Venture Capital: Indian Eyewear Startup Lenskart Lands $500M Funding From The Abu Dhabi Investment Authority
Lenskart has used efficiency in its manufacturing process to undercut other Indian eyewear sector players.
Indian eyewear retailer Lenskart has secured a $500 million investment from the Abu Dhabi Investment Authority (ADIA) to help scale its offerings and expand to international markets. This investment extends last year’s round and includes some secondary share purchases from early backers of the startup, which brings its total amount raised to $1.5 billion. (Tech Crunch)
According to CNBC-TV18, ADIA is getting a 10% stake in Lenskart at a valuation of $4.2 billion for its investment of $500 million.
The 12-year-old startup has become one of the biggest eyewear providers in India by offering affordable prices for eyeglasses, sunglasses, contact lenses, and other accessories. Lenskart has achieved low prices by manufacturing its own eyeglasses and contact lenses and bringing more efficiency into the Indian eyewear sector.
It has operations in India, Southeast Asia, and the Middle East, sells eye products through over 2,000 stores, and plans to manufacture 20 million pairs of glasses next year.
The startup is also expanding its premium offerings after acquiring Japanese eyewear brand OwnDays and developing its own in-house brands.
The funding comes as deal flow activity has slowed significantly in the Indian startup market, especially for late-stage startups.
The funding will help Lenskart continue to grow and innovate, said Peyush Bansal, co-founder and CEO of the company.
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