Leading eyewear retailer Lenskart raised $500 million from the Abu Dhabi Investment Authority (ADIA) for a 10% stake, valuing the company at $4.2 billion.
The investment from ADIA comes as Lenskart looks to expand its presence in India and other international markets. The company has been on a rapid growth trajectory in recent years, with a focus on technology and innovation to enhance the customer experience.
According to a statement from Lenskart, the investment from ADIA will be used to support the company’s growth plans and expansion into new markets. The company has already established a strong presence in India, with over 700 stores across the country.
Lenskart has also been expanding its online presence, with a focus on leveraging technology to enhance the customer experience. The company recently launched its own augmented reality (AR) platform, which allows customers to virtually try on eyewear before making a purchase.
The investment from ADIA is a significant vote of confidence in Lenskart’s growth potential, and represents one of the largest funding rounds for an Indian startup in recent years.
In a statement, Peyush Bansal, Founder and CEO of Lenskart, said: “We are delighted to welcome ADIA as a partner in our journey. This investment is a testament to our focus on providing access to affordable, high-quality eyewear to customers across India and the world.”
Bansal added that the investment from ADIA will help Lenskart “strengthen our position as a leading player in the eyewear industry, and accelerate our growth plans in India and internationally.”
Lenskart is one of India’s fastest-growing startups, with a focus on disrupting the traditional eyewear retail industry. The company has raised over $1 billion in funding to date, and has a presence in several international markets, including Singapore, the UAE, and the US.
With the new investment from ADIA, Lenskart is poised to continue its rapid growth trajectory, and cement its position as a leading player in the global eyewear market.
