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 below intense stress, banks have seen collapses and startup fundraising is witnessing a stoop like by no means earlier than. Lenskart although, has been a unique story by its profitable ominchannel method, and is now on the lookout for a fast internatinoal scale-up with this recent capital.

In keeping with an official assertion, ADIA’s newest funding is an extension to final 12 months’s spherical, and values Lenskart at $4.5 billion valuation, just 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. Right this moment, it’s identified to supply a variety of merchandise together with glasses, contact lenses, and sun shades, principally 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 a mix of ecommerce, in addition to huge internet of over 2000 shops throughout India, Center East and SE Asia. It’s identified 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 hundreds of thousands of glasses yearly. The startup is opening greater than seven shops every week and plans to fabricate 20 million pairs of glasses subsequent 12 months.

The eyewear upstart had just 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, equivalent to John Jacobs, that are directed in the 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 internet lack of ₹102.3 crores in FY22 and is planning an IPO providing throughout the subsequent 48 months.