Abu Dhabi Investment Authority (ADIA) To Invest $500 Million In LenskartThe investment claimed to be made via a purchase of both primary and secondary shares and will result in ADIA becoming one of the largest shareholders in Lenskart

Lenskart, the largest eyewear retailer in Asia, has signed definitive documents for a $500 million investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The investment claimed to be made via a purchase of both primary and secondary shares and will result in ADIA becoming one of the largest shareholders in Lenskart. Completion is subject to receipt of statutory and regulatory approvals. Upon completion of the transaction, Lenskart will have attracted close to $750 million capital over the last 12 months including recent fund-raising activities, making it one of the largest such growth stage financings globally.

"It is still Day 1 at Lenskart. 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. And ADIA, with its patient and long-term approach to investing, is a perfect partner for us as we embark on the next phase of our journey," said Peyush Bansal, founder and CEO of Lenskart.

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia and the Middle East. The company now has over 2,000 stores of which 1,500 are in India with the balance in Southeast Asia and the Middle East. Its new factory, which will play a significant role in manufacturing the 20 million pairs of eyewear that the company plans to ship next year, will also be ready to launch soon. Lenskart grew revenue by 60% for the second year in a row and is now profitable, claimed by the company in a statement.

"Lenskart has rapidly established itself as one of the largest and most innovative eyewear companies globally. Given its unique technology-enabled and vertically integrated business model, we believe the company remains well positioned to build on its leadership position. 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, private equities department, ADIA.

Founded in 2010, Lenskart is Asia's largest omni-channel retailer and manufacturer of premium quality and stylish eyewear, whereas the Abu Dhabi Investment Authority (ADIA) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.