Lenskart to raise money from Abu Dhabi Investment Authority
According to Bloomberg, the Abu Dhabi Investment Authority is about to close a $500 million deal to acquire a stake in the eyewear brand Lenskart. According to the people who asked not to be identified, the sovereign wealth fund is finalising an agreement to buy a mix of existing Lenskart shares and new equity.
Furthermore, the deal, which could be announced as soon as this week, will increase Lenskart’s valuation to more than $4 billion.[ KKR & Co., SoftBank Group Corp., Temasek Holdings Pte, and PremjiInvest, among others, have invested in the Peyush Bansal-founded company.
Abu Dhabi Investment Authority
Lenskart expects to complete this transaction during the funding winter. According to several estimates, funding for late-stage start-ups has decreased by up to 50% compared to 2021 and the first half of 2022. Furthermore, the start-up ecosystem is beset with other challenges such as a large number of layoffs, valuations being questioned and reduced, and so o Lenskart was founded in 2010 by Peyush Bansal and Amit Chaudhary. Lenskart sells eyewear glasses and lenses that make use of technology. In June, the company agreed to purchase a majority stake in Japan’s Owndays Inc. for approximately $400 million. According to Bloomberg, Bansal is also planning an initial public offering for the company within the next 48 months.