SUMMARY
The deal would likely value Lenskart at over $4 Bn and could be announced as soon as this week
The wealth fund is said to be close to signing an agreement to acquire some existing as well as new shares in the startup
SoftBank-backed Lenskart posted a consolidated loss of INR 102.3 Cr in FY22 as against a profit of INR 28.9 Cr in FY21
The Abu Dhabi Investment Authority (ADIA) is reportedly close to finalising a deal to acquire a stake in eyewear startup Lenskart for nearly $500 Mn.
Sources told Bloomberg that the deal would likely value Lenskart at over $4 Bn and could be announced as soon as this week. The wealth fund is said to be close to signing an agreement to acquire some existing as well as new shares in the omnichannel eyewear brand.
The report said that while the deliberations are in the advanced stage, the final deal could still change.
The $4 Bn valuation is lower than the $4.5 Bn valuation Lenskart clinched during its last fundraise in July 2022.
The development comes months after it was first reported in December last year that Lenskart was in talks to raise between $350 Mn and $400 Mn from ADIA at a post-money valuation of $4.5 Bn.
The announcement also comes at a time when a slew of investors have been making a beeline for the startup. A few weeks ago, it was reported that private equity (PE) firm ChrysCapital was looking to pump in $100 Mn in the omnichannel eyewear brand. It was also said that Alpha Wave Global would also join ChrysCapital in the funding round.
Founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapathi, Lenskart is an omnichannel eyewear brand that claims to operate more than 750 stores in 175 cities across the country, and also offers its products online through its website and app.
The startup is backed by some of the marquee names in the investor world, including SoftBank, Kedaara Capital and Premji Invest.
Lenskart slipped into the red in FY22 as it posted a consolidated loss of INR 102.3 Cr as against a profit of INR 28.9 Cr in FY21, largely on account of a surge in its expenses.
