Abu Dhabi Investment Authority might close a deal with Lenskart for about $500 million.
ADIA is a major holder of real estate in the institution of the U.S. through diversified sub-entries. ADIA was established to invest on behalf of the Government. ADIA is responsible to manage oil resources and is calculated to manage $790 billion.
Lenskart is an Indian optical eyewear retail chain founded in Faridabad. Peyush Bansal is the founder of Lenskart along with Amit Chaudhary and Sumeet Kapahi. The total number of chain stores is 1,000 across 223 cities in India. Lenskart manufactures 3 lakh glasses in a month. Lenskart’s production facility is established in New Delhi.
The individuals relating to the matter mentioned that ADIA is in talks to finalize the agreement to buy a portion of existing Lenskart shares and new equity. The association of Lenskart with ADIA will value the company at more than $4 billion and this might take place in the following week.
Lenskart will close its funding round around the globe for tech companies which has caused thousands of employee releases, and low investment and shaved billions off the valuations of once high-flying startups.
Lenskart is considered India’s largest optical eyewear brand which is backed by KKR & CO., SoftBank Group Corp., Temasek Holdings Pte, and PremjiInvest, among others.
The Individuals relating to the matter mentioned that the discussions are progressing, and details could shift. Representatives of ADIA and Lenskart refused to remark.
The strategy used by Lenskart to sell its optical eyewear is through supply chain automation. The technology used to manufacture eyewear is advanced. The company decided in the month of June to purchase a majority stake in Japan’s Owndays Inc. at a valuation of $400 million, reported by Bloomberg News.
“Lenskart is profitable and might plan to pass an IPO (Initial Public Offer) in the following 48 months.” Peyush Bansal, Reported by Bloomberg Television in July.