ADIA puts $500 million into Lenskart at valuation of $4.5 billion

Lenskart is raising a fresh $500 million in funding from Abu Dhabi Investment Authority (ADIA) at a valuation of $4. 5 billion, joining a group of startups that have managed to bag big-ticket cheques amid a slowdown.
The investment, which will be routed via a wholly owned subsidiary of ADIA, will be made via a purchase of both primary and secondary shares. A source said the funding is largely secondary in nature and a clutch of Lenskart’s early investors will sell partial stakes. “The secondary component of the deal amounts to nearly $400 million,” a source said. The investment will give ADIA an over 10% stake in Lenskart. This makes it one of the largest stakeholders of the omni-channel eyewear retailer.
The company already has Japan’s SoftBank, Premji Invest and Kedaara Capital, among others, on its cap table. The firm’s total fund count after the AIDA investment will stand at about $1. 5 billion. The funding will fuel Lenskart’s expansion plans, which has been aggressive in adding stores in India.