The Abu Dhabi Investment Authority (ADIA) inked a definitive agreement to invest $500M into Indian eyewear retailer Lenskart.
The round is an extension to its previous funding round from 2022. ADIA will get a 10% stake in the company after the investment.
- Lenskart's valuation at the funding round was $4.5B, the same as its previous round.
- By August 2022, the firm had nabbed $100M toward its Series I round against an initial target of $250M.
- To date, the firm has raised nearly $1.5B in total venture funding.
- Lenskart
intends to use the incoming funds to grow its network of stores and
expand across India, Southeast Asia, and the Middle East.
- It is expecting to manufacture 20 million pairs of glasses next year.
- In the last fiscal year ending March 2022, the company reported $180M in annual revenue.
