According to individuals who spoke to Bloomberg, the Abu Dhabi Investment Authority is likely to finalise a deal to pay $500 million for a stake in the eyewear company Lenskart. The sovereign wealth fund is putting the finishing touches on an agreement to purchase a mix of current Lenskart shares and fresh equity, according to the persons who asked to remain anonymous.
In-depth details on Lenskart founder Peyush Bansal raised 4000 crore from Abu Dhabi Investment Authority
Also, the transaction, which might be disclosed soon this week, will increase Lenskart’s valuation to nearly $4 billion.
Other notable investors who support the Peyush Bansal-founded business include KKR & Co., SoftBank Group Corp., Temasek Holdings Pte, and PremjiInvest.
Lenskart is set to close this deal amid the funding winter. Some estimates indicate that compared to 2021 and the beginning of 2022, investment for late-stage start-ups has decreased by as much as 50%. The start-up ecosystem is also plagued by additional problems like a high rate of layoffs, valuations that are contested and decreased, among other things.
Although being in an advanced stage, sources told Bloomberg that there might be some revisions to the final agreement. ADIA and Lenskart representatives declined to comment.
In 2010 Peyush Bansal and Amit Chaudhary founded Lenskart. Using technology, Lenskart offers eyeglasses, including lenses and glasses. In June, the business made a deal to pay $400 million for the majority of Owndays Inc. of Japan. In addition, according to Bansal, the business will do an IPO over the next 48 months.