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BENGALURU, Dec 12 (Reuters) – Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks to invest $350-400 million in India’s Lenskart LENS.NS, the eyewear retailer’s valuation. Valued at $4.5 billion, The Economic Times reported Report on Monday.
The investment could give ADIA nearly 10 percent of Lenskart, possibly in the form of a secondary sale of shares, with a small portion of the primary round including a growth stake, the report said, citing people familiar with the matter.
Details about the investors whose stakes will be diluted and to what extent have yet to be determined, the report said, adding that an official announcement is expected within weeks.
ADIA, which does not currently own a stake in Lenskart, declined to comment. Lenskart did not immediately respond to a Reuters request for comment.
Lenskart was founded in 2010 with investors including US private equity firm KKR & Co Inc (KKR.N)Softbank Group (9984.T) and Singapore state investor Temasek Holdings.
Lenskart also operates in the US, Singapore and the UAE. It has a manufacturing facility in Haryana, India, and a fully-automated factory in Rajasthan, which has yet to start.
Earlier this year, Lenskart bought a majority stake in Japanese eyewear brand Owndays, making the Indian company one of Asia’s largest online retailers in the sector.
Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D’Souza and Dhanya Ann Thoppil
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