India, March 16, 2023: Lenskart, the largest eyewear retailer in Asia, has signed definitive documents for a USD 500 million investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The investment will be made via a purchase of both primary and secondary shares and will result in ADIA becoming one of the largest shareholders in Lenskart. Completion is subject to receipt of statutory and regulatory approvals. Upon completion of the transaction, Lenskart will have attracted close to USD 750 million capital over the last 12 months including recent fund-raising activities, making it one of the largest such growth stage financings globally.
Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia and the Middle East. The company now has 2,000+ stores of which 1,500 are in India with the balance in Southeast Asia and the Middle East. Its new factory, which will play a significant role in manufacturing the 20 million pairs of eyewear that the company plans to ship next year, will also be ready to launch soon. Lenskart grew revenue by 60% for the second year in a row and is now profitable.
Speaking on the transaction, Peyush Bansal, Founder & CEO of Lenskart said, “It is still Day 1 at Lenskart. Vision Correction remains a big problem, and Myopia rates continue to grow rapidly, touching levels of as high as 80–90% in some parts of Asia. Hence, we are still very early in our journey and have a lot of work to do to continue to make our desired impact in this area of critical need. And ADIA, with its patient and long-term approach to investing, is a perfect partner for us as we embark on the next phase of our journey.
The next phase at Lenskart is a journey of 10 to 100 where we are focusing on building a diverse culture that enables innovation and execution at scale while solving a large bottleneck hindering high quality vision for all. I hope we can continue to work hard with the same level of humility and dedication and transform the lives of a billion people eventually.”
Hamad Shahwan Al Dhaheri, Executive Director, Private Equities Department, ADIA said, “Lenskart has rapidly established itself as one of the largest and most innovative eyewear companies globally. Given its unique technology-enabled and vertically integrated business model, we believe the company remains well positioned to build on its leadership position. This investment is a continuation of our strategy of investing in highly differentiated, market leading businesses in Asia linked to the region’s consumption-driven growth and rapid technological advancement.”
Avendus Capital was the exclusive financial advisor to Lenskart and its shareholders on the transaction.
EY acted as ADIA’s advisors on accounting and tax matters, while AZB & Partners and Allen & Overy acted as legal advisors to ADIA.
KPMG and PwC acted as advisors on accounting and tax matters, while Rajaram Legal & Khaitan & Co. acted as legal advisors to the Company and its shareholders.
Disclaimer: The content of the above information is sourced (or provided), in entirety or in parts from an external source and the content may or may not be edited. The Wealth Today shall not be held liable for damages arising out of any action taken with respect to the use or consumption of information or service published above or anywhere else on the website. This website does not guarantee the accuracy, views, opinions, or any promises expressed in the above news.
If you find any errors or discrepancies in the above information, you can write to us at email@example.com.