Lenskart announced on Wednesday that it has signed a definitive agreement with the Abu Dhabi Investment Authority to raise $500 million amid a downturn as the Indian eyewear retailer expands its product range and prepares for international markets. The investment, an extension of a funding round last year, enabled the startup to maintain its $4.5 billion valuation.
ADIA’s investment included secondary purchases of shares from some of Lenskart’s early backers.
According to data intelligence platform Tracxn, Lenskart has raised a total of $1.5 billion in funding to date across primary and secondary funding rounds.
Over the past 12 years, the Indian eyewear startup backed by SoftBank and Alpha Wave Global has grown into one of the largest eyewear companies in India by offering premium glasses and other eyewear products at affordable prices while undercutting the competition.
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ADIA’s investment comes as the Indian eyewear retailer expands its product range and enters the global market, acquiring a stake in a secondary purchase from an early backer of Lenskart despite the downturn.
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