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ADIA Nears Buying $500 Million Stake in India’s Lenskart, Sources Say

Abu Dhabi Investment Authority is nearing a deal to acquire a stake in Indian eyewear startup Lenskart Solutions Pvt. for about $500 million, according to people familiar with the matter.

ADIA Nears Buying $500 Million Stake in India’s Lenskart, Sources Say
ADIA Nears Buying $500 Million Stake in India’s Lenskart, Sources Say

Abu Dhabi Investment Authority is nearing a deal to acquire a stake in Indian eyewear startup Lenskart Solutions Pvt. for about $500 million, according to people familiar with the matter.

The Middle Eastern sovereign wealth fund is finalizing an agreement to buy a mix of existing Lenskart shares and new equity, the people said, asking not to be identified as the information is not public. The deal, which would value Lenskart at more than $4 billion, may be announced as early as this week, the people said.

Lenskart is set to close its funding round amid a global rout for tech companies that’s prompted layoffs in the thousands, depressed investment activity and shaved billions off the valuations of once high-flying startups. The company has grown into India’s largest optical brand and is backed by KKR & Co., SoftBank Group Corp., Temasek Holdings Pte and PremjiInvest, among others.

Though 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 directly sell glasses and contact lenses to consumers, was co-founded in 2010 by Peyush Bansal, who is also its chief executive officer. The company agreed in June to buy a majority stake in Japan’s Owndays Inc. at a valuation of about $400 million, Bloomberg News has reported.

Read More: Lenskart in $400 Million Deal to Create Asian Eyewear Giant

The company is profitable and is planning an initial public offering within 48 months, Bansal told Bloomberg Television in July.

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