Abu Dhabi Investment Authority to invest in India’s Lenskart: report

SOVEREIGN wealth fund Abu Dhabi Investment Authority (Adia) is in advanced talks with Indian eyewear retailer Lenskart to invest US$350 million to US$400 million at a valuation of US$4.5 billion, the Economic Times newspaper reported on Monday (Dec 12), citing people aware of the matter.

The investment, which could give Adia an almost 10 per cent stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added.

Lenskart and Adia did not immediately respond to a Reuters request for comment.

The details on the investors who would dilute their stake and by how much were yet to be decided, while an official announcement is expected in a couple of weeks, the report said.

Started in 2010, Lenskart has an operational manufacturing unit in India’s Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. It also operates in the United States, Singapore and the United Arab Emirates.

KKR & Co-backed Lenskart had earlier this year acquired a majority stake in Japanese eyewear brand Owndays, turning the Indian company into one of Asia’s largest online retailers in the segment. REUTERS