A definitive agreement has been signed between Lenskart and Abu Dhabi Investment Authority (ADIA) to raise $500 million.Lenskart’s valuation of $4.5 billion was maintained with the extension of last year’s funding round.
According to the company, the capital will be used to expand in Asia and the Middle East.
ADIA’s investment includes some secondary purchases from early Lenskart backers.
According to reports, the eyewear company has raised $1.5 billion in primary and secondary rounds.
According to the company, Lenskart ships over 10 million pairs of eyewear every year, has over 20 million app downloads, 300 home eye test representatives, and 1,100 stores across India, Singapore, and Dubai.
Among others, Lenskart is backed by Falcon Edge Capital, SoftBank, KKR, Temasek, Premji Invest, and Kedaara Capital.
A deal worth $400 million was reported to have been struck between the eyewear unicorn and Japanese eyewear brand Owndays in June last year.
With this merger, the firm was able to reach 13 markets in Asia, including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.
It plans to continue expanding rapidly in India and South East Asia to serve the mass to mid-premium markets.