Lenskart raises $500Mn from Abu Dhabi Funding Authority (ADIA)

Confirming reviews from final week, Lenskart has confirmed elevating a $500Mn spherical from the Abu Dhabi Funding Authority. The funding comes at a time when monetary markets are reeling beneath intense strain, banks have seen collapses and startup fundraising is witnessing a hunch like by no means earlier than. Lenskart although, has been a distinct story by means of its profitable ominchannel method, and is now searching for a fast internatinoal scale-up with this contemporary capital.

In keeping with an official assertion, ADIA’s newest funding is an extension to final yr’s spherical, and values Lenskart at $4.5 billion valuation, much like its valuation in earlier fundraise. ADIA’s funding consists of some secondary buy of shares from some early backers of Lenskart, the startup stated.

As the biggest optical model in India, the 13-year-old Lenskart has carved a distinct segment of its personal within the eyewear retail sector within the Indian market. At present, it’s recognized to supply a variety of merchandise together with glasses, contact lenses, and sun shades, largely within the reasonably priced eyewear section, but in addition more and more taking a look at going premium.

Lenskart has been capable of scale within the eyewear class like no different, by means of a mix of ecommerce, in addition to huge net of over 2000 shops throughout India, Center East and SE Asia. It’s recognized to supply high quality eyewear at extremely reasonably priced costs, largely as a consequence of its personal experience within the manufacturing house and effectiveness of processes that assist it produce tens of millions of glasses yearly. The startup is opening greater than seven shops every week and plans to fabricate 20 million pairs of glasses subsequent yr.

The eyewear upstart had lately acquired Japanese model OwnDays, resulting in a major push within the premium eyewear class. It additionally has a number of of its personal manufacturers, resembling John Jacobs, that are directed in direction of serving to Lenskart set up a equally dominant presence within the premium eyewear house.

Lenskart has raised over $900 million through a number of funding rounds until date, and counts the likes of SoftBank Group Corp, KKR & Co, PremjiInvest, and Temasek Holding Pte as its buyers. Whereas it’s worthwhile, Lenskart clocked a web lack of ₹102.3 crores in FY22 and is planning an IPO providing inside the subsequent 48 months.