Lenskart bags $500 Mn from Abu Dhabi Investment Authority

Multi-channel eyewear emblem Lenskart on Thursday introduced signing definitive files for a $500 million funding from the Abu Dhabi Investment Authority (ADIA), which additionally backs companies like Jio Platforms.

The transaction consists of each number one and secondary shares, making the ADIA one in every of the most important shareholders in Lenskart, in line with a joint press release. The ADIA has reportedly obtained a 10% stake in Lenskart, which has been valued at $4.2 billion.

Founded in 2010, Lenskart has emerged as one of the pinnacle omnichannel stores and producers of eyewear in India. In addition to its on-line focus, the employer additionally has a robust offline presence with 1,500 shops throughout the country.

In latest years, the employer has additionally elevated its presence outdoor the Indian shores. In July 2022, the employer obtained a stake withinside the Japanese direct-to-customer emblem Owndays. The employer additionally has a presence withinside the Middle East. Lenskart says it has now 500 shops outdoor India.

Lenskart has additionally been sponsored through numerous marquee investors, which includes SoftBank and Alpha Wave Incubation. In April 2022, the employer raised Rs 760 crore or $a hundred million from Alpha Wave, nearly 365 days after raising $ninety five million in a spherical led through KKR.

Lenskart`s running earnings surged 66% to Rs 1,503 crore in FY22, in line with its annual economic announcement filed with the Registrar of Companies (RoC). With a surge of over 72% withinside the general cost, the Peyush Bansal-led employer recorded a lack of Rs 102 crore in FY22. Lenskart had made a Rs 29 crore earnings withinside the monetary yr FY21.

As the employer`s fees ballooned, its coins outflow from operations accelerated through 56% to Rs 183 crore in FY22. On a unit level, Lenskart spent Rs 1.15 to earn a unmarried unit of running earnings.

Lenskart, however, in today`s declaration stated that the employer is now profitable.

The startup additionally seems to be constructive approximately its boom withinside the close to future. The employer is likewise having a bet large on a brand new manufacturing facility, which it believes will play a sizeable position in production the 20 million pairs of eyewear Lenskart plans to deliver subsequent yr. The manufacturing facility is anticipated to release soon.

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