The UAE’s sovereign fund Abu Dhabi Investment Authority (ADIA) will invest $500 million in Lenskart, an India eyewear retailer, becoming one of the largest shareholders in the company with a 10% stake.
The ADIA investment is an extension to last year’s round and will help the startup retain its $4.5 billion valuation.
“This investment is a continuation of our strategy of investing in highly differentiated, market leading businesses in Asia linked to the region’s consumption-driven growth and rapid technological advancement,” said Hamad Shahwan Al Dhaheri, Executive Director of Private Equities Department at ADIA.
Expansion: This latest development is part of Lenskart’s broader strategy to expand its reach and market share in India and abroad. Lenskart has a presence in the US, Singapore, and the United Arab Emirates besides India. The company currently has over 2,000 stores, with 1,500 located in India and the rest spread across Southeast Asia and the Middle East.
Founded in 2010 by a former Microsoft employee, Lenskart is now Asia’s largest retailer and manufacturer of quality eyewear. The India-based startup has established itself as one of the largest eyewear companies globally with its revenue growing by 60% for the second year in a row.
Vision correction: The company also aims to prevent blindness in India which is home to 9.3 million visually impaired and 2,70,000 blind children. At least 75% of these cases are preventable or treatable, according to experts. Lenskart is achieving its goal by providing high-quality eyewear to millions at affordable prices, offering free eye check-ups at home, and services to the remote regions of India.
“Vision correction remains a big problem, and myopia rates continue to grow rapidly, touching levels of as high as 80–90% in some parts of Asia. Hence, we are still very early in our journey and have a lot of work to do to continue to make our desired impact in this area of critical need” said Peyush Bansal, founder & CEO of Lenskart.
He said the company’s next phase is “a journey of 10 to 100” to build a culture that enables innovation and execution while ensuring a high-quality vision for all.
