced investment activity and shaved off valuations of once high-flying startups. Is. The company has grown into India’s largest optical brand and is backed by KKR & Company. softbank group corporation, Temasek Holdings Pte and Premji Investments, among others.
Although discussions are advanced, details could still change, the people said. Representatives for ADIA and Lenskart declined to comment. Lenskart, which uses technology and supply chain automation to sell eyeglasses and contact lenses directly to consumers, was co-founded in 2010 by? Piyush BansalWho is also its Chief Executive Officer. The company agreed in June to buy a majority stake in Japan’s OnDays Inc at a valuation of about $400 million. It is planning an IPO within 48 months, bansal told Bloomberg Television in July.


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